End users of industrial silver will experience surging output totaling 46 percent between now and 2033. The surge is expected to be especially rapid in the electrical and electronics industries which are forecasted to grow by 55 percent over the decade.
That is the finding of a new study by Oxford Economics, a leading global economic forecasting and econometric analysis consultancy based in London. The report “Fabrication Demand Drivers for Silver in the Industrial, Jewelry and Silverware Sectors Through 2033,” was commissioned by the Silver Institute.
The study reports:
Between 2023 and 2033, we forecast the output of end users of industrial silver will increase by 46% in real terms. This partly reflects two thirds of the usage in 2022 was by the electrical and electronics applications industry, which is forecast to exhibit the fastest growth in output at 55%, rather than the slower growing smaller segments.
Our forecasts suggest that the demand for silver for jewelry manufacturing will increase by 34% between 2023 and 2033.
Silverware fabricators’ output is forecast to increase by 30% over the next decade. Some 43% of the growth in output between 2023 and 2033 is forecast to occur in India, although this is less than the country’s 73% share of the market in 2022. •
Combined, the output of industrial, jewelry and silverware fabricators is forecast to increase by 42% between 2023 and 2033. This is roughly double the rate of growth of their demand for silver over the previous decade.
Earlier this year the Silver Institute forecast investment demand for 2023 to reach 295 million ounces, the second highest on record.