April 22, 2024

Silver Nanowires Market is Estimated to Witness Significant Growth Owing to Rising Demand from Touch Screens and Photovoltaics Industries

Silver nanowires possess excellent electrical and optical properties that make them suitable for various applications ranging from touch screens to transparent electrodes in photovoltaics and OLED displays. The high electrical conductivity and optical transmittance of silver nanowires allows them to replace expensive materials like ITO in touchscreen panels and make photovoltaic devices more efficient. The enhanced flexibility and cost-effectiveness of silver nanowires over ITO has boosted their adoption in the touch screen and photovoltaics industries in recent years.

The Global silver nanowires market is estimated to be valued at US$ 170.57 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the Silver Nanowires Market are Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc., Tarkett S.A., MEISHUO Building Materials Co. Ltd., Kinesik Engineered Products, Spectrum Floors, C.A.T. LTD. and Litokol.

Key opportunities: The opportunities in the silver nanowires market include development of silver nanowire-based automotive glass, sensors, and textiles. Automotive glass manufacturers are investing in silver nanowire technology to develop heated windshields and rear windows. Further, silver nanowires can enable development of flexible, wearable electronics and sensors.

Global expansion: Leading silver nanowire manufacturers are expanding their production facilities globally to cater to the growing demand from industries like touch panels and photovoltaics. For instance, Amstep Products has manufacturing plants in the US, South Korea and China. Novaproducts Global has a widespread distribution network across Europe, America and Asia.

Market drivers

The growing demand for touchscreen devices is a major market driver. Touchscreen laptops, smartphones, tablets and other consumer electronics accounted for over 50% of the global silver nanowires consumption in 2019. Further, rising solar photovoltaic installations driven by supportive government policies and declining prices are augmenting the demand for silver nanowires in transparent conductive electrodes. It is estimated that the solar photovoltaics application will be the largest revenue generator for silver nanowires by 2025.

PEST Analysis

Political: Regulations around the use of nanotechnology and its applications vary widely across different countries and regions. Stringent regulations in some markets may hamper the adoption of silver nanowires.

Economic: Changes in global economic conditions directly impact the demand for electronic products, which is a major end-use sector for silver nanowires. Economic downturns can negatively influence the market.

Social: Growing environmental consciousness among consumers is increasing the demand for environmentally sustainable materials. Silver nanowires being a greener alternative to ITO find more acceptability in such socially conscious consumer segments.

Technological: Advancements in material synthesis techniques are driving R&D to improve the conductivity and transparency of silver nanowires for transparent electrode applications. Emergence of new conductive materials may pose competition in the future.

Geographical regions with concentrated market share
North America dominates the global market in terms of value share currently. Availability of major electronic product manufacturers and R&D centers of material suppliers have boosted the regional market. Asia Pacific is another major regional market led by countries like China, Japan, and South Korea having strong electronics manufacturing industries.

Fastest growing region
The silver nanowires market in Asia Pacific region is expected to witness the highest growth during the forecast period. This can be attributed to rapid expansion of electronics industry especially in developing economies like China and India along with higher acceptance of modern technologies. Significant investments by material suppliers in the region will further support the growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it