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The global conductive inks market size was USD 2.44 billion in 2020. The market is projected to grow from USD 2.53 billion in 2021 to USD 3.37 billion by 2028 at a CAGR of 4.2% during the 2021-2028 period. The impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 4.1% in 2020 as compared to the average year-on-year growth from 2017 to 2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Conductive ink combines the ability to conduct electricity with the utility of ink. The product is widely used in various applications, such as printing RFID tags, which are preferably used in modern transit tickets, computer keyboards, and windshield defrosters. Besides, cars have conductive traces printed on a rear window, serving as the radio antenna, printed circuit boards, photovoltaics, power electronics, and others. Growing demand for electronics, owing to their flexibility will drive the market growth. In addition, this ink for inkjet printers is used for energy storage components, such as supercapacitors, that could be created in any size or shape.
Manufacturers Reported Low Production Capacity Due to Temporarily Shutdown of the Units
The COVID-19 pandemic had a detrimental impact on electronics manufacturing and all associated industries. Due to lockdown limitations enforced by governments across the world during the early stages of the pandemic, the electronic material supply chain was severely disrupted. Also, the value chain was disrupted, which is commonly used in the manufacturing of flexible printed electronic devices, such as RFID tags, organic biosensors, solar cells, light-emitting diodes, transistors, and battery components, among others. Due to the lockdown restrictions and lower order intake, conductive ink manufacturers globally have reported lowering production capacity and even temporarily shutting down manufacturing facilities. Several manufacturing and end-use industries encountered uncertainty during this period, leading to unprecedented challenges. The pandemic's impact on the global supply chain was further intensified by trade restrictions, raw material and labor shortages, freight container shortages, and other logistical challenges. As the global economy began to recover from the pandemic's setbacks and gain pace, the emergence of a new, more infectious virus variant and certain countries' reporting a rise in the number of infected people have substantially increased the level of uncertainty in trade activities.
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New Conductive Polymer Ink Paves Way for Next-Generation Printed Electronics
Researchers are expected to emphasize innovations in conductive polymer inks amidst soaring demand for printed electronics. For instance, in April 2021, Linköping University researchers, in collaboration with colleagues in the U.S. and South Korea, developed a conductive n-type polymer ink that is stable in air and at high temperatures. The new n-type material is in the form of ink, with ethanol functioning as the solvent. The ink may be deposited by merely spraying the solution onto a surface, making the production of organic electrical devices simpler and less expensive. The development paves the way for innovative conductive inks for printed electronics that are highly energy efficient. The doping technique may be used to manipulate the electrical properties of conducting polymers to achieve the desired functionality. According to the researchers, the newly developed electrically conductive polymers would enable the development and mass production of lightweight and flexible electronic devices, including light-emitting diodes, solar cells, organic biosensors, and transistors.
Rapid Growth in the Electronics Industry Will Drive Market
The global electronics industry, according to the International Labor Organization (ILO), is one of the major industrial sectors contributing to the global economy. Over the last few decades, the global electronic sector has witnessed numerous innovations and has dramatically reduced product costs. Rising consumer preference for more efficient and lightweight electronics products has prompted manufacturers to seek new innovative methods and materials for manufacturing miniaturized electronic components. This includes utilizing conductive ink to manufacture printed electronic devices such as RFID tags, organic biosensors, IoT sensors, touch displays, printed heaters, and thin-film PV cells. With the emergence of various new technologies, including the Internet of Things (IoT) and 5G networks, it is anticipated that more individuals and businesses around the world will upgrade their outdated electronics. Since this ink provides a fast and effective method for mass-producing electronics, it is likely to be adopted by more electronic manufacturers across the globe during the forecast period. Thus, increased demand for updated electronic devices will benefit and drive the conductive inks market growth.
Silver Price Volatility to Affect Industry Growth
Silver is a highly sought metal in the electronics sector due to its high conductivity and oxidation stability. Silver conductive inks are used in the manufacturing of high-performance electronic devices due to their exceptional conductive properties. Typical examples of applications that use silver-based ink are printed and flexible electronics, which have grown in popularity in recent years. However, the rising cost of silver has prompted a need to either minimize or replace the usage of this expensive metal. Silver price fluctuations have led manufacturers to shift their focus to alternative low-cost conductive metals, such as copper, graphene, and aluminum. The offered alternatives have qualities that are not comparable to silver due to their inferior properties, thus restricting market growth potential. As the price of silver is anticipated to rise during the forecast period, its usage in silver-based inks will be limited, thus hampering the market growth.
Silver Inks Segment to Dominate Market
Based on type, the market is segmented into silver inks, copper inks, conductive polymer inks, carbon/graphene inks, and others.
Silver-based inks are used in the production of high-performance electrical devices because of their high electrical and thermal conductivity, chemical stability, and ability to conduct electricity in their oxide state. Applications that use silver-based ink include printed and flexible electronics, which have gained popularity in recent years. Silver nanoparticles also have a low melting point, enabling the production of conductive thin films at low temperatures, which is important for applications in flexible substrates, such as polymers and papers.
Copper is one of the most widely used metals in the production process. Due to its high availability, copper is a cost-effective alternative to silver conductive ink. It offers several desirable properties, including high electrical and thermal conductivity comparable to silver and gold, along with antibacterial activity, making it suitable for a variety of applications. Copper inks are used in manufacturing flexible electronic devices, including smart robots, optoelectronics, health monitoring systems, and human-machine interface systems, among others. However, the downsides of copper inks include their vulnerability to oxidation in ambient conditions and their tendency to form insulating layers of copper oxide, which results in a reduction in the conductivity of sintered films.
