Global silver demand is expected to remain broadly stable in 2025 at 1.20 billion ounces, as gains in industrial applications and retail investment will be mitigated by weaker jewelry and silverware demand.
Silver industrial fabrication is forecast to grow by 3 percent this year, with volumes on track to surpass 700 million ounces (Moz) for the first time. In keeping with recent years, silver will benefit from ongoing structural gains in green economy applications.
Despite looming pressure on US renewable energy projects under President Trump’s second term, global photovoltaics installations are expected to achieve another all-time high in 2025, benefiting silver demand. In the automotive industry, even assuming slower growth in battery electrical vehicle production, greater vehicle sophistication, electrification of powertrains (albeit at a reduced pace), and ongoing investment in expanding related infrastructure will boost silver demand.
Elsewhere, gains are also expected in the consumer electronics market, as the development of artificial intelligence systems will continue to boost product offerings. Demand for silver in the “other” industrial category should edge higher due mainly to some upside in the ethylene oxide (EO) sector. At the same time, modest gains are also projected for brazing alloys.
Silver physical investment is also forecast to rise by 3 percent, thanks to improving demand in Europe and North America. As Western investors adjust to new price levels, fresh investment is expected to improve, and profit-taking will also ease. However, without any dramatic crisis events, the scale of recovery will be limited, considering robust demand over 2020-23 and the subsequent rise in investors’ silver holdings. A slight decline in India, where high local silver prices will encourage liquidations, will offset some of these gains.
The demand for jewelry is expected to decline by 6 percent. India will account for the bulk of these losses, with high local prices the key driver behind a double-digit decline in 2025. Due to cautious spending by consumers on non-essential items, Chinese demand will also weaken. By contrast, Western jewelry sales will likely remain resilient, thanks to a price-led shift away from carat gold jewelry. Branded silver jewelry is also expected to perform well, offering additional support.
Similarly, for silverware, a price-led decline in Indian fabrication will result in global silverware demand falling by 16 percent in 2025.
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