Silver's Industrial Demand to Hit Fresh Peak in 2023

The silver jewelry demand is expected to witness year-on-year decline by 22% to 182 Moz.

SEATTLE (Scrap Monster): The global industrial demand for silver is projected to record significant growth by 8% to hit a record high of 632 million ounces (Moz) during the current year. The anticipated growth will be mainly driven by increased investment in photovoltaics, power grids and 5G networks, in addition to growth in consumer electronics and automobile output.

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According to Philip Newman, Managing Director at Metals Focus, and Sarah Tomlinson, Director of Mine Supply, the total silver demand across the globe is forecast to witness decline by 10% to touch 1.14 billion ounces during the current year. The demand gain by industrial applications will be offset by losses in other key segments. Incidentally, the industrial demand hit a new high.

The silver jewelry demand is expected to witness year-on-year decline by 22% to 182 Moz. The losses will be led by India, where demand is projected to normalize after the surge recorded during the previous year. Meantime, the silverware demand is set to dip by 47% to 39 Moz this year.

The physical investment in silver is expected to hit a three-year low of 263 Moz, falling by 21%. Also, silver exchange traded products are forecast to witness net outflows for the second consecutive year.

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