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Silver Paste Market Size
Silver Paste Market is slated to depict considerable growth over 2024-2032, as a result of the burgeoning focus on improvement of photovoltaic capacity in solar applications. Silver pastes are very electrically and thermally conductive, demonstrating beneficial properties, including extreme and fast-curing adhesion in applications like adhesives, capacitors, and multilayer ceramic resistor manufacturing.
With automotive manufacturers striving to enhance vehicle performance, efficiency, and sustainability, the demand for high-quality silver paste solutions is continuing to rise, providing potential growth opportunities to the market participants. For instance, in May 2023, Toyochem, the polymer materials subsidiary of Toyo Ink Group in Japan, developed sintering nano-silver pastes specifically tailored for power electronics bonding in automobile applications. Though the product demand is likely to witness an upsurge, the industry may face several challenges, such as fluctuations in silver prices, stringent environmental regulations, and competition from alternative materials or technologies.
Silver Paste Market Trends
The intensifying focus of private organizations and government authorities on boosting renewable energy consumption, particularly solar power will drive the industry growth through 2032. For instance, in July 2023, First Solar invested more than $2.8 billion in capital and 7.9 GW for the addition of a new production capacity in the U.S., including a $1.3 billion investment in a new 3.5 GW plant in Alabama and a 0.9 GW expansion in Ohio, all of which will be completed by 2024. Silver is a key component in the fabrication of solar PV panels. With advancements in solar technology and increasing investments in solar energy infrastructure, there is a heightened need for high-performance silver pastes to optimize conductivity and reliability.
Silver Paste Market Analysis
In terms of grade, the market value from the pharmaceutical segment is anticipated to witness significant demand during 2024-2032 due to the extensive use of silver paste in wound care products, antimicrobial coatings, and medical devices. With increasing concerns about healthcare-associated infections and the strong demand for advanced wound healing solutions, pharmaceutical-grade silver paste is gaining traction. Additionally, the development of innovative silver-based formulations with enhanced efficacy and biocompatibility will fuel the segment growth.
With respect to application, the silver paste market share from the electronics segment is poised to register a significant growth rate between 2024 and 2032. This is owing to the increasing research efforts regarding the use of conductive silver paste in printed circuit boards and chip packaging applications. Due to the ever-increasing demand for smaller, more efficient electronic devices, the need for high-performance silver paste is rising. Moreover, the proliferation of emerging technologies like 5G, IoT, and EVs is further fueling the demand for silver pastes in electronics.
From regional perspective, the Europe silver paste industry is set to exhibit substantial growth from 2024-2032 attributed to the increasing focus on renewable energy development in the region. For instance, the European Commission has an 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. Moreover, continuous technological advancements in silver paste formulations, such as improved conductivity, adhesion, and reliability to cater to the evolving needs of the European electronics and photovoltaic industries will boost the regional market growth.
Silver Paste Market Share
Several leading silver paste industry players are placing efforts on new product launches, partnerships, and other strategic initiatives to expand their portfolio and presence in the global market space. To illustrate, DuPont emerged as a key market player for its innovative formulations and expertise in developing high-performance materials for electronics and photovoltaic applications.
Major entities strengthening the 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
- DOWA Electronics Materials Co. Ltd (Dowa Holdings)
Silver Paste Industry News
In September 2023, Solamet launched an innovative silver paste product for tunnel oxide passivated contact solar cells treated with laser carrier injection technology. This novel solution solves issues regarding contact between the paste and the boron-doped front surface of the silicon cell while stating an efficiency advancement of 0.2% over competitors.