SILVER NANOWIRES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Silver Nanowires Market size is expected to reach US$ 1,185.1 million by 2030, from US$ 148.1 million in 2023, at a CAGR of 34.6% during the forecast period. Silver nanowires are ultrathin wires made of silver with diameters typically below 100 nm and lengths up to 100 microns. They exhibit exceptional electrical and thermal conductivity and are increasingly being used in applications such as transparent conductive films, conductive inks, printed electronics, and biomedicine. The key drivers of the silver nanowires market include the growing demand from electronics and touch screen industries, increased use of silver nanowires in transparent conductive films and electrodes, and rising application in solar cells.

The Silver Nanowires Market is segmented by synthesis method, end-use industry, and region. By synthesis method, the polyol method segment held the largest share of the market in 2022. The polyol method is preferred owing to its ability to produce high aspect ratio nanowires in high yield at low cost. The electronics end-use industry accounted for the largest share of the silver nanowires market in 2022. Silver nanowires are increasingly being used in touch screens and flexible displays as a replacement for ITO.

Silver Nanowires Market Regional Insights:

• North America is expected to be the largest market for Silver Nanowires Market during the forecast period, accounting for over 35% of the market share in 2022. The growth of the market in North America is attributed to the high adoption of advanced electronic devices and presence of major nanotechnology companies in the region.
• The Asia Pacific market is expected to be the second-largest market for Silver Nanowires Market, accounting for over 30% of the market share in 2022. The growth of the market in is attributed to the rapid growth of electronics manufacturing and increasing demand for consumer electronics in emerging economies such as China and India.
• The Europe market is expected to be the fastest-growing market for Silver Nanowires Market, with a CAGR of over 36% during the forecast period. The growth of the market in Europe is attributed to the growing R&D in nanomaterials and increasing government funding for nanotechnology research.

Figure 1. Global Silver Nanowires Market Share (%), By Region, 2023

Silver Nanowires Market Drivers:

• Growing demand from electronics industry: The electronics industry is increasingly adopting silver nanowires in touchscreens, displays, sensors, and other devices owing to their exceptional electrical conductivity and optical transparency. Silver nanowires enable thin, flexible, and highly conductive transparent electrodes that can replace traditional ITO (indium tin oxide) electrodes in displays and touch panels. For instance, in January 2022, Samsung announced it would use silver nanowires instead of ITO in smartphone displays. Companies like LG, Sony, Xiaomi are also developing displays with silver nanowire electrodes. The superior flexibility and lower cost of silver nanowires over ITO is driving adoption in consumer electronics.
• Increased use of silver nanowires in solar cells: Silver nanowires are gaining significant traction in photovoltaic applications as they can enable thin, flexible, lightweight, and highly efficient solar cells. Applying a transparent silver nanowire electrode on solar cells improves light absorption and enhances efficiency as compared to conventional electrodes. For example, in 2021, researchers at the University of New South Wales developed a solar cell with certified 25.5% efficiency using silver nanowire electrodes. With the rising global solar PV installations, the use of silver nanowires in improving solar cell efficiency will boost market growth.
• Application of silver nanowires in touch screens: Silver nanowires are increasingly being used in resistive and capacitive touch panels and screens in smartphones, tablets, laptops, and other devices. They are coated as transparent conducting electrodes on touch sensors and help enhance sensitivity, transmittance, and mechanical flexibility compared to ITO-based touchscreens. Leading touch screen manufacturers are adopting silver nanowires.
• Use of silver nanowires in flexible and wearable electronics: Silver nanowire inks are widely used in manufacturing printed flexible electronics such as displays, sensors, antennas etc. Properties like flexibility, stretchability, and high conductivity make silver nanowires ideal for flexible and wearable devices. Market leaders including Samsung, LG, Plastic Logic are developing flexible electronics using silver nanowires.

Silver Nanowires Market Opportunities:  

• Application of silver nanowires in transparent heaters: Silver nanowire based transparent heaters are an emerging opportunity area owing to their high optical transmittance and excellent thermal conductivity. These heaters can be used to defog/de-ice automobile mirrors and windows, and other surfaces prone to misting. For instance, LG showcased a demonstration car at CES 2019 with silver nanowire defogger technology. Using silver nanowires can reduce the cost of transparent heaters by 80% compared to conventional ITO heaters. This creates lucrative prospects.
• Use of silver nanowires in biomedicine: Silver nanowires are garnering increasing research interest for applications in biosensing, drug delivery, tissue engineering, wound healing and medical devices owing to their high conductivity and antibacterial properties. For example, silver nanowire patches are being developed to monitor heart rate and biosignals. Another opportunity area is using silver nanowires in conjunction with stem cells for cardiac tissue regeneration after myocardial infarction.
• Application of silver nanowires in smart textiles: Silver nanowire coatings on textiles can impart electrical conductivity, turning them into smart e-textiles. E-textiles integrated with silver nanowires have applications in communication, sensing, heating, monitoring, and fashion. For instance, Spandex fabric coated with silver nanowires can act as gesture recognition sensor.
• Use of silver nanowires in 3D printing: Silver nanowire inks have major potential in 3D printing of electronic devices, antennas, sensors, circuits etc. They can enable direct printing of highly conductive components and interconnects. Leading companies like XJet are developing silver nanowire inks optimized for 3D printing. The unique geometry control possible with 3D printing can open up innovative designs using silver nanowires.

