Silver paste market size is slated to grow at a commendable pace over 2021-2027, as a result of the burgeoning focus on improvement of photovoltaic capacity in the solar applications. Additionally, the strong application potential of the product in adhesives, capacitors and multilayer ceramic resistor manufacturing will contribute to the industry expansion.
Silver paste refers to a form of conductive adhesive, which comprises of silver nanoparticles as the primary ingredient. These pastes are highly electrically and thermally conductive, and demonstrate several beneficial properties including extreme and fast-curing adhesion, making them suitable for myriad industrial applications.
One of the major contributing factors to silver paste market growth over 2021-2027 is the intensifying focus of private organizations and government authorities on boosting renewable energy consumption, particularly solar power. In May 2021, the U.S. DOE (Department of Energy) introduced several new efforts to support the growth of renewable energy in the region. This included funding worth $15.5 Million aimed at addressing barriers to solar deployment, extending access to clean energy across moderate- and low-income households as well as cultivating a diverse solar workforce. This rising demand for solar power is beneficial to silver paste industry expansion since silver is a key component in the fabrication of solar PV panels.
With respect to application, the silver paste market share from the electronics segment is poised to register a significant growth rate through 2027. This is attributed to the increasing research efforts regarding the use of conductive silver paste in printed circuit boards and chip packaging applications, among others. In May 2021, DuPont launched the new DuPont DA510 advanced pressure sintering silver paste, designed for power semiconductor die attach, with improved productivity and reliability in the process of power module assembly.
From a regional perspective, the Europe silver paste industry is set to record substantial gains over the forecast spell, given the growing focus on renewable energy development in the region. In July 2021, the European Commission unveiled its ambitious plan requiring the EU to raise its renewable energy share to 40% of final consumption by the year 2030, as a part of its efforts to eliminate net EU emissions by 2050.
Major entities strengthening silver paste market outlook include Heraeus, KYOCERA Corporation, Ferro Corporation (Prince International Corp.), Johnson Matthey, Samsung SDI Co., Ltd., DuPont, Murata Manufacturing Co., Ltd, 3M Company, Targray Technology International Inc, Fukuda Metal Foil & Powder Company, Mitsuboshi Belting Ltd., Techinstro, Asahi Chemical Research Lab, and DOWA Electronics Materials Co. Ltd (Dowa Holdings).
New product launches, partnerships and other strategic initiatives are being employed by these players expand their portfolio and presence across the global market space. In June 2021, leading PV metallization solutions provider Heraeus Photovoltaics introduced a range of advanced metallization pastes, including the SOL 8 Series Silver Pastes, to aid cell manufacturers in their efforts to enhance efficiency and performance-to-price ratios.
Since the onset of the COVID-19 pandemic, various industries and economies across the globe have been facing unprecedented business challenges, due to lockdowns, business shutdowns and travel bans. The closure of factories and plants has led to several disruptions to the supply chain, and adversely impacted production, delivery schedules and sales of numerous industrial products.
Despite these disruptions, the photovoltaic market remained resilient throughout 2020, with newly added solar capacity estimated to have crossed nearly 130GW for the first time in history. With over 18 nations achieving the 1GW mark, and the rise of silver offtake in PV surpassing 101.0Moz (3,142t) in 2020, the rapid growth of the PV industry could substantially enhance silver paste market dynamics over the years ahead.