MARKET ANALYSIS
Silver paste is a conductive paste comprising of silver particles as main constituent. It is used as conductive adhesive in many applications such as paints & coatings, automotive, and electronics. The silver paste is formulated to encompass electrical conductivity, good adhesion properties, compatibility with various substrates, and the ability to tolerate high temperatures. It is widely used in the production of electronic components such as integrated circuits (ICs), printed circuit boards (PCBs) and surface-mount devices (SMDs). Silver paste is a major component in the manufacturing of solar cells, as it creates electrical contact on the cell surface, facilitating electricity transmission.
GROWTH DRIVERS AND CHALLENGES
The rising use of electronic devices across the globe has aided the silver paste market growth in the past few years. The increased utilization of electronic devices such as smartphones, laptops, tablets and wearable devices is boosting the demand for silver paste in producing electronic components. Silver paste is utilized in fabrication of PCBs to create conductive traces that connect various components on the board. It is applied using screen printing or stencil printing methods to define the required circuit pattern. Silver paste is also used in the production of sensors, electromagnetic shielding, and Radio-Frequency Identification (RFID) tags. According to Japan Electronics & Information Technology Industries Association, electronic equipment production in Japan increased, valued at US$ 8,61,985 billion in March 2022, compared to US$ 6,84,980 in February 2022. The significant growth in the production of electronic products across emerging countries worldwide is fuelling the demand for silver paste. The volatility in prices of raw materials, particularly silver, pose a challenge to the silver paste market. Silver is subject to significant price fluctuation, influenced by economic conditions, supply-demand gap, and investor purchasing behavior. Hike in the price of silver can increase the production cost of silver paste, subsequently impacting the product demand. Government policies, import/export regulations, and tax policies related to the silver industry can also impact the prices of silver, thus making the silver paste market susceptible to price fluctuation of silver.
REPORT SEGMENTATION AND SCOPE
The "Global Silver Paste Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global silver paste market trends and growth opportunities. The report aims to provide an overview of the global silver paste market with detailed market segmentation by type, application, and geography. The global silver paste market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of silver paste worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the silver paste market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the silver paste market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative silver paste market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global silver paste market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global silver paste market is segmented on the basis of type, and application. Based on type, the silver paste market is segmented as, silver glass paste, silver sintering paste, silver epoxy paste, and others. On the basis of application, the market is classified as, electronics, paints and coatings, solar energy, and others. Based on type, silver glass paste accounted for a significant silver paste market share, attributed to its broad utilization in microelectronics, high frequency circuits, sealing of electronic packages and optoelectronics. Silver epoxy paste has good adhesion properties and is generally used for bonding and electrical connections in electronic assemblies. Silver sintering paste is developed for high-temperature applications and power electronics. Based on the application industry, electronics accounted for a significant silver paste market share due to a wide range of applications such as printed circuit boards, integrated circuits, surface-mount devices, wire bonding, and die attach. Silver paste is utilized in the fabrication of thick film resistors to provide a specific level of electrical resistance in electronic circuits. Silver paste is extensively used in producing solar cells for creating electrical contacts, front side and back side contacts to facilitate efficient transmission of electricity. Silver paste also has applications in other industries such as automotive sector for production of control modules, sensors and electrical connections.
REGIONAL ANALYSIS
The report provides a detailed overview of the global silver paste market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific is estimated to account for a significant silver paste market share globally. The presence of major electronics and solar energy companies and emerging economies such as China, India, Japan, South Korea, and Taiwan, with prominent automotive manufacturing hubs is expected to boost the demand for silver paste. Asia Pacific comprises a significant consumer market with high demand for electronic devices and automobiles from countries such as China, India, and Japan. Government support and investment in Asian countries have further promoted the development of electronic industry. Europe is expected to grow considerably due to technological advancements in electronics and solar energy industries. European companies are investing significantly in the research and development of cutting-edge electronic components, semiconductor devices, and automotive technologies.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global silver paste market.
In March 2022, DuPont Microcircuit and Components Materials announced launch of 5881 silver/silver chloride (Ag/AgCl) conductive ink/paste for healthcare applications. It has good conductivity, long term printability, and low electrode polarization properties.
In July 2021, DK Electronic Materials, a manufacturer of conductive silver paste, announced investment of US$ 192 million for the acquisition of DuPont's silver paste business.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic adversely impacted the global economy and slowed the growth of various industries such as chemicals & materials, electronics, and automotive. The shutdown of multiple manufacturing plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa affected the global supply chain. This hampered the manufacturing, delivery schedules, and sales of various goods. Various companies announced possible delays in product deliveries and projected a slump in the sales of their products. In addition, travel bans imposed by countries in Europe, Asia Pacific, and North America affected business collaborations and partnership opportunities. All these factors hampered the progress of the chemicals & materials industry, along with restraining the growth of various markets related to this industry. Moreover, electronic manufacturing declined during this period due to the shortage of raw materials and a limited workforce. However, in 2021, businesses regained their production capacities as the governments of various countries eased out the previously imposed restrictions. Moreover, introducing the COVID-19 vaccine further eased the situation leading to a rise in business activities across the globe. The start of operations in the manufacturing units positively impacted the silver paste market. Further, manufacturers could overcome the demand and supply gap by operating at total capacity. Moreover, the export and import volumes in the chemicals & materials industry increased due to the relaxation of border and trade restrictions. Therefore, the silver paste market has recovered quite well from the aftermath of the pandemic and is expected to grow over the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the silver paste market include Heraeus Holding, Ferro Corporation, DuPont, Namics Corporation, Mitsuboshi Belting Ltd, Henkel AG and Co, Asahi Chemical Research Laboratory Co Ltd, Fukuda Metal Foil and Powder Co Ltd, Fujikura Kasei Co Ltd, Nippon Kokuen Group, and Suzhou Betely, among others.