(Adds graphic, milestone for industrial demand) LONDON, Nov 17 (Reuters) - Global silver demand will rise to 1.029 billion ounces this year, up 15% from 2020 and exceeding a billion ounces for the first time since 2015, the Silver Institute said in a report on Wednesday. The prediction is a slight downgrade from April, when the institute forecast demand for 2021 at 1.033 billion ounces. The coronavirus sharply reduced use of silver by manufacturers and jewellers but increased demand from investors who wanted a safe asset to ride out economic turbulence. This year, with most economies out of lockdowns, demand has risen across the board - from manufacturers of goods including solar panels and electronics to jewellers, makers of silverware and investors in silver bars and coins, the institute said. It said demand from solar panel makers and industry in general would be the highest on record in 2021 and the silver market would be undersupplied by 7 million ounces, the first deficit since 2015. Those numbers exclude exchange-traded funds (ETFs) that store silver for investors, since these funds hold wholesale silver bars without remaking them as other users of silver do. The institute, whose figures are prepared by consultants Metals Focus, said it expected ETF to stockpile less than last year but far more than was typical before the pandemic. Silver currently trades around $25 an ounce, up from around $16-17 in 2015-19 but down from a high of $30.03 reached in February. Below are numbers for 2021 and comparisons. SILVER SUPPLY AND DEMAND (million ounces) 2021(f) 2020 % change SUPPLY Mine Production 829 780 6% Recycling 192 182 5% TOTAL SUPPLY 1,022 972 5% DEMAND Industrial 524 487 8% Photography 29 28 4% Jewellery 173 146 18% Silverware 40 32 25% Net Physical Investment 263 199 32% TOTAL DEMAND 1,029 892 15% Market Balance -7 80 -109% Net Investment in ETPs/ETFs 150 331 -55% Market Balance less ETPs/ETFs -157 -251 -37% Silver Price $/oz 25.40 20.55 24% Source: Silver Institute, Metals Focus