Global Conductive Silver Paste Market Growing Dynamically: Projected to Reach USD 13.3 Billion by 2027

Published | 16 August 2021

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global conductive silver paste market reached USD 7.1billion in 2020. The market is further projected to reach USD 13.3 billion by 2027. The data generated by the study reveals that the market is further expected to grow at a CAGR of 9.9% during 2021-2027(forecast period).Conductive silver paste's chemical properties have proved crucial to the growth of demand for such substances around the world. Chemical properties such as thermal management and higher electrical conductivity, along with the possibility of corrections at room temperature, coupled with reduction capabilities of skinning and odor are some of the major factors driving the growth of the conductive silver paste market. Other factors contributing to the growth of the conductive silver paste market are the growing smart phone penetration, the increase in automotive production, and the growing emphasis on using renewable energy.

Increasing Growth of Renewable Energy Especially Solar Energy Favoring the Market Growth

In 2020, the Government of India announced its plans of expanding solar power capacity by five times, thereby taking the solar power capacity from 6.7 GW to 40 GW in March 2021. Solar panel demand in India has been boosted by India's outstanding performance in the renewable energy country attractiveness index. in order to metalize solar panels, silver pastes are applied using screen printing. As a major producer of solar panels, the country's conductive silver paste market is experiencing an increase in demand. A silver paste composition can be printed with numerous silver conductors to help multi-crystalline and mono crystalline solar cells perform at peak efficiency, which helps achieve higher power generation.

The Growing Demand for Conductive Adhesives in Electronicsis Driving the Growth of the Global Conductive Silver Paste Market

Consumption of electronic devices worldwide is driving the demand for conductive silver paste. All electronic devices are produced using integrated circuits (IC's) for the smooth functioning of the end-product. The IC's involve binding of the capacitors, transistors, and other electronic components.  Due to its high electrical conductivity, silver is the most suitable material for bonding electronic components to a substrate in integrated circuits to prevent components from getting off the circuit. The conductive silver paste comes equipped with easier solderability, which helps in holding the substrates in their place. In addition to this, conductive silver paste serves as a heat sinking and thermal management component that removes the heat from the electronic devices. With the advent of Industry 4.0 and smart manufacturing, the heat dissipation requirements have been increasing, thereby positively contributing to the growth of the global conductive silver paste market.

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The Sintering Type Segment holds the Largest Market Share in the Global Conductive Silver Paste Market

There are two main types of conductive silver paste in the global conductive silver paste market—the polymer type and the sintering type. The sintering type segment held the largest share in the global conductive silver paste market in 2020. The sintered conductive silver paste acts as an integral component in the production of solar cells, printing circuit boards, capacitors, conductive adhesive, and others. The sintering process is also applied in the manufacturing of high-temperature electronics, wherein the silver paste produced is printed on a substrate, and the die is then placed on top of the paste. In addition to managing temperatures for such devices, it binds their components together. As the high-temperature electronics market grows, there is an increasing demand for sintering processes and silver paste, thereby augmenting the growth of the global conductive silver paste market.

The Solar Panel Segment Leads the Market in Terms of Applications

Based on the application segment, the global conductive silver paste market is sub-segmented into solar panels, integrated circuits, automobile glass, printed circuit board tracks, membrane switched, electronic devices, and others. The growing demand for conductive silver paste for solar panels application is majorly due to the growing concerns over climate change, which are forcing all governments to incorporate renewable energy for reducing greenhouse emissions and improving the environment. The strength of the particle formed by conductive silver paste helps to achieve higher yield stress and increases storage capabilities, thereby reducing the cost of the component of the cell and driving the growth of the global conductive silver paste market.

Global Conductive Silver Paste Market: Regional Insights

Based on regions, the global conductive silver paste market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American region accounted for the highest share in the global conductive silver paste market in 2020. According to 2019 estimates from the World Bank, the United States ranks as having one of the highest mobile cellular subscription rates, which is measured at 134 per 100 people. It indicates that North America is a major hub for electronic devices. It is accompanied by the rising technological advancements in the automotive industry. The increasing automotive production in the region would require the use of more IC's. Since conductive silver paste serves as a heating sink for IC's, they are witnessing great demand in the region, which is enhancing the growth of the global conductive silver paste market.

Global Conductive Silver Paste Market – COVID-19 Impact Analysis

Ever since the WHO declared COVID-19 to be a pandemic, countries across the globe started imposing restrictions upon manufacturing activities. Consequently, the global economy took a toll as a result of the pandemic. The manufacturing industry experienced one of the worst phases, and plants and facilities were shut down to prevent the spread of the virus. As a result of the shutdown, the supply chain was disrupted, and the demand for many products decreased. Nevertheless, the countries have started to ease up on their restrictions as vaccine rollout has increased. A boom in electronic device sales has occurred since people have had to rely on electronic devices for work and other purposes throughout the pandemic. The global conductive silver paste market was able to recover as a result of a temporary surge in demand. By the time the vaccine is fully rolled out, the falling infection rates should be able to help establish durable and substantial growth prospects for the manufacturers that rely on conductive silver paste as a raw material across the automotive glass and solar panels markets. Thus, conductive silver paste production is likely to increase globally over the forecast period, driving the global market for conductive silver paste.

The leading players in the global conductive silver paste market are Toyo Ink Co Ltd., Nordson Corporation, Henkel AG & Co. KGaA, Nippon Kokuen Group, Asahi Chemical Research Laboratory Co., Ltd., Taiwan Ostor Corporation, Heraeus Holding, Daikin Chemical Co. Ltd., Kaken Tech Co. Ltd., DK Electronic Materials, American Elements, Fujifilm Holdings Corporation, DuPont de Nemours, Inc., and other prominent players. Conductive silver paste is a fragmented market, with a variety of players operating both in developed nations and those with emerging economies. Additionally, companies in the global conductive silver paste market are continually investing in research & development to improve the chemical properties of silver paste so as to capture a higher share in the global conductive silver paste market.

In July 2021, DK Electronic Materials (DKEM) announced the potential acquisition of DuPont’s silver paste business. The company is expected to acquire DuPont’s Silver Paste business assets. Additionally, the company hopes to establish its dominance in the Chinese region through this acquisition.

Don’t miss the business opportunity of the global conductive silver pastemarket. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global conductive silver paste market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global conductive silver paste market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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