Industrial demand for silver reached an all-time high of 720Moz in 2025, accounting for roughly 62% of total demand. Solar photovoltaic manufacturing is the fastest-growing segment, consuming an estimated 230Moz for silver paste used in solar cells.
Electronics and electrical demand rose 7% year-on-year, driven by semiconductor manufacturing, 5G infrastructure, and electric vehicle components. Silver's thermal and electrical conductivity make it difficult to replace in connectors, switches, and circuit boards.
The shift toward industrial applications is structural. A decade ago, jewelry, silverware, and photography accounted for the majority of demand. Today, industrial applications dominate, and their growth trajectory is tied to global decarbonization and electrification trends.
The silver market is transitioning from an investment-driven to an industry-driven demand profile. This makes the metal less sensitive to financial speculation and more sensitive to GDP growth and industrial production cycles.
Industrial buyers face a structural shift. Silver is no longer just a precious metal — it is an industrial commodity with tightening supply. Evaluate silver intensity in your manufacturing processes and consider substitution where possible, but plan for sustained high prices in solar and electronics applications.