6 Interesting stats about silver & its consumption
February 10, 2023Silver has been used for centuries in various ways such as ornaments, utensils, and trade. It is also the basis for many financial systems. Silver is very conductive to electricity and heat, and it is also photosensitive. These properties make silver useful for many industrial applications, such as in mirrors, electrical and electronic products, and photography.
Here we are going to look at some of the interesting statistics on silver, that demonstrate the dominance of silver metal in the precious metal industry. So, let’s have a look at those stats:
Stat 1 – World’s largest silver producer is currently Mexico, with 2020 production amounting to 5,600 metric tons. (source: statista.com)
Mexico is currently the world’s largest silver producer, producing 5,600 metric tons in 2020. This is a significant increase from past years, and Mexico is now the clear leader in silver production. There are a number of reasons for this increase, including new mines opening up and existing mines increasing their output.
Mexico is also home to some of the world’s largest silver deposits, making it an ideal location for silver production. With silver prices remaining strong, it is likely that Mexico’s silver production will continue to increase in the coming years.
Stat 2 – In 2021, the global jewellery industry accounted for 181.4 million ounces of the global demand for silver. That was 17.3 percent of the total global silver consumption that year.
(source: statista.com)
The jewellery industry is one of the largest consumers of silver, accounting for over 17% of the total world silver consumption in 2021.
This demand is primarily driven by the production of silver jewellery, which totalled 181.4 million ounces in 2021.
The jewellery industry is a major driver of the silver market, and its demand is expected to continue to grow in the coming years.
Stat 3 – Demand for silver in industrial sectors peaks by 9 per cent (source: GlobeNewsWire)
Despite the ongoing pandemic, the silver market is expected to remain strong in future. Investment demand for silver is expected to remain robust, as the metal is seen as a safe haven asset.
Additionally, industrial demand for silver is expected to rebound as the global economy recovers. The silver market has already shown signs of strength in 2021, here are consumption of silver by country:
- India paved the way for silver jewellery demand, with a 45 per cent jump to 58.7 Moz
- Thailand’s demand rose to 24.8 Moz
- Then Italy at 20.4 Moz
- At last, the United States with 13.2 Moz.
Stat 4 – Metals Focus forecasts a 5 percent rise in global silver demand due to further structural advancements in industrial fabrication. (source: GlobeNewsWire)
According to Metals Focus, global silver demand is set to rise by 5 per cent in 2020 due to further advancements in industrial fabrication.
This is largely driven by the continued expansion of the solar energy sector and the growing demand for silver in the electronics industry. In addition, Metals Focus expects silver prices to remain firm in the face of continued global economic uncertainty.
Stat 5 – The price of silver has risen over 100% during the past four years, and it has risen more than 500% over the past 10(from year: 2021). (source: Economic Times)
The price of silver has risen significantly over the past four years(from year: 2021), and even more so over the past 10 years. This is due to a number of factors, including increased manufacturing industry demand, jewellery demand and investment demand.
While there is no guarantee that silver prices will continue to rise, many experts believe that the current trend is likely to continue in the short to medium term. This could mean that silver could become an increasingly valuable investment over the coming years.
Stat 6 – The total global supply of silver stands at around 1 Billion ounces (source: GlobeNewsWire)
According to the most recent estimates, the total global supply of silver stands at around 1 billion ounces. That means approximately one ounce of silver for every person on the planet.
The vast majority of this silver is in the form of investor holdings, with a small amount being used for industrial purposes.
Conclusion
These statistics represent how important is silver in the world economy. Demand in manufacturing industries along with the increasing market of jewellery, Silver is an evergreen metal. That’s why investors are buying it.
Want to grab your share in silver? Nowadays it is even possible to buy digital silver. The biggest advantage is that you can get pure silver just by using your phone. You don’t need to waste your precious time to go out there looking for trusted jeweller. Also digital silver overcomes the limitations of physical silver and happens to be a great option to save your money and secure your future.
