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Global Silver Demand to Hit New High in 2022

The Silver Institute has published the demand outlook for 2022. According to this, 2022 is expected to be a new record year, as global silver demand is set to rise to 1.112 billion ounces.

The increase is expected to be driven by industrial demand, which is expected to rise by 5%. Many countries, including the U.S., want to push so-called green technologies, such as solar energy and electric vehicles. More than half of all silver demand comes from the industrial sector.

Special attention will be paid to the automotive sector this year. Policymakers want to push electric vehicles further and further, but the global chip shortage could put a stop to these plans for the time being.

Global silver supply is expected to increase by 7% this year to 1.092 billion ounces. The Silver Institute does not expect a significant increase in the recycling of silver. It is expected to increase by only 3% due to higher industrial recycling.

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