According to a new report from the Silver Institute, the silver market is set to face a significant structural deficit for the fourth consecutive year in 2024, driven by record industrial demand and renewed growth in jewelry and silverware consumption. With global demand reaching 1.21 billion ounces and mine supply increasing by only 1%, the market dynamics are creating significant competition for silver resources.
As of December 30, silver prices have surged by an impressive 25% since the start of the year, nearly reaching $35 per ounce in October for the first time since 2012. Industrial applications have been the primary driver of silver’s growth, with demand forecasted to rise by 7% in 2024 to surpass 700 million ounces (Moz) for the first time in history. Key contributors to this surge include:
Green Economy Applications: The photovoltaic (PV) sector continues to anchor demand, as silver plays a critical role in solar panel production. Investments in renewable energy infrastructure have bolstered this trend.
Automotive Sector: The push for electric vehicles (EVs) and advanced vehicle technologies has increased the need for silver in powertrains, sensors, and charging station infrastructure.
Technological Advancements: The rapid adoption of AI technologies has spurred demand for new hardware and infrastructure, offsetting challenges in consumer electronics.
As global economies transition toward greener and more technologically advanced industries, silver’s indispensable role in these transformations is becoming increasingly evident. With industrial demand reaching new heights and market deficits persisting, silver is poised to remain a critical commodity shaping the future of energy, technology, and mobility.
The year 2024 marks a key moment for silver, highlighting its increasing importance in industry and its role as a driver of global progress.
According to a new report from the Silver Institute, the silver...
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