Photography is a Top Driver in Silver Demand, Showing Film’s Resurgence
A new report from the World Silver Survey found that demand for silver increased 19% last year achieving its highest levels since 2015. Part of this increase is being attributed to the rising demand and surging popularity of film.
As explained in the Silver Institute News, silver-halide photography was the predominant form of photo technology for more than a century before the advent and growth of digital photography. As digital photography became the standard, the use of film fell off and therefore so did the demand for silver.
But in 2021, the use of silver for the purposes of photography actually rose 3% over the previous year, a sign that the once fading practice is experiencing a revival notable enough to appear as a factor in global demand for silver. In fact, the demand was enough of an increase to mark photography as one of the largest consumers of silver after industrial use, jewelry, investment, and silverware as the overall demand for silver rebounds.
Those paying attention in the photography space no doubt have seen the popularity of film photography grow over the last few years, but discerning if that popularity was actually large enough to be more than a talking point outside the enthusiast space was still unclear. This data may be pointed to as hard evidence that the revival is more than just a niche phenomenon.
That said, there may be other factors at play here that are skewing the results. It is important to note that hobbyist photography and X-ray photography are grouped together in the Silver Survey’s report, which says that the main reason there was such a notable uptick was the medical sector.
“Even if still facing a structural decline, photographic demand rose modestly last year, chiefly as the medical sector battled to work through the backlog of delayed x-rays,” the report reads.
It is also worth noting that demand is still down nearly 60% from what it was in 2010, but any uptick is a sign that something is changing. Sill, the Silver Institute News leans on the returning demand of film photography as a major player and according to its surveys, the rising cost of materials and labor in the processing of film has not been enough to deter a large number of photographers. Additionally, labs are starting and restarting film processing lines despite associated challenges and costs in response.
“Many casual observers have the impression that silver-based photography is disappearing but that is simply not true,” the Silver Institute News says. “Travel and picture-taking opportunities have returned along with growing demand for single-use cameras. New photographic films are being introduced, and the impact of the x-ray backlog continues.”
Image credits: Header photo licensed via Depositphotos.