13 November 2023
Global silver demand is set to soar in the next decade, with industrial use, jewelry, and silverware driving significant growth. According to Oxford Economics, industrial demand for silver is projected to surge by 46% by 2033, boosted by its expanding role in electrical, electronics, solar energy, and electric vehicles. Jewelry and silverware sectors are also expected to see substantial growth, increasing by 34% and 30%, respectively. Asia, especially China, is anticipated to lead this boom, with India also playing a key role in jewelry and silverware demand. However, shifts in market dynamics and global economic factors could impact these trends.