Industrial, Jewellery and Silver expected to see robust future. Silver industrial demand is forecast to increase 46 percent through 2033,while jewellery and silverware demand is projected to rise 34 and 30 percent respectively, with all three sectors already accounting for nearly three-quarters of the world’s demand for silver in 2022.
The investment sector comes in with a healthy 27 percent of overall silver demand last year, according to a report fromOxford Economics, a London-based economic advisory and consultancy firm. Fabrication Demand Drivers for Silver in the Industrial, Jewellery and Silverware Sectors Through 2033, was commissioned by the Silver Institute to forecast the growth rates of key sectors of global silver manufacturing demand, and to gain insight into how demand will change over the next decade.
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As for specific countries, Oxford noted that India will lead the world in jewelry demand over the next ten years but that it may lose some of its silver jewelry dominance to China. India will continue to lead silverware demand but perhaps with a lower market share than it recorded in 2022. “We expect demand from India will contribute 43% of the growth in the demand for silver to be turned into silverware. This is less than their existing share of consumption at 73%,”the report noted.
The report concluded that long-term forecasting for the silver production industry, “should help them decide how best to target growing industries and where to locate their logistics, marketing, and sales efforts. There may however be unforeseen challenges to these forecasts,” the report warned. “This may occur if the different fabricator industries undergo structural change (such as thrifting) or there are unforeseen economic shocks.”
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