# Silver

Production, industrial demand, photovoltaics and recycling of silver – World Silver Survey 2025 data for 2024, charts and downloadable data.

The precious metal in the service of industry

Data: The Silver Institute, World Silver Survey 2025 · base year 2024 · as of 24 Oct 2026

## Overview

**~25,500 t** world mine production (~820 Moz) Silver Institute · 2024
**~58%** industry share of demand Silver Institute · 2024
**~29%** PV share of industrial demand Silver Institute · 2024
**5 years** consecutive deficit years Silver Institute · 2024
**~1,341 t** KGHM silver output KGHM · 2024
**~72%** silver as a by-product Silver Institute · 2024

### Three takeaways

- Industry accounts for about 58% of silver demand, and photovoltaics alone for about 29% of industrial demand (2024).
- About 72% of silver is a by-product of mining other metals, so supply responds weakly to prices; the market is in a structural deficit (5 years in a row).
- KGHM produces about 1,341 t of silver a year (2024) – Poland ranks among the world’s leading producers.

Silver is a metal of two worlds. For millennia it has been a synonym for money, bullion and luxury – and at the same time, thanks to the best electrical conductivity of any metal, it is today one of the most important raw materials of industry and the energy transition. This tension between its role as treasure and its role as the "workhorse" of electronics and photovoltaics makes silver unique: investment and industrial demand compete for the same limited stream of metal, most of which is produced not for silver's sake, but as a by-product of other mines.

### Properties

Silver (Ag) is a lustrous, white precious metal with extreme properties. It has the highest electrical and thermal conductivity of any metal and the highest optical reflectivity – hence its role in electronics, contacts and mirrors. It is ductile, malleable and resistant to oxidation in clean air, and it shows strong antibacterial action. A density of about 10.49 g/cm³ and a melting point of 961.8 °C complete the picture. The symbol Ag derives from the Latin argentum.

### From coinage to photography – a short history

Silver was one of the first metals known to humankind and for millennia served as money – it was struck into coins, hoarded as bullion, and worked into tableware and mirrors. An industrial turning point was classical photography, based on light-sensitive silver halides; today that use has almost vanished, giving way to electronics and photovoltaics. The history of silver is a story of a gradual shift from a symbol of wealth to a technological raw material.

### Silver and the human being – from medicine to antibacterial use

Silver has long been prized for its antibacterial properties: it is used in wound dressings, coatings for medical instruments, water treatment and hygienic coatings. It is not an essential element for the body, but its biocidal action has real health value. In everyday surroundings silver is present in electronics, contacts, mirrors and cutlery – often invisible, yet ubiquitous.

Metal flow: sources and uses (shares, %)

**~81%** Primary metal (from ore) **~19%** Secondary metal (from recycling)
Total = 100%

- Industry (electronics, PV) **58%**
- Jewellery **18%**
- Investment (coins, bars) **16%**
- Silverware **5%**
- Photography **2%**

↺ Products at the end of their life return as scrap and feed the secondary metal stream.

| Stream | Share |
| --- | --- |
| Primary metal (from ore) | 81% |
| Secondary metal (from recycling) (recycling share of silver supply (mine output and recycling)) | ~19% |
| Silver demand structure, 2024: Industry (electronics, PV) | 58% |
| Silver demand structure, 2024: Jewellery | 18% |
| Silver demand structure, 2024: Investment (coins, bars) | 16% |
| Silver demand structure, 2024: Silverware | 5% |
| Silver demand structure, 2024: Photography | 2% |

Sources: recycling share of silver supply (mine output and recycling) – The Silver Institute, World Silver Survey 2025 (Silver Institute · 2024); Silver demand structure, 2024 – The Silver Institute, World Silver Survey 2025 (shares indicative).

The diagram combines data from different publications and years. Stream widths are proportional to the percentage shares; the recycling loop is illustrative.

## Market

### Market and production – geography of supply

World silver mine production is about 820 million ounces (about 25,500 t) a year. Crucial to understanding the market, however, is the structure of supply: about 72–75% of silver is produced as a by-product of mining copper, lead, zinc and gold. This means supply responds weakly to price – when base-metal output falls, silver output falls with it. The leading producers are Mexico, China and Peru, with Poland (KGHM) also among the top producers.

Silver mine output – largest producers, 2024

Mexico ~6,300
China ~3,400
Peru ~3,300
Poland (KGHM) ~1,341
Bolivia ~1,300
Chile ~1,200

| Country | Output 2024 (t, est.) | Notes |
| --- | --- | --- |
| Mexico | ~6,300 | World's largest producer |
| China | ~3,400 | Large producer and consumer |
| Peru | ~3,300 | Leading in Latin America |
| **Poland (KGHM)** | ~1,341 | Among the world's top producers (by-product of copper) |
| Bolivia | ~1,300 | Significant producer |
| Chile | ~1,200 | By-product of copper |
| World (rounded) | ~25,500 | About 72% as a by-product |

Source: The Silver Institute / Metals Focus, World Silver Survey 2025; KGHM (indicative figures).

Non-ferrous ore → Silver (by-product) → Refining → Industry · PV · investment

### The structural deficit – demand above supply

The combination of record industrial demand with inelastic, "by-product" supply produces a remarkable effect: the silver market has been in structural deficit for the fifth consecutive year. The 2024 deficit was about 149 million ounces, and the cumulative 2021–2025 figure is estimated at about 796 million ounces – almost equal to a full year of world mine production. The gap has so far been covered by above-ground stocks, but these are finite. Silver is not on the EU critical raw materials list; nonetheless, the persistent deficit and its key role in photovoltaics and electronics make it a focus of growing attention among raw-material security analysts.

