Oxford Economics indicated in their analysis that sectors that use silver as an intermediate ingredient are expected to see high output growth over the coming decade (2023-2033). Much of that output growth will most certainly occur in Asia, particularly in China.
Their paper explores the output growth estimates of various silver end user industries to obtain insight into how demand for the metal may alter over the next ten years. It also looks at where the strongest demand for silver inputs is expected to emerge around the world.
Choicest The following are the key takeaways:
1: We anticipate that global output of industrial silver end consumers would increase by 46% in real terms between 2023 and 2033. This shows forecasted 55% growth in the production of the electrical and electronics applications business over the next decade.
2: Between 2023 and 2033, the output of jewelry fabricators is expected to expand by 34% in real terms. At the country level, output predictions indicate that India’s supremacy in silver jewelry manufacturing may be eroded by China during the next decade.
3: The output of silverware fabricators is expected to expand by 30% during the next decade. India is expected to account for 43% of output growth between 2023 and 2033, albeit this is less than the country’s 73% market share in 2022.
4: Between 2023 and 2033, the output of industrial, jewelry, and silverware fabricators is expected to expand by 42%. This is approximately twice the rate of growth in their silver demand over the preceding decade.