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Charted: Silver Supply–Demand Imbalance (2015–2025)
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Key Takeaways
- The global silver market has been in a persistent structural deficit since 2021, driven by industrial demand.
- Silver prices have surged alongside widening deficits, hitting fresh highs as supply tightens.
Silver has staged another powerful rally at the beginning of 2026, pushing to fresh highs as market fundamentals tighten.
Futures prices have surged above $85, driven by export restrictions from China, rising demand from green technologies, and renewed interest in silver as a safe-haven asset.
This chart highlights how global silver supply and demand have diverged over the past decade.
While supply growth has remained relatively flat, demand has surged, creating a series of structural deficits that are reshaping the market.
The data for this visualization comes from the Silver Institute. Total silver supply includes mine production, recycling, net hedging supply, and net official sector sales. Total demand spans industrial use, photography, jewelry, silverware, physical investment, and net hedging demand.
Persistent Deficits Since 2021
After several years of modest surpluses, the silver market flipped into deficit in 2021. That year saw demand jump to 1,112 million ounces, while supply lagged behind at 1,023 million ounces.
The imbalance worsened dramatically in 2022, when demand surged to a record 1,306 million ounces. This resulted in the largest deficit on record, at 272 million ounces, marking a turning point for the market.
| Year | Supply | Demand | Market Balance |
|---|---|---|---|
| 2015 | 1,055 | 1,061 | -5 |
| 2016 | 1,057 | 992 | 65 |
| 2017 | 1,025 | 972 | 54 |
| 2018 | 1,014 | 999 | 15 |
| 2019 | 1,016 | 1,005 | 11 |
| 2020 | 974 | 929 | 45 |
| 2021 | 1,023 | 1,112 | -89 |
| 2022 | 1,034 | 1,306 | -272 |
| 2023 | 998 | 1,208 | -210 |
| 2024 | 1,009 | 1,160 | -151 |
| 2025E | 1,022 | 1,117 | -95 |
Green Energy Is Driving Demand
A major driver behind silver’s demand surge is its critical role in green technologies. Solar panels, electric vehicles, and power grid infrastructure all rely heavily on silver’s conductive properties.
In 2022, green-energy demand accelerated sharply, combining with a post-pandemic rebound in jewelry, bar, and coin purchases. Even as demand moderates slightly after 2023, it remains well above pre-2020 levels.
Prices Reflect Tight Market Conditions
Silver prices have tracked these supply-demand pressures closely. From an average of $15–$17 per ounce between 2015 and 2019, prices jumped to over $25 in 2021.
Despite some volatility, prices continued climbing as deficits persisted, reaching $28.30 in 2024. In 2025, silver surged rapidly, surpassing $80 per ounce as export controls, geopolitical risk, and investment demand collided with limited supply growth.
Learn More on the Voronoi App
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