Silver Industrial Demand Reached a Record 680.5 Million Ounces in 2024
Fourth Consecutive Structural Market Deficit Reported Last Year Silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), posting another record high for the fourth consecutive year, according to the World Silver Survey 2025, published by the Silver Institute on April 16. Overall, global silver demand exceeded silver supply resulting in a structural market deficit of 148.9 Moz in 2024, the fourth consecutive annual deficit. Notably, during 2021-2024, the combined deficit reached 678 Moz, the equivalent of 10 months of global mine supply in 2024. Last year’s record industrial demand mainly came from applications in the green economy, specifically electric and telecommunications grid infrastructure, electric vehicles and charging stations, photovoltaics and end uses stemming from artificial intelligence (AI), all of which drove growth in consumer electronics shipments. “This PV growth was led by China where newly-added capacity reached a record 278 gigawatts in 2024,” noted the Survey, which was researched and produced for the Silver Institute by Metals Focus, the Londonbased independent, precious metals consultancy.
Other findings include: Silver Demand Total silver demand fell by 3 percent to 1.16 billion ounces in 2024 primarily because of weakness in physical silver investment. Regionally, China accounted for the largest worldwide share of industrial demand with a 7 percent rise, while India was up 4 percent. In the West, industrial demand in Europe was generally weak (barring one-off gains in the UK), while US demand fell 6 percent last year. Demand for brazing alloys rose by 3 percent, as “the automotive and aerospace industries, among others, underpinned growth in demand,” the Survey noted. Jewelry fabrication also rose 3 percent. Coin and bar demand fell 22 percent last year to a five-year low of 190.9 Moz. On the other hand, India recorded a 21 percent rise, due to bullish price expectations and the import duty cut. Silver Supply Global silver mine production was largely flat year-over-year, rising marginally by less than 1 percent to 819.7 Moz in 2024. Silver production from lead/zinc mines remained the dominant source of silver. Mexico remained the leading silver mine-producing country, followed by China, Peru, Bolivia, and Chile.
Recycling rose 6 percent in 2024, reaching 193.9 Moz. Industrial scrap saw the most significant increase in weight terms, mainly led by the processing of spent silver catalysts used to produce ethylene oxide.
Silver Price
Last year the silver price saw a 21 percent intra-year increase and Silver Price Last year the silver price saw a 21 percent intra-year increase and an impressive 59 percent trough-to-peak rally, while the annual price average rose by over a fifth to its highest since 2012 to $28.27 for 2024.
