The global silver deficit is expected to narrow 21% to 117.6 million ounces in 2025 as demand falls 1% and total supply increases 2%, the Silver Institute said in a report on Wednesday. Silver, which is used not only in jewelry, electronics, electric vehicles and solar panels but also as an investment, is now facing a structural market deficit for the fifth consecutive year. After reaching a record 680.5 million ounces in 2024, total industrial demand for silver is expected to remain stable in 2025, while demand for jewelry and silverware will decline, according to the annual report written by consulting firm Metals Focus for the Silver Institute. "The impact of US tariffs will be a key risk to silver demand this year," the report said.