Industrial demand for silver reached a record high 680 million ounces in calendar year 2024, a 4% jump

Industrial demand established a record high 680 million ounces during calendar year 2024, a 4% jump over the previous year, according to “World Silver Survey 2025,”

Industrial demand for silver hit a record high of 680 million ounces during calendar year 2024, a 4% increase from the previous year, according to “World Silver Survey 2025,” released April 16 by The Silver Institute.

The survey was prepared on behalf of The Silver Institute by Metals Focus, a precious metals consultancy headquartered in London, England.

Industrial demand for silver reached record highs in each of the last four calendar years.

Overall, worldwide demand for silver outpaced supply for the fourth consecutive year, according to The Silver Institute, leading to a market deficit in 2024 of 148.9 million ounces.

The combined deficits for 2021 through 2024 totaled 678 million ounces, equal to 10 months of global mine supply in 2024, according to the Institute.

Total silver demand slipped by 3% in 2024, to 1.16 billion ounces. The decline was driven by weakness in physical investment and marginally lower silverware and photographic demand, according to the survey. China saw the highest industrial gains, with a 7% increase, while India followed with a 4% rise.

Coin and net bar investment demand slipped to a five-year low in 2024, reaching 190.9 million ounces.

“The steepest drop was seen in the U.S. ( -46%), due to profit-taking at higher prices, market saturation, and investors’ reaction to [Donald] Trump’s election [as president], according to the survey. “In Germany, the lingering effects of the 2023 VAT [Value Added Tax] hike on certain silver products continued to exert pressure on demand. Conversely, India displayed a noteworthy 21% surge, fueled by bullish price expectations and the import duty cut.”

Furthermore, according to the survey, “Global silver mine production edged up by 0.9 percent to reach 819.7 million ounces, driven by increased output from lead/zinc mines in Australia and the recovery of supply from Mexico ... This was supplemented by additional growth from Bolivia and the U.S.”