Published
23 seconds ago
on
September 4, 2024
| 11 views
-->
By
Bruno Venditti
Graphics & Design
- Lebon Siu
- Athul Alexander
The following content is sponsored by Outcrop Silver
Silver: The Unsung Hero of the New Economy
Silver demand continues to surge, driven by technologies like solar power and AI.
In 2023 alone, the silver market experienced a 15% supply deficit. Furthermore, the market is expected to reach a cumulative deficit of 1,093.4 million ounces from 2020 to 2024.
In this graphic by Outcrop Silver, we discuss how new mines are necessary to meet the high demand for the metal.
Silver is Essential for New Technologies
According to Sprott, Silver is second only to oil as one of the most widely used commodities, with more than 10,000 applications worldwide.
The metal is a key component in photovoltaic cells used in solar power. The average solar panel requires 20 grams of silver.
Electric vehicles also use between 25 and 50 grams of silver.
In addition, the metal is essential for semiconductors, controls, sensors, and LIDAR technology in AI-enabled transport. Silver is also critical in healthcare AI, through conductive silver nanoparticles in wearable electronic skin patches.
The average cell phone contains 0.34 grams of silver.
The Risk of a Supply Gap
Despite silver’s importance, declining ore grades and depleting reserves at existing mines are reducing the metal output.
The industry also suffers from a lack of investment in primary silver mines. Today, over 70% of silver is mined as a byproduct of gold, copper, and other metals.
| Year | Supply (millions of troy ounces) | Demand | Market Balance |
|---|---|---|---|
| 2015 | 1,047.0 | 1,065.4 | -18.4 |
| 2016 | 1,046.5 | 991.8 | 54.7 |
| 2017 | 1,011.8 | 971.3 | 40.5 |
| 2018 | 1,000.5 | 999.2 | 1.3 |
| 2019 | 1,000.3 | 1,004.4 | -4.1 |
| 2020 | 957.4 | 926.8 | 30.6 |
| 2021 | 1,004.3 | 1,099.6 | -95.4 |
| 2022 | 1,015.4 | 1,278.9 | -263.5 |
| 2023 | 1,010.7 | 1,195.0 | -184.3 |
| 2024F | 1,003.8 | 1,219.1 | -215.3 |
Production is also concentrated in three countries—Mexico, Peru, and China—which together account for half of global silver production.
The Future of Silver
If current circumstances continue, new mines will be necessary to meet the growing demand.
Outcrop Silver is quickly advancing the Santa Ana high-grade silver deposit in the Mariquita District, known as the highest-grade primary silver district in Colombia, with historic silver grades among the highest in Latin America.
The Indicated Grade for the Santa Ana project is ranked the second highest in the world.
Explore the potential of Outcrop Silver today and discover the future of silver mining investments.
Please enable JavaScript in your browser to complete this form.Enjoying the data visualization above? *Subscribe
Related Topics: #mining #metals #solar #clean energy #ai #clean #outcrop #outcrop silver
Click for Comments
var disqus_shortname = "visualcapitalist.disqus.com";
var disqus_title = "Silver: The Unsung Hero of the New Economy";
var disqus_url = "https://www.visualcapitalist.com/sp/silver-the-unsung-hero-of-the-new-economy/";
var disqus_identifier = "visualcapitalist.disqus.com-169946";
You may also like
-
Markets1 week ago
A Gold Bar is Now Worth $1 Million, Thanks to Record-High Gold Prices
With gold prices hitting all-time highs in August, what is the value of a gold bar today?
-
Economy2 weeks ago
Charted: $5 Trillion in Global Commodity Exports, by Sector
The energy sector accounts for 40% of the value of global commodity exports. And there’s a key product within it that dominates international trade.
-
Central Banks2 weeks ago
The Top 10 Countries by Gold Reserves in 2024
The U.S. ranks first with more than double the reserves of second-place Germany.
-
Mining3 weeks ago
Visualizing the Growth of Chinese Copper Miners
Chinese miners are set to overtake major producers by 2025.
-
Mining3 months ago
Visualizing Raw Steel Production in 2023
China produces more than half the world’s steel.
-
Mining3 months ago
Visualizing Cobalt Production by Country in 2023
The Democratic Republic of Congo accounts for 74% of the world’s cobalt output.
Subscribe
Please enable JavaScript in your browser to complete this form.Join the 375,000+ subscribers who receive our daily email *Sign Up
The post Silver: The Unsung Hero of the New Economy appeared first on Visual Capitalist.