Many people are familiar with silver’s history as an investment – but unfortunately its numerous industrial applications are often overshadowed. The truth is nearly 50% of the annual silver supply is used in industrial applications and manufacturing. And that silver is truly indispensable in modern society.
Electronics: Silver’s Invisible Everyday Presence
You may not see it, but silver is used in virtually every single one of your electronic devices. If you’re interacting with a gadget that has an on/off button, it’s highly likely that silver is a key component.
Known for its unparalleled electrical conductivity, silver is the perfect material for a wide array of applications. It’s found in everything from printed circuit boards and switches to TV screens, telephones, microwave ovens, children’s toys, and even the keys beneath our computer fingertips.
As of 2023, there are over 15 billion devices connected to the internet worldwide – and that figure is expected to double by 2030. As we further embrace the digital age, the demand for silver in these sectors is poised to rise.
Renewable Energy: Silver’s Role In Powering A Sustainable Future
In the pursuit of sustainability, silver has been proven to be a vital component, particularly in the photovoltaic cells that make up solar panels.
So, how exactly does silver function in solar cells? Silver powder is converted into a paste, which is then applied to a silicon wafer. When sunlight strikes this silicon, electrons are set free. Silver, being the world’s most efficient conductor, swiftly channels this electricity either for immediate utilization or for storage in batteries for future use.
As many nations around the world increase their clean energy investment, the demand for silver is set to rise in tandem, further solidifying its critical role in our sustainable future.
Silver’s Healing Power: From Ancient Voyages to Modern Medicine
Long before the scientific community understood silver’s antibacterial properties, the metal was already being used to combat harmful germs. During lengthy ocean voyages, sailors would drop silver coins into water and wine casks to keep them from spoiling. For years, physicians applied drops of silver nitrate into the eyes of newborns to stave off infections. Even in the grim conditions of World War I, silver foil dressed battlefield wounds, and silver sutures were used to stitch up severe injuries.
It is only in recent years that scientists have unraveled the mechanisms behind silver’s antibacterial effects. Silver ions have the unique ability to penetrate bacterial cell walls without harming mammalian cells. This disrupts the essential chemical and structural bonds within the bacteria, effectively neutralizing them.
Today, the medical community is leveraging silver’s unique properties in innovative ways. Medical devices like breathing tubes and catheters are now coated with silver to ward off infections. The metal is also applied to artificial bones and scaffolding materials to aid in the healing process. Silver-infused bandages and ointments are increasingly common, as they inhibit bacterial growth, allowing wounds to heal more quickly. Remarkably, silver has proven effective against bacteria that have developed resistance due to the overuse of chemical antibiotics.
The Electric Vehicle Boom Is Driving Up Silver Demand
From 2021 to 2022, the number of electric cars sold almost doubled, breaking records, and increasing from 3.75 million to 6.75 million globally.
Electric cars depend heavily on silver. Much like many other devices these days, the electrical and thermal conductivity of silver makes it an ideal material as part of an automobile battery. It is also ideal for use in EVs because it’s non-toxic and hypoallergenic.
As it stands, the automotive industry consumes a staggering 55 million ounces of silver each year. By 2025, this figure is projected to leap to 90 million ounces.
So, where is all this silver coming from? If these electric vehicle companies all want to continue their rapid growth, it will require a huge increase in silver production. However, there’s a snag: the demand for silver is currently outpacing its supply, creating a looming bottleneck for the industry.
Courtesy of GoldSilver
