India, the key driving force of silverware

Nov 25, 2023

According to World Silver Survey 2023, 73% of the 2022 silverware market was due to India. A further 8% and 3% was used by silverware fabricators in Nepal and China, respectively! In the NACE code statistical definition of industries’ silverware fabrication lies within the structural metal manufacturing industry.

The report forecast the output of the structural metal manufacturing industry (weighted by each countries’ silverware fabricators usage) will increase by a total of 29% between 2023 and 2033. This is an average of 2.6% a year over the period.

The rate of output growth is forecast to be more rapid in the first half of the period between 2023 and 2028 at 2.9%, than the later period between 2028 and 2033 at 2.4%. Our forecasts suggest that most of the growth in the future demand for the metal by silverware fabricators between 2023 and 2033 is likely to come from Asian countries.

We expect demand from India will contribute 43% of the growth in the demand for silver to be turned into silverware. This is less than their existing share of consumption at 73% & in the accordance with the recent report published by the Silver Institute and Oxford Economics.

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