What is the global demand for silver?

In 2019, the global jewelry industry accounted for 201.3 million ounces of the global demand for silver. That was more than one fifth of the total global silver demand. Silver is a precious metal that has the highest reflectivity, as well as the highest electrical and thermal conductivity of any metal.

What is the future of silver?

The following are the key highlights from the presentation: Global silver demand is expected to reach a new high of 1.21 billion ounces in 2022, up by 16% from 2021. Each key segment of demand, except photography, is set to post a new peak. Industrial demand is on course to grow to 539 million ounces (Moz).

Who is the biggest consumer of silver for industrial applications?

The biggest consumers of silver for industrial applications this past decade have been the US, Canada, China, India, Japan, South Korea, Germany and Russia. Over that time silver demand from older industries has faded, only to be replaced by new technological uses.

What is the demand for silver in photovoltaics?

Even so, global photovoltaic demand for silver has grown at a compound annual rate of 20% over the last decade, according to the Silver Institute's World Silver Survey 2014. China is now the leader in solar-panel manufacturing, producing 60% of 2013's global output.