Brief Review of China's Silver Recycling Market Size and Current Status [SMM Analysis]

I. Current Status of Recycled Silver Recovery Scale
According to SMM estimates, with the gradual commissioning of new capacities for recycled silver recovery, China's annual recycled silver production is expected to exceed 5,000 mt by 2025. This growth is primarily driven by the accumulation and development of silver recycling capacities in regions such as Hunan, Guangdong, and Zhejiang, which have become important bases for recycled silver recovery nationwide.

II. Sources of Raw Materials for Silver Recycling and Types of Recycling Capacities
In terms of raw material sources, these regions boast a diverse range of sources. Recycling capacities can be categorized into three main types: traditional recycling, high-value recycling, and emerging recycling. Traditional recycling mainly covers jewelry recycling, crude silver refining, scrap materials of precious metals (such as silver, lead, bismuth, antimony, etc.), and electronic and electrical materials. High-value recycling focuses on the recycling of silver-based new materials and catalysts, with the collaborative recycling of various precious and rare metals. Emerging recycling areas are mostly aligned with the rapidly growing PV industry, mainly including silver paste, solar cells, smelter slag, and PV module scrap. Silver recycling is the final link in the PV module recycling industry chain. Based on current and projected PV module installations, China's PV module recycling market is expected to officially scale up from 2035-2037, followed by significant growth in the subsequent 20 years.

III. Future Outlook
Looking ahead, the recycled silver market is expected to continue its growth trajectory. With increased global emphasis on precious metal resources and the promotion of recycling and reuse of renewable resources, the market position of recycled silver will become more stable. Despite the challenges faced by the recycled silver industry in terms of environmental protection and market competition while expanding capacities, the expansion of market demand and technological advancements will provide broader development opportunities for the recycled silver industry.