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Photovoltaics Segment to Hold Largest Market Share
Based on application, the market is segmented into photovoltaics, automotive, RFID, membrane switches, and others.
Thin film photovoltaic technology is one of the emerging applications. Grid lines are printed on thin film solar cells using conductive inks that have excellent adhesion and flexibility, making them ideal for solar array construction. Recent technological advancements, including inkjet printing, have paved the way for the mass production of the next generation of multifunctional, ultra-lightweight printed solar cells. Rapid prototyping enabled by inkjet printing is assisting researchers in producing more energy and cost-efficient solar cells, providing an opportunity to capitalize on the emerging global trend of transitioning to cleaner solar energy sources.
Several new trends, such as electrification and autonomous vehicles, are redefining the automotive industry, providing a lucrative opportunity for this market. These emerging trends will likely result in more electronic components per vehicle, such as additional sensors, processing units, human-machine interfaces, and temperature controls, among other things. Conductive inks play a pivotal role in the manufacturing of all of these modern electronic components; therefore, emerging trends in the automotive sector are anticipated to create growth opportunities in the business.
RFID technology can be found in a wide range of devices, including smartcards, passports, credit cards, and several transportation systems. In addition to meeting the requirements for flexibility, adhesion, and compatibility, the product used in RFID devices provides a high level of configurability, allowing them to transmit and receive specific radio frequencies. With developments in printed electronics technology, conductive inks are expected to make a significant contribution in developing low-cost, energy-efficient mass production technologies for electronic components such as RFID tags. The demand for RFID tags is anticipated to increase substantially as new technologies, such as the Internet of Things (IoT) and 5G networks, proliferate.
Asia Pacific Conductive Inks Market Size, 2020 (USD Billion)
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The market in Asia Pacific is anticipated to expand owing to rising product usage from end-use industries such as photovoltaics, touch screens, microelectronics, and others. Regional demand for consumer electronics has grown considerably over the last decade. This trend is anticipated to continue during the forecast period due to shifting demographics and rising purchasing power. Additionally, several countries in the region, including China, India, and a few other Southeast Asian countries have agreed to reduce their reliance on fossil fuels and replace them with solar photovoltaics to meet their power demand. Rapid growth in the consumer electronics and photovoltaics industry will increase the demand for conductive inks in the coming years.
The market in North America is anticipated to expand due to rising demand from the electronic device manufacturing industry. The U.S. is one of the world's major automobile producers, with regional manufacturing facilities of global automakers such as Ford, General Motors, Chevrolet, and Tesla. The U.S. has witnessed a rapid increase in electric vehicle sales in recent years, and this trend is likely to continue during the assessment period. Increasing product demand in the manufacturing of electronic components installed in these electric vehicles is expected to rise as major automakers engage in vehicle electrification. Thus, rising consumer demand for vehicles with more advanced features, which translates to more electronic devices and sensors in automobiles, is likely to benefit and drive the regional conductive ink market growth.
The European Commission has set legally binding commitments to cut net carbon emissions by 55% by 2030 compared to 1990 levels and eliminate them by 2050. Increasing the use of renewable energy is one of the European Union's initiatives to accomplish these goals, to raise the amount of renewable energy to 40% of total consumption by 2030. According to SolarPower Europe report, the region's solar industry expanded by 11% in 2020, providing an extra 18.7 Gigawatts of energy generation capacity through solar photovoltaic modules. Rising demand from the region's solar industry's expansion, as well as the EU's strong commitment to the transition to renewable energy, is anticipated to drive market expansion.
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The market growth in Latin America is anticipated to be sluggish due to the region's political and economic uncertainties. However, Mexico has seen considerable investments in its manufacturing sector in recent years as a result of its lower manufacturing costs and logistical advantage as an exporter to the U.S. and Canada. The Middle East and Africa's market expansion is projected to be sluggish due to the region's undeveloped electronic sector.
Major Players Engaged in Collaboration and Acquisition to Gain a Competitive Edge in Market
The global conductive inks market share is competitive with key manufacturers holding decent market share in the industry. Most companies are involved in technological innovation to offer a competitive product portfolio to small and medium scale businesses to build upmarket competition and customers globally.
Manufacturers are engaged in strategic initiatives, such as acquisition and collaboration, to expand the business operation and gain a competitive advantage over other key players in the industry.
For instance, in October 2020, Henkel launched a new Loctite B2B online shop for printed electronics product samples. This initiative is a part of Henkel Adhesive Technologies’ strategy and is targeted to expand its e-shop product range for customers. It enables an easy ordering process from Loctite conductive and non-conductive coating materials and inks for different industry needs.
An Infographic Representation of Conductive Inks Market
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The conductive ink market report offers an in-depth market analysis and focuses on crucial aspects, including key companies, product types, and applications. Also, the report offers insights into market trends and highlights vital industry developments. This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Billion) |
Segmentation | Type, Application, and Region |
By Type |
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By Application |
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By Region |
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Fortune Business Insights says that the global market size was USD 2.44 billion in 2020 and is projected to reach USD 3.37 billion by 2028.
In 2020, Asia Pacific stood at USD 0.85 billion.
Growing at a CAGR of 4.2%, the market will exhibit steady growth during the forecast period (2021-2028).
The photovoltaics segment is expected to be the leading segment in this market during the forecast period.
Rapid growth in the electronics industry is expected to drive the market.
Henkel, DuPont, CHASM, and PV Nano Cell Ltd are major players in the global market.
Asia Pacific dominated the market share in 2020.
Rapid increase in automotive sales is expected to drive the product adoption.
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