Industrial demand for silver almost doubles by 2033
According to the latest studies, demand for silver could rise sharply both in industry and for jewelry and silverware.
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Industry, jewelry and silverware consumed almost three quarters of global silver demand last year. According to a study by the economic consultancy Oxford Economics, commissioned by the Silver Institute, industrial demand for silver could increase by a whopping 46% by 2033. Demand for jewelry and silverware is expected to increase by 34% and 30% respectively. If the three sectors of jewelry, industry and silverware are taken together, demand is forecast to increase by 42%, which is twice as high a growth rate as in the past ten years. The growing electrical and electronics applications industry is responsible for the sharp rise in demand for silver. These industries are expected to grow by around 55% over the next ten years. Demand for silver in Asia in particular will increase in these sectors. Added to this is the demand for silver from the solar industry and the e-car market. Another area that needs silver is brazing alloys. This sector accounted for nine percent of global industrial demand last year, and the trend is expected to increase here too. China and India will be the main sources of demand for silver jewelry. Silver therefore has an important role to play in the present and in the future, and therefore companies with silver in their projects.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has a stake in the Juanicipio mine in the Fresnillo Silver Trend in Mexico. MAG Silver also owns a project in Utah, USA and one in Canada.
Vizsla Silver - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-silver-corp/ - has the promising Panuco silver-gold project in Mexico.
Current company information and press releases from MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/ ) and Vizsla Silver (https://www.resource-capital.ch/en/companies/vizsla-silver-corp/ ).
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