The Conductive Inks market was valued at US$ 3,565.80 million in 2021 and is expected to reach US$ 5,119.80 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2022 to 2028.
The conductive inks market in North America is experiencing growth due to the increased awareness among consumers about electronic medical devices that are miniature, lightweight, and efficient. This has led many companies to invest in conductive ink-based medical devices, which is driving market growth. For example, Electroninks was awarded a US$1.5 million contract by the Air Force Rapid Sustainment Office in January 2021 to develop advanced manufacturing hardware and particle-free conductive inks for printed circuit boards. Additionally, automobile manufacturers are focusing on advanced electronic and security systems to comply with government regulations for passenger safety. DowDuPont, Heraeus Holding GmbH, Henkel AG & Co. KGaA, Johnson Matthey, Poly-Ink, Sun Chemical Corporation, and NovaCentrix are some of the established players in the conductive inks market.
The integration of various technologies is a growing trend, driven by the use of silver inks in conductive inks. Market growth is also being spurred by strategic initiatives from conductive ink manufacturers like Electroninks, Henkel, DuPont, and Poly-Ink. Electroninks, for example, recently confirmed an enhanced particle-free silver ink product with aerosol jet printing compatibility for ultra-fine line printing needs. The Asia Pacific conductive inks market is being driven by improving medical infrastructure, rising applications of conductive ink in advanced medical sensors, increasing consumption of miniaturized devices, smart devices, and printed batteries, and the commercialization of printed electronics in emerging economies.
Additionally, the growing popularity of electric vehicles and 5G-based consumer electronics is propelling the use of conductive inks, presenting a lucrative opportunity for the market in the future. The consumer electronics industry is also being driven to miniaturize its products due to consumer demand for tiny and lightweight electronics, and environmental restrictions that encourage industries to use lightweight materials in devices. Furthermore, the conductive inks market is being driven by the rapid increase in IoT-based applications and the trend towards miniaturization.
Conductive inks are becoming increasingly popular due to their ability to reduce material density and component weight, as well as their ease of handling. This has resulted in a rise in adoption of conductive inks, as they improve the quality and quantity of smaller and more efficient electronics. The use of conductive inks in printing RFID chips is particularly advantageous, as it reduces their size and enables faster and more efficient production, resulting in lower costs. Therefore, the demand for conductive inks is expected to continue to rise in the coming years due to the growing demand for RFID tags. The conductive inks market is being driven by the widespread usage of printed circuit board technology in medical, electronic, and solar appliances, among others. Conductive inks are commonly used in electrical gadgets with touch screens, including membrane touch switches, desktop keyboards, heating elements, touch screens, automotive sensors, EL lights, printed circuit boards, and potentiometers. The industry is being driven by the need for smaller and more efficient electronic devices. In printed electronics, conductive inks improve electric conductivity and efficiency. The use of silver conductive inks in PV cells and membrane switches is a major trend in the global conductive inks market.
The conductive inks market in Europe suffered during the initial phase of the COVID-19 pandemic due to strict government restrictions and disruptions in the supply chain. The lack of raw materials forced companies like Poly-ink, Heraeus Holding, Henkel AG & Co. KGaA, and Johnson Matthey to halt production. The automotive industry, which relies on conductive inks for flexible electronics, also experienced a decline in sales. However, with the improvement in vehicle sales in 2021, the market has seen opportunities for growth. Factors such as the increasing demand for electric vehicles, the growing flexible electronics market, the use of semiconductor technologies like GaN and SiC in electric vehicles, and significant investments in the development of photovoltaic cells are driving the conductive inks market in Europe.
The conductive inks market is segmented on the basis of type and application. Based on type, the market is segmented into silver conductive ink, carbon conductive ink, polymer conductive ink, copper conductive ink, and others. In 2021, the carbon conductive ink segment led the market and accounted for the largest market share. In terms of application, the market is segmented into solar panels, touch screens, membrane switches, medical devices, printed circuit boards, sensors, heating elements, radio frequency identification, cell phone antennas, automotive, and others. In 2021, the printed circuit board segment led the market and accounted for the largest market share. Geographically, the conductive inks market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the global market.
Applied Ink Solutions; DuPont DE Nemours, Inc.; Henkel AG and CO. KGAA; Inkron OY; Inktec; Heraeus; Novacentrix; POLY-INK; Merck KGAA; and Vorbeck Materials Corporation are among the key players operating in the global conductive inks market and profiled in the market study.
The global conductive inks market size has been determined through a comprehensive research methodology that involves both primary and secondary sources. The secondary research involves an extensive analysis of internal and external sources to gather qualitative and quantitative information on the conductive inks market. This process also helps in obtaining a detailed overview and forecast of the conductive inks market across all the segments. Furthermore, multiple primary interviews have been conducted with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, to authenticate the data and gain additional analytical insights on the subject matter. In addition, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the conductive inks market have also been consulted during the research process.