Known Silver Analyst Melissa Pistilli, worked out & stated four factors that drive silver demand! Said at INN that, Silver has both industrial and investment applications, meaning that silver demand comes from a variety of different places.
Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.
In 2022, global physical silver demand reached a record high of 1.242 billion ounces, as per the Silver Institute’s latest World Silver Survey, released in April 2023. This unprecedented level of demand was seen across all market segments, including a 22 percent increase in physical investment demand. Significant rises in consumption were also seen coming from the silver jewelry (a 29 percent increase) and silverware (an 80 percent boost) segments.
Moving forward, increased industrial demand is expected to come from the push toward renewable energy — in particular, silver demand should benefit from vehicle electrification, the adoption of 5G technologies and the solar energy sector. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.
In 2023, the Silver Institute expects global demand for silver to slide down from the previous year’s record high to 1.167 billion ounces, but the year may still be the second highest ever for worldwide silver consumption. With all of that in mind, here’s a look at four factors driving silver demand,
1. Industrial fabrication, expected demand in 2023: 576.4 million ounces.
2.Jewelry Expected demand in 2023, it is expected to demand 199.5 million ounces,
3. Bullion coins and silver bars, this segment is expected demand in 2023: 309 million ounces &
4. Silverware, the segment is expected demand in 2023: 55.7 million ounces.
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