Supply and demand in 2025
The Silver Institute’s World Silver Survey 2026, published in 2026 with research by Metals Focus, puts the 2025 market deficit at 40.3 million ounces: demand exceeded mine output and recycling for the fifth straight year, but by less than in 2024.
Total demand fell 2% to 1.13 billion ounces. Industrial fabrication, the largest use, fell 3% to 657.4 million ounces, as electronics demand slipped and solar manufacturers cut the silver used per panel or replaced it. Silverware demand fell 21%. Physical investment in coins and bars rose sharply.
Supply
Most silver is mined as a by-product of lead, zinc, copper and gold mines, so output responds slowly to the silver price. Recycling adds to supply and tends to rise when prices are high.
Forecast for 2026
The survey forecasts a sixth consecutive deficit, widening to 46.3 million ounces, with flat mine output, total supply down about 2%, industrial fabrication down another 3% and coin and bar demand up 18%. Forecasts are revised; an earlier estimate of 67 million ounces was replaced by the full survey.
What a deficit does and does not mean
- A deficit means that year’s demand exceeded new supply; it was met from stocks held above ground.
- Large stocks exist, so a deficit does not by itself mean a shortage or a price rise.
- Prices also depend on interest rates, the dollar and investor flows.
Frequently asked questions
- Who publishes the silver supply and demand figures?
- The Silver Institute, in its annual World Silver Survey, with research by Metals Focus.
- Is industrial demand for silver still rising?
- Not in 2025: industrial fabrication fell 3%, and the survey forecasts another 3% fall in 2026, mainly because solar manufacturers use less silver per panel.
- Is this page investment advice?
- No. It explains how prices, purity and taxes work, with sources. It does not recommend buying, selling or holding any product. See our Financial Disclaimer.
Sources
- The Silver Institute: silver market in deficit for fifth straight year
- Engineering News: silver deficit expected to widen in 2026
This guide explains rules and prices for general information. It is not investment, tax or legal advice. Duty and tax rules change; check the official source before you act. See our Financial Disclaimer and Corrections Policy.