Silver's industrial utility is finally colliding with its physical scarcity. While silver prices have recently surged, hitting a new all-time high, that excitement is merely a reflection of a fundamental market shift. This analysis, based on data from the World Silver Survey 2025 (The Silver Institute), examines how the global silver market has fundamentally inverted, moving from a period of comfortable surplus to one defined by chronic structural deficits.

Silver's role in the global economy is evolving significantly, as illustrated in our latest infographic. Data from the World Silver Survey 2025, presented in the infographic, indicates that total silver demand is projected to grow by +15.60%, from 993 million ounces (Moz) in 2016 to a forecast 1,148 Moz by 2025.