All precious metals have a value that is both cosmetic as in jewelry as well as value for industrial uses. Platinum, gold and silver have been used for ornaments from time immemorial as well as in industrial applications. Critical minerals are seeing an increase in demand as renewable technologies need some of these natural elements in larger quantities than before. Silver might struggle to meet demands as the solar industry, which is gaining more importance as a renewable source of energy, requires this mineral in large quantities.
ANZ Research said in a note that the industrial demand for silver is expected to increase sharply by 2025. It estimated that about 53 percent of the total demand would be required by the solar industry and this could put pressure on supplies of the metal.
Silver has been a byproduct when other minerals are mined. However, the report notes that although roughly 20 percent of the silver is mined as Scrap, this amount is also lagging behind. The silver in inventory above the ground is still huge. However, it has also seen a decline in the past two years.
The bank also said that higher prices would not necessarily bring more supplies online and the tightening supplies would be such that has not been seen in decades.
Although silver has traditionally been used for jewelry, utensils and more, it has increasingly been used in industrial applications. It is used in photovoltaic panels. As the world moves away from dependence on fossil fuels, the demand for solar energy, as a source of clean energy, is bound to increase the demand of the precious metal.
The Silver Institute also predicts that the demand for silver would increase to 70 million ounces by the end of the decade, as it is essential for manufacturing electric vehicles. The institute said that approximately 45 million ounces of silver was used in 2017.
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