Global Silver Demand Reaches Record High in 2022

Global demand for silver reached a record high of 1.24bn oz in 2022, with all silver demand categories achieving new levels. This included a 22% increase in physical silver investment, according to the Silver Institute. 

The World Silver Survey 2023, published by the Silver Institute this month, revealed that in 2022, demand rose by: 

• Industrial demand – 5%
• Physical investment – 22%
• Jewellery – 29%
• Silverware – 80%

The survey shows that global demand for the precious metal has increased by 38% since 2020, as world economies recover from the pandemic. The silver market also reached its second consecutive deficit, at a significant 237.7m oz, last year. 

The World Silver Survey is produced annually by the Silver Institute and Metals Focus, and also provides insights and an outlook for this year’s silver market. 2023 is expected to be another year of solid silver demand, with industrial fabrication expected to reach an all-time high and silver coin and bar demand set to remain historically high.  

Uncover more insights with the World Silver Survey in full.