The Silver Nanowires Market size is estimated to reach US$1.6 billion by 2027, after growing at a CAGR of 6.3% during the forecast period 2022-2027. Silver nanowires combine high electrical conductivity with low visible light extinction and are used in a variety of applications ranging from transparent electrodes to temperature sensors and pressure sensors. Growing demand for alternatives to ITO as a result of rising product costs due to indium source depletion may boost silver nanowires’ market share in the projected timeline. innovative technologies in the digitalization world are expected to change the perspective of the Silver Nanowires Market during the forecast period. The Silver Nanowires Market is expected to expand rapidly during the forecast period due to the rising demand for electronics products globally. For instance, domestic electronic production in India has increased from $ 29 billion in 2014-15 to $ 67 billion in 2020-21, thereby the growth in the electronics industry will drive the Silver Nanowires Market. The covid-19 pandemic majorly impacted the Silver Nanowires Market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as automotive, electrical & electronics and others, the Silver Nanowires Market size is anticipated to grow rapidly during the forecast period.
Silver Nanowires Report Coverage
The “Silver Nanowires Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Silver Nanowires industry.
By Size: Less than or Equal to 50nm and More than 50nm.
By Fabrication Method: Air-Spraying Coating Method, Liquid Polyol Method, Self-Assembly Method, Template Method, Ultrasonic Reduction Method, Vacuum filtration Method and Others.
By Application: Optical (Solar, Medical Imaging, Surface Enhanced Spectroscopy and Optical Limiters), Conductive (High-Intensity LED’s, Touch Screens, Conductive adhesives and Sensors), Anti-Microbial (Air & Water Purification, Bandages, Films, Food Preservatives and Clothing) and Chemicals & Thermal (Catalysts, Pastes, Conductive Adhesives, Polymers and Chemical Vapor Sensor).
By End-use Industry - Transportation (Automotive, Aerospace, Marine and Locomotive), Energy Generation (Wind Energy, Solar Energy and Others), Electrical & Electronics and Others.
By Geography - North America (the U.S., Canada and Mexico), Europe (UK, Germany, France, Italy, the Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).
Key takeaways
- Asia-Pacific dominates the Silver Nanowires Market size, the increase in demand from end-user sectors, such as automotive, electrical & electronics and others, is the main factor driving the region's growth.
- One of the primary factors contributing to the Silver Nanowires Market's favorable outlook is significant growth in the electrical & electronics sector around the globe.
- Increased demand for wireless and touchscreen consumer products, rising global solar energy usage and government initiatives and policies to develop solar energy technology are some of the key driving factors expected to propel silver nanowires demand in the coming forecast timeline.
- However, the Silver Nanowires Markets expansion is projected to be hampered by high manufacturing costs.
Silver Nanowires Market Segment Analysis – by Fabrication Method
The Liquid Polyol Method segment held the largest share in the Silver Nanowires Market share in 2021 and is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027. Liquid polyol is a popular method for producing silver nanowires on a large scale. Due to their homogeneous reaction nature, variety of solvents, ease of monitoring and low cost, liquid phase syntheses have been the most widely used methods. Liquid polyol enables a low-cost production process that is easily calibrated to achieve industrial-scale production of silver nanowires. The segment's revenue is increasing as silver nanowires are used in a variety of applications such as transparent electrodes, pressure sensors and temperature sensors. The demand for the liquid polyol method is growing for application in major industries, thereby boosting the growth opportunities for the silver nanowires industry in the projected years.
Silver Nanowires Market Segment Analysis – by End-use Industry
The Electrical & Electronics segment held the largest share in the Silver Nanowires Market share in 2021 and is estimated to grow at a CAGR of 6.9% during the forecast period 2022-2027, owing to extensive demand from the electrical & electronics sector. Silver nanowires have high conductivity and flexibility, are lighter in weight and respond quickly. Silver nanowires are widely used in touch screen displays, which are found in the majority of electronic devices, including laptops, tablets, watches, self-service kiosks, smartphones, advertisement boards, automotive displays and smart televisions. According to the Semiconductor Industry Association (SIA), global semiconductor sales totaled US$151.7 billion in the first quarter of 2020, showing an increase of 23% over the first quarter of 2021. With the increasing growth in electronics production and semiconductor, the demand for silver nanowires for applications in optical, conductive and others is growing. The growing electrical and electronics sector is driving the market and offering major growth opportunities in the silver nanowires industry.
