Last Updated : 21 November 2012 at 08:55 IST
Silver: Industrial demand to hit record 511.6 million ounce in 2014
Source :Commodity Online
By 2014, industrial use of silver is expected to account for 57% of total silver fabrication, which Thomson Reuters GFMS says would be the highest in its 25-year data series.
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VANCOUVER (Commodity Online): A report released by the Silver Institute says while industrial demand for silver is expected to fall this year, it is expected to rise by an estimated 6% to a record high of 511.6 million ounces by 2014.
The report was produced for the Silver Institute by Thomson Reuters GFMS. By 2014, industrial use is expected to account for 57% of total silver fabrication, which Thomson Reuters GFMS says would be the highest in its 25-year data series.
The report cites a steadily improving economic outlook, strong growth in the automobile sector and recovery in the housing and construction industry. One sector of the silver industrial market expected to outperform is the use of silver in ethylene oxide plants.
Silver oxide is used as a catalyst to produce EO, which is then used as an ingredient in a range of products such as polyester, the report says. Photovoltaic offtake is expected to stabilize in 2013 after a downturn in 2012, with increased demand expected in 2014, the report says.
Chinese industrial demand is expected to keep growing, the report says. China accounted for just 8% of global silver industrial demand in 2000, but this had risen to 18% last year.
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