Recent Release | 08 Nov 2023
Fabrication demand drivers for silver in the industrial, jewelry, and silverware sectors through 2033
Industry Consulting Team
Oxford Economics
Demand for silver as an industrial metal is set to shine over the coming decade. It has been given an impetus by the growth in electric vehicles and photovoltaic cells used in solar panels. Its chemical make-up means it is one of the best electrical and thermal conductors among metals, making it perfect for use in solar panels.
This report investigates how fabricators’ demand for silver in the industrial, jewelry , and silverware sectors is likely to evolve over the next decade. It finds the output of the three sectors is forecast to grow by 42% between 2023 and 2033. The growth is projected to be led by industrial end users of silver, in particular, the electrical and electronics applications industry, where output is forecast to grow by 55% over the decade. The three sectors’ projected output growth is likely to boost the demand for silver significantly, albeit ‘thrifting’—minimizing the use of the metal —and substitution to cheaper metals will moderate the impacts.
Looking globally, fabricators’ demand for silver over the next decade is forecast to move East over the next decade. This reflects the projected growth in the output of the industrial, jewellery, and silverware sectors in China and India, which is likely to outstrip that in Europe and North America.
The experts behind the research
Our Industry Consulting team are among the world’s leading analysts of a variety of industrial sectors. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients.
Andrew Logan
Director of industry consulting
Tags:
Related services
The Global Sourcing Risk Index 2025
In an ambitious global investigation with Proxima, we delivered insights into supply chain risk across different industrial sectors in major economies and supply chain hubs across the globe.
Find Out More
Quantum Computing could boost UK productivity and GDP growth, but government support is crucial
New research from Oxford Economics, published today, predicts that quantum computing could give the UK an economy-wide productivity boost of up to 7% by 2045 – equivalent to every worker achieving an additional three weeks’ worth of productivity per year without working an extra hour.
Find Out More
Driving into uncertainty: How Trump’s tariffs could derail Europe’s automotive powerhouse
The German and Italian automotive industries stand out as the most exposed to Trump's tariff threat. Our estimates suggest that German and Italian automotive exports could fall by 7.1% and 6.6%.
Find Out More
The true impact of UK Manufacturing
Our study highlights how the manufacturing sector's impact on the UK economy extends far more widely than manufacturing companies themselves.
Find Out More