- Demand for silver will continue to grow for the next decade, far outpacing its growth over the last 10 years, according to the latest research from Oxford Economics.
The report notes that these three segments of the silver market account for nearly three-quarters of global demand. Industrial applications alone represent more than 60% of total silver demand. "Of the forecast growth in the output of sectors that use silver for industrial purposes over the next decade, 51% is predicted to occur in China. The United States is forecast to have a 5% share in the additional output," the analysts said in the report.
Looking at silverware manufacturing, Oxford Economics expects Asia excluding China will drive demand in the market, while India, which has dominated this segment of the silver market, will fall to second place.