A report commissioned by the Silver Institute forecasts a future silver industrial demand and a rise in silver use by industry from 487 million troy ounces in 2010 to 665.9 million ounces in 2015. The precious metals consulting entity, GFMS Limited, who compiled the report, based the forecast upon a “base case” scenario, or one which they expect to be the highest likelihood in the coming years.
Yearly fabrication demand for silver is largely composed of industrial usage. Silver fulfills an essential industrial role, due to its incapacity to be substituted, and its wide variety of growing and established uses. No lower cost alternatives exist for silver while silver growth industries, such as photovoltaics continue to expand. Industrial demand in rapidly developing countries, like China and India could drive price, as well as demand through 2015.
The report, entitled “The Future of Silver Industrial Demand, identifies several new industrial applications for the white metal, including food packaging, catalysts and radio identification tags.
