Silver market to hit deficit this year

According to the Silver Institute, the global demand for silver is climbing to 16% this year, to 1.21 billion ounces.

In new research carried out by the Silver Institute, the global silver demand is predicted to reach record levels in 2022, driven by the industrial market, automakers, and renewable energy efforts. 

Expected to rise 16% this year to 1.21 billion ounces, the Silver Institute predicted a deficit of 194 million ounces this year, up from 48 million ounces in 2021.

Demand comes from automakers, who are using more silver as the amount of electronics in vehicles increases. Solar panels account for around 10% of silver demand, and demand is also being impacted by the widespread deployment of 5G technology and the increasing usage of renewable energy. For instance, manufacturers of solar panels are stockpiling the metal. 

By next year, demand is likely to fall. 

Share

Featured Articles

Laws Thwart US Bid to Match China on Lithium Mining

US bid to increase domestic production of lithium in order to reduce reliance on Chinese supplies of critical mineral frustrated by 'confusing' state laws

Bain: 'Inflation Dampening Mining Leaders' Net Zero Hopes'

Bain & Company’s annual Energy & Natural Resource Executive Survey shows 62% of energy execs say high costs mean net zero goals won't be met by 2060

Focus on: Lithium – ‘White Gold’ Driving the EV Revolution

Because of the move to electric vehicles, the metal lithium is rapidly becoming a vitally important part of world’s bid to move away from fossil fuels

Aluminium Industry Calls for new North America Body

Supply Chain & Operations

Data-Driven ABB Smart Hoisting Solution 'is Safety Boon'

Digital Mining

Deep Sea EV Metals Mining Firm in Greenpeace Clash

Sustainability