Silver Institute: Due to the impact of cost-saving measures and the use of alternative materials in the photovoltaic sector, the processing volume of industrial silver is expected to decrease by 2% in 2026.

The World Silver Association pointed out in preliminary estimates provided by consulting firm Metals Focus that the silver market is facing a structural deficit for the sixth consecutive year, with a current estimated gap of 67 million ounces, which will be updated in mid-April. The organization did not disclose data for 2025. Last April, it predicted a gap of 118 million ounces for 2025. The association stated that industrial silver processing is expected to decrease by 2% in 2026, reaching a four-year low of 650 million ounces due to cost-cutting measures and the use of alternative materials in the solar industry. Jewelry demand is expected to decline for the second consecutive year, dropping by 9% to 178 million ounces, the lowest level since 2020, due to record prices impacting major markets like India. Silverware demand is expected to decrease by 17%, with the Indian market showing the most significant decline.