Silver Industrial Demand Rose 11 Percent to Post A New Record in 2023
Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz.
- Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz.
- These and many other key aspects of the 2023 silver market are examined in World Silver Survey 2024, released today by the Silver Institute.
- Some of the key findings include:
Total silver demand saw a decline of 7 percent to 1,195 Moz in 2023; however, this was coming off a record 2022. - Chinese silver industrial demand rose by a remarkable 44 percent to 261.2 Moz, primarily due to growth for green applications, chiefly PV.