Global Silver Demand in 2021 to Hit Highest Level in Six Years

The consumption of silver by manufacturers and jewellers has witnessed notable decline, mainly due to slump in demand during the pandemic period.

SEATTLE (Scrap Monster): The Silver Institute, in its latest market report, said that the global demand for silver is likely to skyrocket to hit highest levels since 2015 during the current year. The demand is projected to touch 1.029 billion ounces, significantly higher by 15% over the previous year. This is slightly down from the earlier forecast of 1.033 billion made during April this year.

The consumption of silver by manufacturers and jewellers has witnessed notable decline, mainly due to slump in demand during the pandemic period. However, the precious metal witnessed increased demand from investors, due to its safe-haven appeal amidst economic crisis.

The revival from Covi-19-induced weak markets has resulted in silver witnessing increased demand from manufacturers, especially those of solar panels, electronics and silverware to name a few. Incidentally, the silver demand from solar panel manufacturers is projected to hit new peak in 2021.  The investment demand for silver bar and coins too has picked up during the recent months. The global silver market is likely to remain undersupplied by 7 million ounces, with total supply and demand projected at 1,022 million ounces and 1,029 million ounces respectively, the Institute noted.

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