The global conductive ink market was estimated at USD 2766.92 million in 2021 and it is expected to surpass around USD 4.9738 billion by 2030, poised to grow at a CAGR of 6.73% from 2022 to 2030.
Increasing demand for efficiency and miniaturization, and emerging applications to drive the market growth are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior robust products that have a wide application base across diverse industries offer ample opportunities for market development.
The surge in demand for properties such as smaller size, better energy efficiency, and better durability, conductive inks are used as a substitute for traditional wire circuits is anticipated to be beneficial for the overall market growth. Research initiatives to develop cost-effective raw materials, such as copper, nickel, and graphene, which have properties similar to that of silver, are projected to further aid in market growth in the near future. The research initiatives are undertaken by both government and industry participants and are expected to increase multiple potential applications, which in turn are projected to complement the global market growth.
The market has been segmented into three segments on the basis of product, application, and region. Major products of conductive Ink include conductive silver ink, conductive copper ink, conductive polymers, carbon nanotube ink, dielectric inks, and carbon/graphene ink. conductive silver ink dominated the market demand for the last few years. Prominent conductive Ink applications include photovoltaic, Membrane switches, Displays, Automotive, Smart packaging, biosensors, printed circuit boards, and other applications. Photovoltaic applications dominated the global market.
Regionally, the market has been segmented into North America, Europe, Asia Pacific, Central and South America, and the Middle East and Africa. The Asia Pacific occupied the largest market share in the recent past. Macroeconomic factors in the Asia Pacific such as the expanding middle class, rising disposable incomes, education, changing demographics, and rapid urbanization are driving the market in the region. The demand for conductive inks in consumer electronics is high in the region. The rising presence of key players in the Asia Pacific is also estimated to boost the overall growth of the market. Economies such as China, South East Asia, and India are projected to lead the regional market.
Scope of The Report
|Market Size in 2021|
|Revenue Forecast by 2030|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, application, region
The conductive silver ink product segment led the market and accounted for more than 21.2% revenue share in 2021. Major conductive ink products include conductive silver ink, conductive copper ink, conductive polymers, carbon nanotube ink, dielectric inks, and carbon/graphene ink. The conductive silver ink segment is estimated to dominate the market for conductive ink during the forecast period. The segment is estimated to gain market share from more than 22.0% in 2021 to 24.0% by 2030. The increasing prominence of the product in industries such as printed electronics and flexible electronics is likely to act as a key catalyst for segment growth in the coming years.
Developments in product configuration, by enabling the use of nanomaterials, have contributed to making conductive silver inks highly popular in various industries. In recent years, the increasing use of printed electronics in expensive metals, such as gold and platinum, has led to the growing use of silver inks in the electronics industry. Conductive silver inks have gained the confidence of investors owing to their unique characteristics. The conductive silver ink segment is thus anticipated to dominate the market over the forecast period.
The photovoltaic application segment led the market for conductive ink and accounted for more than 21.12% revenue share in 2021. The market, on the basis of application, is classified into photovoltaic, membrane switches, displays, automotive, smart packaging, biosensors, printed circuit boards, and others. The smart packaging segment dominated the application sector in 2021. The segment is expected to show the fastest growth rate, ascending with a CAGR of 7.04% from 2021 to 2030 and holding a market share of over 7.5% by 2030.
Conductive inks are used in the fabrication of photovoltaic textiles. The rising prominence of clean energy is likely to push the growth of the photovoltaic segment over the forecast period. The globally rising electrical demand is likely to be the key propellant of solar plants. Countries such as China, India, and the U.S. are projected to generate robust demand for the photovoltaic segment. The solar energy installation in India grew by nearly 89% from 2019 to 2020. Thus, owing to the demand for clean energy, the market for conductive inks is projected to witness a robust growth rate over the forecast period.
The Asia Pacific led the market for conductive ink and accounted for more than 58.4% of revenue share in 2021. The Asia Pacific dominated the market over recent years ahead of Europe and North America. Market shares of developed markets such as North America and Europe are anticipated to decrease owing to application saturation. Developing markets such as the Asia Pacific, and Middle East & Africa are projected to experience brisk growth in areas such as Photovoltaic, Membrane switches, Displays, Automotive, Smart packaging, Biosensors, Printed circuit boards, Other applications. Robust demand for these applications is projected to fuel the regional market.
Rapid urbanization, increasing disposable incomes, and improved government balance sheets resulting in increased infrastructure spending are some of the major contributors to the growth of the market for conductive ink in Asia pacific. The government has entered into numerous Public-private Partnerships (PPPs) to develop the electronics and automobile industries in the country. Also, its concentrated efforts to provide affordable modern electronics are driving the market in the Asia Pacific.