Page 28 - Bullion World Volume 5 Issue 05 May 2025

Bullion World | Volume 5 | Issue 05 | May 2025

Global Industrial Demand – Dr Trevor Keel:
Dr Trevor Keel shared data showing that industrial silver demand reached
680 million ounces in 2024—60% of total demand. He warned that rising
prices could trigger substitution or thrift practices in manufacturing.
Despite this, silver’s unique conductivity, antimicrobial, and catalytic
traits keep it irreplaceable. He highlighted innovations in coatings and
electronics as key growth areas.

Dr Trevor Keel
The Silver Institute

Silver in Solar Manufacturing – Dr Shiwani Pareek:
Dr Shiwani Pareek presented Adani Solar’s end-to-end facility in Mundra,
with 4 GW capacity expanding to 10 GW. She explained how silver
paste—90–92% silver—is used in the metallization layer of solar cells.
India still uses PERC over TopCon due to infrastructure limitations, but
silver usage is expected to multiply tenfold. India lacks silver powder
manufacturing capacity and depends on imports from China and Japan.

Dr Shiwani Pareek
Adani Solar

Electrical Contacts & Conductivity – Mr Murli Nikam:
Mr Murli Nikam spoke on silver’s role in electrical contacts and relays,
where Modison Ltd is a leader. He highlighted various alloys (silver-nickel,
silver-cadmium oxide) and use in circuit breakers, EVs, and appliances.
Although India contributes just 10% to global electrical silver demand,
potential remains untapped. Cost pressures are high, but demand from
EVs and smart infrastructure is rising.

Panel Interaction:
• Mr Murli Nikam supported the idea of job-work models to make Indian
exports competitive.
• All speakers agreed that recycling of silver from end-of-life solar
panels is a rising but underdeveloped opportunity.
Mr Murli Nikam • Mr Goyal called for a consortium of Indian refiners to invest in silver
Modison Ltd
powder manufacturing to reduce import reliance.

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