SILVER DEMAND from industrial applications reached another record during 2024, supported by electrification, solar energy and electronics.
The World Silver Survey 2025, released yesterday by the Silver Institute, reported a 4% increase in industrial consumption to 680.5 million ounces.
It was the fourth consecutive annual record, with investment in electricity grids, vehicle electrification and photovoltaic applications contributing to demand.
Applications associated with artificial intelligence also supported electronics consumption.
However, total silver demand declined 3% to approximately 1.16 billion ounces, reflecting weaker physical investment and slightly lower silverware and photographic demand.
Global demand still exceeded supply for the fourth consecutive year, producing an estimated deficit of 148.9 million ounces.
The Institute estimated that the combined deficit between 2021 and 2024 reached approximately 678 million ounces, equivalent to around ten months of 2024 global mine production.
Industrial trends varied by region. Demand increased in China and India but declined in the United States and weakened across much of Europe.
The report highlights silver’s expanding industrial role while showing that stronger manufacturing consumption can coexist with weaker demand elsewhere in the market.
Disclaimer
This publication is for educational purposes only and does not constitute financial advice. It does not take into account any person’s investment objectives, financial situation or needs. Before making an investment decision, consider whether the information is appropriate to your circumstances and seek advice from a licensed financial adviser where necessary. Past performance is not a reliable indicator of future performance.