Recent Release | 08 Nov 2023

Fabrication demand drivers for silver in the industrial, jewelry, and silverware sectors through 2033

Industry Consulting Team

Oxford Economics

Demand for silver as an industrial metal is set to shine over the coming decade. It has been given an impetus by the growth in electric vehicles and photovoltaic cells used in solar panels. Its chemical make-up means it is one of the best electrical and thermal conductors among metals, making it perfect for use in solar panels.

This report investigates how fabricators’ demand for silver in the industrial, jewelry , and silverware sectors is likely to evolve over the next decade. It finds the output of the three sectors is forecast to grow by 42% between 2023 and 2033. The growth is projected to be led by industrial end users of silver, in particular, the electrical and electronics applications industry, where output is forecast to grow by 55% over the decade. The three sectors’ projected output growth is likely to boost the demand for silver significantly, albeit ‘thrifting’—minimizing the use of the metal —and substitution to cheaper metals will moderate the impacts.

Looking globally, fabricators’ demand for silver over the next decade is forecast to move East over the next decade. This reflects the projected growth in the output of the industrial, jewellery, and silverware sectors in China and India, which is likely to outstrip that in Europe and North America.

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The experts behind the research

Our Industry Consulting team are among the world’s leading analysts of a variety of industrial sectors. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients.

Andrew Logan

Director of industry consulting

Catia Silva


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