Industrial demand for silver to grow 36% by 2015

Monday, March 28, 2011

Silver's future industrial demand is expected to total 666Moz by 2015, 36% more than the 487Moz registered in 2010, the US-based Silver Institute said in a statement.

Stronger silver industrial demand in the US and Asia will be a key driver through 2015, and healthy developing country demand - especially in markets such as China and India - will also be an important factor, according to a report prepared for the institute by UK-based consultancy firm GFMS.

Much of the growth will come from established applications, such as silver's use in electrical contacts and in the photo-voltaic market, according to the report.

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In addition, 11 recent applications incorporating silver ranging from food packaging to radio frequency identification tags to autocatalysts are expected to boost demand by 40Moz by 2015.

"The report demonstrates how buoyant silver industrial demand is, not only because of the lack of substitution, but also because of the wide range of established and growing new uses that make up industrial demand," Silver Institute executive director Michael DiRienzo said.

To read the full report, go to this link