### Silver as an investment and monetary metal

Silver remains a classic investment asset – in the form of coins, bars and funds (ETFs). It is sometimes called "the poor man's gold" as a cheaper alternative, and the ratio of the gold price to the silver price (the gold-silver ratio) is a popular market indicator. The silver price is, however, highly volatile: after years in the range of about USD 20–30/oz it reached a nominal record of about USD 122/oz in late January 2026, and in mid-2026 trades around USD 68/oz. The above figures are for information only and do not constitute investment advice.

## Applications

### The dual nature of demand

Silver demand (about 1.16 billion ounces in 2024) splits into two streams. The first, dominant one is industry – a record 680.5 million ounces (about 58% of the total), chiefly electronics and photovoltaics. The second is monetary and investment demand (coins, bars) together with jewellery and silverware. This duality means the silver price is driven at once by the industrial cycle and by investor sentiment – which makes it more volatile than gold.

Silver demand structure, 2024

Industry (electronics, PV) ~58%
Jewellery ~18%
Investment (coins, bars) ~16%
Silverware ~5%
Photography ~2%

| Demand segment (2024) | Share | Notes |
| --- | --- | --- |
| Industry (electronics, PV) | ~58% | Record 680.5 Moz |
| Jewellery | ~18% | Up 3% y/y |
| Investment (coins, bars) | ~16% | Fell to 190.9 Moz |
| Silverware | ~5% | Declining |
| Photography | ~2% | Long-term decline |

Source: The Silver Institute, World Silver Survey 2025 (shares indicative).

### Silver in the energy transition

The most dynamic chapter of silver's story is now being written by photovoltaics. Every silicon solar cell uses silver paste to conduct electricity, and PV's share of industrial silver demand has risen from about 11% (2014) to about 29% (2024) – the fastest-growing segment of the market. Demand is also driven by electromobility, grid infrastructure and artificial intelligence (data centres). Although manufacturers reduce the silver per cell ("thrifting"), the pace of new installations is faster.

| Industrial application | Why silver | Trend |
| --- | --- | --- |
| Electronics & electrical | Best electrical conductor | Largest segment; rising (AI, 5G) |
| Photovoltaics (PV) | Silver paste in cells | Fastest-growing (~29%) |
| Brazing & solders | Durable joints | Stable |
| Automotive (incl. EVs) | Contacts, vehicle electronics | Rising with electromobility |
| Catalysts, optics, mirrors | Reactivity & reflectivity | Mixed |

Source: The Silver Institute, World Silver Survey 2025.

Silver has thus become – alongside copper and aluminium – one of the "transition metals": the more photovoltaics, electronics and electric vehicles, the greater the structural demand for this precious metal.

## Recycling

### Recycling and the circular economy

Silver is fully recyclable, and recycling is an important supplement to supply. In 2024 it rose 6%, to about 194 million ounces – a 12-year high. Silver is recovered, among other sources, from spent catalysts (ethylene oxide production), electronics, jewellery and silverware. Under structural deficit, recycling gains importance as a stable, domestic source of the metal – and one of the pillars of the industry represented by the Chamber.

## Poland

**~1,341 t** KGHM silver output KGHM · 2024

### The Polish context

Here lies a source of pride: KGHM Polska Miedź is among the world's largest silver producers. In 2024 the Group produced about 1,341 t of silver, and in 2025 about 1,347 t – placing it in the very top tier worldwide. Polish silver arises as a by-product of copper processing (the Lubin, Rudna and Polkowice-Sieroszowice mines) and is refined at the Głogów Copper Smelter, where the Precious Metals Plant has operated since 1993. KGHM bars (the KGHM HG brand) carry COMEX and LBMA Good Delivery certificates. Poland is therefore not only a significant copper producer, but also one of the pillars of the world's silver supply.

Treasure and raw material at once – silver shows that a precious metal can also be the foundation of modern electronics and green energy.

## Data and sources

### Datasets

Every chart in this profile has table and source views and the buttons “Download CSV”, “Copy CSV” and “Cite”. The full list of datasets is below.

| Dataset | Year | Tab | CSV |
| --- | --- | --- | --- |
| Silver mine output – largest producers, 2024 | 2024 | Market | |
| Silver demand structure, 2024 | 2024 | Applications | |

### Figures in the tiles

| Indicator | Value | Source and year | Publication |
| --- | --- | --- | --- |
| world mine production (~820 Moz) | ~25,500 t | Silver Institute · 2024 | The Silver Institute, World Silver Survey 2025 |
| industry share of demand | ~58% | Silver Institute · 2024 | The Silver Institute, World Silver Survey 2025 |
| PV share of industrial demand | ~29% | Silver Institute · 2024 | The Silver Institute, World Silver Survey 2025 |
| consecutive deficit years | 5 years | Silver Institute · 2024 | The Silver Institute, World Silver Survey 2025 |
| KGHM silver output | ~1,341 t | KGHM · 2024 | KGHM Polska Miedź (2024) |
| silver as a by-product | ~72% | Silver Institute · 2024 | The Silver Institute, World Silver Survey 2025 |

### Method notes

- Market data come from the World Silver Survey 2025 (The Silver Institute, Metals Focus) and refer to 2024; production by country is estimated.
- Tiles carry a source and year tag; the same figure in a tile, the text and a table comes from a single record.

### Bibliography

- The Silver Institute / Metals Focus, World Silver Survey 2025. [silverinstitute.org](https://silverinstitute.org/)
- KGHM Polska Miedź.

### How to cite

Economic Chamber of Non-Ferrous Metals and Recycling, Knowledge base – Silver. https://igmnir.org/en/knowledge/silver/ (data as of 24 Oct 2026).

## Get access to the Chamber's analyses

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Page as of: 02.11.2026. IGMNiR. On the website: https://igmnir.org/en/knowledge/silver/