Talking about the overall global demand, there has been an increase of 38 percent since the year 2020. Whereas in India its demand has seen an increase of 24 percent.
Ever since the effect of Kovid has ended from the world, since then there has been an increase in the demand for silver in the world. The main reason for this is the industrial demand for silver. If we talk about the overall global demand, then there has been an increase of 38 percent since the year 2020. Whereas in India its demand has seen an increase of 24 percent.
India is now on its way to become a manufacturing hub of many sectors. In which there are many industries ranging from EV to smartphone, solar panel, semiconductor, auto sector. Now silver is working as the next ‘engine’ for any economy in the world. If its supply stops, then manufacturing will stop and if the manufacturing work stops then the country’s economy will be hampered. Let us also tell you that in which industry silver is working as engine or fuel in the country.
Silver in EV Manufacturing
Globally, from 2021 to 2022, the number of electric cars has almost doubled. Global leven has increased from 3.75 million to 6.75 million. In 2021, as many EVs were sold in a week as in the year 2012. Electric cars depend a lot on silver. Depending on the model, 25 to 50 grams of silver is used in each EV. With such views, you can guess that how much silver is going to be used in the EV sector.
Silver is used in smartphone manufacturing
India is becoming the hub of smartphone manufacturing. After Samsung, now Apple has also made India its stronghold and in the next 3 years, 25 percent of the world’s Apple phones are expected to be exported from India. In such a situation, the demand for silver in India will also increase. Talking about statistics, on an average 90 mg of silver is used in each smartphone. In the last financial year, more than 30 crore smartphone units were manufactured in the country. Which is expected to increase. In such a situation, the use of silver will also increase.
solar panel silver roll
Not only India, the whole world is moving towards other sources of energy. Solar panel is playing a very important role in this. Silver has a very important role in their manufacturing. According to the Silver Institute report in the year 2020, in 2019, 100 million ounces of silver was supplied for solar panels. Which increased to more than 101 million ounces in the year 2021. From this you can guess that how much its demand is going to increase in the coming days.
5G network expansion
The expansion of 5G is being seen continuously in a country like India. At present, the use of silver for 5G components is being seen globally in the range of 7 million to 8 million ounces. The Silver Institute estimates that by the year 2025, its use in 5G is expected to double i.e. 16 million ounces. By the year 2030, this use can increase to 23 million ounces.
use of silver in auto sector
Silver is widely used in the auto sector. According to the report, its use is seen in hybrid cars from 18 to 34 grams. The automotive sector uses 55 million ounces of silver annually and this volume is expected to increase to 90 million ounces by 2025. In such a situation, you can understand how important silver is going to be for the auto sector.
Silver is widely used in making semiconductors. The use of semiconductor is used in many electronic and auto sectors. Due to the lockdown in China and Taiwan, due to the shortage of semiconductor chip, the auto sector had become very busy all over the world. After which Europe and India have announced to start semiconductor manufacturing to reduce dependence on China. Tata Group is going to start this work and in which PLI will also be given by the government.
The history of silver in human health care as an antibiotic is a long and complicated one. It is used for making water purification, wound care, bone prosthesis, reconstructive orthopedic surgery, cardiac devices, catheters and surgical components. Silver component is used during dental issues.
use of silver in food industry
Silver is widely used in food industries. Which is also called silver work in sweets in India. Silver is used to decorate food in the food industry and is like a sheet. Whose weight is micrometer. For safety and ethical reasons, the Government of India has issued guidelines for manufacturers of silver foil under food safety and product standards.
More demand will increase in India
According to Anuj Gupta, Vice President of IIFL, currently the industrial demand for silver in India is at 5 per cent. Which is expected to reach 12 to 15 percent in the next 5 years. There can be many reasons behind this. Because manufacturing hub is going to be made in the country. On the other hand, in the year 2022, 9500 tonnes of silver was imported, which is expected to cross the figure of 10 thousand tonnes in the year 2023 and in five years this figure can reach 15 thousand tonnes.