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Global silver demand expected to hit 1.2 bn oz in 2024



Buoyed by strong industrial offtake, global silver demand is expected to hit 1.2 billion ounces in 2024, which, if achieved, would be the second-highest level ever recorded. This amount would also be a new annual high for the industrial sector, according to analysis from the Silver Institute and precious metals consultancy Metals Focus.


Worldwide silver demand is expected to rise 1 percent owing to a projected record high in industrial demand and a turnaround in jewellery and silverware offtake.


Industrial demand alone is expected to rise 4 percent to a record 690 million ounces (Moz), on the back of last year’s all-time high. As in recent years, the photovoltaics (PV) and automotive industries will be key drivers. Specifically, new, higher-efficiency N-type solar cells, which require more silver than older-style cells, are moving into mass production.


India is forecast to see silver jewellery fabrication rise by 9 percent which will help worldwide consumption rise to a record 6 percent. Silver investment, on the other hand, is expected to drop 6 percent in response to gains in the U.S. stock market.

In the near term, precious metals investments could face challenges with interest rate cuts in the U.S. seeming less likely in March given the strength of job creation. However, U.S. rate cuts appear more likely in the second half of 2024 which could bolster silver investment.




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