白银：新一代金属

NOVEMBER2025 ABOUT OXFORD ECONOMICS Oxford Economics was founded in 1981 as acommercial venture with Oxford University’s businesscollege to provide economic forecasting and modelling toUK companies and financial institutionsexpanding abroad. Since then, we have become one of the world’s foremost independent global Headquartered in Oxford, England, with regional centres in New York, London, Frankfurt, and Singapore,OxfordEconomics has offices across the globe inAbu Dhabi, Belfast, Chicago, Dubai, Dublin, HongKong, Los Angeles, Mexico City, Milan, Paarl, Paris, Philadelphia, Sydney, Tokyo, and Toronto. We employ700 staff, including more than450professional economists, industry experts, and business editors—one Oxford Economics is a key adviser to corporate, financial,and government decision-makers andthought leaders. Our worldwide client base now comprises over2,500 international organisations, November2025 All data shown in tables and chartsareOxford Economics’ own data, except where otherwise statedand cited in footnotes, andarecopyright © Oxford Economics Ltd. The modelling and results presented here arebasedoninformation provided by third parties, uponwhich Oxford Economics has relied in producing its report and forecasts in good faith.Any To discuss the report further please contact: Andy Logan:alogan@oxfordeconomics.com Disclaimer and Copyright This report is not to be construed as a solicitation or an offer to buy or sell silver or related products,securities, or related investments, and nor does it constitute advice in relation to the buying or selling This report may contain forward-looking statements that are subject to risks and uncertainties.Forward-looking statements are based on information and assumptions that the Silver Institute andOxford Economics had when those statements were made or theirgood faith belief as of that timewith respect to future events. Forward-looking statements are subject to risks and uncertainties thatcould cause actual performance or results to differ materially from those in or suggested by the This report is published by and remains the joint copyright of the Silver Institute and Oxford TABLE OF CONTENTS ExecutiveSummary..............................................................................................................................4Introduction...............................................................................................................................................61. Solar Photovoltaics..........................................................................................................................71.1Relevance of silvers properties for use in application....................................................71.2Silver loading/demand..................................................................................................................71.3Expected future silver demand.................................................................................................81.4Impact of government policy and technological advancements.................................92. Automotiveandelectricvehicles.............................................................................................122.1Relevance of silvers properties for use in application.................................................122.2Silver loading/demand...............................................................................................................122.3Global production outlook for electric vehicles...............................................................132.4Expected future silver demand..............................................................................................142.5Impact of government policy and technological advancements..............................163. Data centres and artificial intelligence..................................................................................183.1Relevance of silvers properties for use in application.................................................183.2Silver loading/demand...............................................................................................................193.3Expected future silver demand..............................................................................................203.4Impact of government policy and technological advancements..............................22 EXECUTIVE SUMMARY SOLAR PHOTOVOLTAICS Installed photovoltaic (PV) capacity has grown over tenfold in the last decade, led by China (51% ofgrowth), Europe (15%), and the USA (9%). In this time period, silver demand in PVs has risen threefold;the rise has not been proportional to capacity dueto technological 'thrifting' reducing silver requiredper cell. The future outlook for PV’s remains strong with the International Energy Agency (IEA)expecting that solar energy will become the dominant renewable energy source globally by 2030. Although technological advancements have redu