Silver Nanowires Market Segment Analysis – by Geography
The Asia-Pacific segment held the largest share in the Silver Nanowires Market share in 2021 up to 39.6%. The fuelling demand and growth of silver nanowires in this region are influenced by flourishing demand from major industries such as electrical & electronics, automotive and others, along with fuelling manufacturing activities across APAC. Due to the existence of a high number of OEMs in the region, the electronics manufacturing industry in Asia-Pacific is likely to grow significantly in the coming years. For instance, according to the People’s Republic of China, in 2021, the electronics industry grew by 15.7 percent, an increase of 8 percentage points year over year. According to the India Brand Equity Foundation, by 2025, Electronics consumption will increase to US$400 billion by 2025, up from US$33 billion in FY20. By 2025, India is predicted to be the world's fifth-largest consumer electronics and appliances market. With the increasing electrical & electronics industry, it is anticipated that the demand for the Silver Nanowires Market will eventually expand in APAC. Thus, the growth of the Silver Nanowires Market in the region is being aided by the increasing electrical & electronics sector in APAC, thereby dominating the market in the Asia-Pacific region.
Silver Nanowires Market Drivers
Bolstering Growth of the Automotive Industry:
Silver Nanowires have growing applications in the automotive industry such as automotive sensors, optical, transparent electrodes, pressure sensors, temperature sensors and others. According to the report from India Energy Storage Alliance, the EV market in India is expected to increase at a CAGR of 36% until 2026. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars rose from 55,834,45,6 units in 2020 to 57,054,29,5 units in 2021. With the increase in automotive vehicle production and growth prospects, the demand for a patterning material is rising for applications such as anti-microbial, conductive and others. Thus, with flourishing demand in automotive, silver nanowires are driving and growing rapidly.
Rising Demand for Solar Energy:
Silver nanowires are ideal for the fabrication of low-cost organic flexible organic solar films/cells due to their conductivity, transparency, solution processing and flexibility, among other properties. Silicon nanowire arrays in solar cells have a unique 3-D geometry and are capable of harvesting solar energy. According to the International Energy Agency, global solar installations will be around 107 Giga Watts in 2020. The major countries with massive solar installations are China, the United States, Europe and India. As many countries phase out solar installation subsidies, the demand for cheaper solar films/cells is expected to skyrocket.
Silver Nanowires Market Challenge
High Manufacturing Costs:
High costs related to Silver Nanowires are hampering the market growth. Silver Nanowires are widely used in various end-use industries for their application such as automotive sensors, transparent electrodes, pressure sensors, temperature sensors and others. The processing and manufacturing cost is very high and challenging as they require a longer period of manufacturing, high-dust-free rooms and high-tech machines which cost millions of dollars. Higher investments in silver nanowires manufacturing, combined with the high costs associated with their use, are expected to hinder market growth. Thus, owing to factors such as higher manufacturing costs, the silver nanowires industry faces a major challenge.
Silver Nanowires Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Silver Nanowires Market. The top 10 companies in the Silver Nanowires Market are:
- Cambrios Technologies
- Hefei Vigon Material Technology
- Nanopyxis
- Showa Denko K.K.
- NanoTech Labs Inc
- Conductive Compounds, Inc
- C3Nano
- BASF
- Johnson Mathey Plc
- RAS AG Material Technologies
Recent Developments
- In October 2021, Pune scientists developed a new technology for producing silver nanowires that reduce the cost to 10% of the market price.
- In October 2020, NanoDirect Introduced the Direct Silver Line of Silver Nanowire Dispersions. NanoDirect's high purity nanowires are critical for use in products such as smart textiles, e-readers, display technology, photonics, biosensors and solar cells.
- In February 2020, the CSIR-National Chemical Laboratory successfully developed a technology for producing precision silver nanowires at a fraction of the current market price.
Relevant Reports
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