Conductive Inks Market Size, Share & Industry Analysis, By Type (Silver Inks, Copper Inks, Conductive Polymer Inks, Carbon/Graphene Inks, and Others), By Application (Photovoltaics, Automotive, RFID, Membrane Switches, and Others), and Regional Forecast, 2024-2032

The global conductive inks market size was USD 2.73 billion in 2023 and is projected to grow from USD 2.84 billion in 2024 to USD 3.98 billion by 2032 at a CAGR of 4.2% during the forecast period. Asia Pacific dominated the conductive inks market with a market share of 35.53% in 2023. Moreover, the conductive inks market in the U.S. is projected to grow significantly, reaching an estimated value of USD 497.45 million by 2032, driven by the rapid increase in electric vehicle sales in recent years.

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.

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.

Conductive Inks Market Trends

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.

Conductive Inks Market Growth Factors

Rapid Growth in 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.

Significant Increase in Product Demand from Automotive Industry to Surge Market Growth

The increasing demand for conductive inks in the automotive industry is driven by several factors. One significant driver is the trend toward vehicle electrification, which necessitates the use of conductive inks in various applications within electric vehicles. These inks are crucial for creating printed electronics such as sensors, displays, and lighting in electric vehicles, contributing to the overall functionality and efficiency of these vehicles.

In addition, the growing need for advanced technologies in modern vehicles, such as touchscreens, keyless entry systems, and advanced driver assistance systems (ADAS), increases product demand. Conductive inks are used to produce these technologies to create circuits and sensors that enable communication between different parts of the vehicle. As a result, product use in the automotive industry is expected to continue to grow in the coming years.

RESTRAINING FACTORS

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.

Conductive Inks Market Segmentation Analysis

By Type Analysis

Silver Inks Segment to Dominate Market owing to its Superior Properties

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.

By Application Analysis

Photovoltaics Segment to Hold Largest Market Share Due to Increasing Preference for Solar Energy

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.

REGIONAL INSIGHTS

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.

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.

List of Key Companies in Conductive Inks Market

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 up market 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 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.

LIST OF KEY COMPANIES PROFILED

• DuPont (U.S.)


• Henkel AG & Co. KGaA (Germany)


• Creative Materials Inc. (U.S.)


• Heraeus Holding (Germany)


• Poly-ink (France)


• CHASM (U.S.)


• Johnson Matthey (U.K.)


• Vorbeck Materials Corp. (U.S.)


• Daicel Corporation (Japan)


• NovaCentrix (U.S.)


• Adnano Technologies Pvt. Ltd (India)


• Sun Chemical (U.S.)


• PV Nano Cell Ltd. (Israel)

KEY INDUSTRY DEVELOPMENTS

• March 2023 - - OKdo, a subsidiary of RS Group, entered into a strategic partnership with Bare Conductive company. This partnership will help the company to scale its manufacturing facility, invent new products, and better serve customers.


• July 2022 - Encres DUBUIT entered an acquisition agreement with POLY-INK company. This acquisition will help the company to increase its share in the market.


• April 2021 - PV Nano Cell announced the development of a new carbon-based ink that will allow clients to print integrated resistors and capacitors. This newly developed inkjet ink allows for a high degree of geometrical flexibility when printing new components in a variety of shapes and forms.


• February 2021 - Quad Industries and Henkel Industries expanded their strategic partnership to drive printed electronics solutions. The collaboration will provide clients with complete and rapid development assistance, beginning with direct access to the firms' R&D teams, which include expertise in material and manufacturing know-how in printed electronics.


• May 2020 - Creative Materials, Inc. launched cost-effective gold conductive ink, coating, and adhesives. The company claims that CMI's 128-24 enhances the effectiveness of the gold to establish conductivity with the least quantity of gold possible. 128-24 provides high coverage at a low cost, making it ideal for printing non-oxidizing gold electrodes where smooth surfaces or tiny details are not required.

REPORT COVERAGE

The report offers 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.

Report Scope & Segmentation