Silver Nanowires Market Trends:

• Increasing research on synthesis methods: Significant research is underway to improve and scale up the synthesis of silver nanowires using methods such as polyol, solvothermal, hydrothermal, and chemical vapor deposition. Emphasis is on achieving longer aspect ratios, better size control, and large-scale production while minimizing costs. For instance, researchers from Brown University have demonstrated high-yield synthesis of silver nanowires up to 100 μm in length using an improved polyol method. Such research trends will support commercialization.
• Development of hybrid transparent electrodes: Hybrid transparent electrodes combining silver nanowires along with materials like graphene, carbon nanotubes, metal meshes, conductive polymers, and ITO are an emerging trend. Hybrids aim to leverage the synergistic properties of different materials for enhanced conductivity, flexibility, mechanical strength, and stability. For example, Panasonic is developing hybrid electrodes using silver nanowires and ITO. Such electrodes can potentially replace ITO in displays and solar cells.
• Advancements in nanowire surface modification: Surface modification of silver nanowires using organic and inorganic materials is being researched extensively to improve dispersion stability, adhesion to substrates, and compatibility with solvents and polymers. This enables ease of processing and device fabrication using silver nanowires. Modification using materials like titanium oxide, silanes, dopamine polymer, and polyethylene glycol is being studied. Players like ACS Materials offer surface-modified silver nanowires.
• Growth in printed electronics: The printed electronics industry is expected to significantly drive silver nanowire demand owing to their printability, flexibility, and high conductivity. Screen, inkjet, and gravure printing using silver nanowire inks on plastic, paper, textiles can enable high-throughput manufacturing of electronics like sensors, antennas, circuits, batteries, and displays.

Silver Nanowires Market Restraints:

• High production cost: The complex, multi-step manufacturing process of silver nanowires using chemical synthesis routes currently leads to high costs, hampering large-scale commercial adoption. The cost of silver nanowires is estimated to be around USD 500-800 per gram. Reducing the cost through process improvements, economies of scale, and finding low-cost substitutes for chemicals like EG and PVP remains a restraint.
• Need for surface modification: Silver nanowires have a tendency to undergo oxidation and sulfurization, affecting conductivity and performance. They require additional surface modification which adds process steps. The surface modification needs to be uniform and stable. Variation can affect device fabrication and reproducibility. Lack of standardization in surface modification is also a restraint.
• Availability of substitutes: Materials like ITO, graphene, carbon nanotubes, conductive polymers also offer transparency and conductivity, and can potentially substitute silver nanowires in some applications. For instance, Fujifilm’s carbon nanotube-based conductive coatings and ink aim to replace ITO. CNT films can achieve 95% transparency and 500 Ohms/sq sheet resistance. Such substitutes may restrain silver nanowire demand.

Recent Developments:

New product launches:

• In September 2022, Cambrios launched ClearOhm FES 92, a new silver nanowire ink for printed electronics and flexible displays. The new ink enables high conductance and transparency for touch sensors and other devices.
• In January 2021, Blue Nano launched its Ultra-High Aspect Ratio Silver Nanowires to enable next-generation flexible displays, touch sensors, and printed heaters. The nanowires provide superior flexibility and conductivity.
• In November 2020, Novarials Corporation launched NOVAWT-O Series, a new conductive silver nanowire transparent film ideal for touch screen applications. It offers high haze performance and ablation resistance.

Acquisition and partnerships:

• In March 2021, Suzhou ColdStones entered an agreement with Cambrios to distribute Cambrios’ silver nanowire ink products in China. The partnership strengthens ColdStones’ product portfolio.
• In May 2020, BASF partnered with Nanopyxis to jointly develop transparent conductive films using BASF’s silver-based inks and Nanopyxis’ technology. The partnership aims to drive adoption of silver nanowire films.
• In April 2019, Blue Nano partnered with Meyer Burger to develop inkjet printable silver nanowire inks and accelerate commercialization of the technology. The partnership combines both companies’ expertise.

Figure 2. Global Silver Nanowires Market Share (%), By Synthesis Method, 2023

Top companies in Silver Nanowires Market:

• Cambrios
• Blue Nano
• C3Nano
• Nanopyxis
• Hefei Vigon Material Technology
• Gu’s New Material
• ACS Material
• Zhejiang Kechuang Advanced Materials
• BASF
• PlasmaChem
• Suzhou ColdStones Technology
• Nanopix
• Novarials
• Abrisa Technologies
• ACS Material LLC
• Blue Nano Inc.
• Cambrios Technologies Corporation
• Hefei Vigon Material Technology Co.
• Novarials Corporation
• Seashell Technology LLC

Definition: Silver nanowires are ultrathin metallic nanowires made of silver with diameters typically below 100 nm and lengths up to 100 microns. Silver nanowires exhibit exceptional electrical conductivity, thermal conductivity, and optical transparency. These unique properties make silver nanowires ideal for applications such as transparent conducting films, touch screens, electrodes, conductive inks, printed electronics, and solar cells. The high aspect ratio of silver nanowires allows them to form highly interconnected conductive networks at low loadings, providing transparency and flexibility. Key synthesis methods for silver nanowires include polyol, hydrothermal, electrospinning, and chemical vapor deposition. The silver nanowires market is driven by rising demand from electronics and touch screen industries along with increasing use of silver nanowires in solar cells, displays, sensors, and medical devices. Key players operating in the silver nanowires market include Cambrios, Blue Nano, C3Nano, Nanopyxis, BASF, and Novarials Corporation.

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