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,” 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 eclipsed silver supply for the fourth consecutive year, according to The Silver Institute, resulting in a market deficit in 2024 of 148.9 million ounces.

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

Total silver demand dropped 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 accounted for the highest industrial gains, at 7%, followed by India with 4%.

Coin and net bar investment demand slipped to a five-year low in 2024 to 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 weigh on demand. In contrast, India stood out with a 21% surge, thanks to bullish price expectations and the import duty cut.” 

Further, according to the survey, “Global silver mine production rose by 0.9 percent to 819.7 million ounces, underpinned 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.”

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