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

The silver nanowires market is expected to reach US$ 1.60 Bn by 2031, from US$ 2.57 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 7.0% during the forecast period (2024-2031). Silver nanowires are ultrathin wires made of silver with diameters typically below 100 nm and lengths up to 100 microns. These 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 silver nanowires market growth is driven by factors such as 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 into synthesis method, enduse industry, and region. By synthesis method, the polyol method segment held the largest share of the market in 2022. The electrical & 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 during the forecast period. It accounted for 36% of the market share in 2023. The market growth in North America can be attributed to high adoption of advanced electronic devices and presence of major nanotechnology companies in the region.
• Europe accounted for 26% of the silver nanowires market share in 2023. The market growth in Europe can be attributed to growing research and development (R&D) in nanomaterials and increasing government funding for nanotechnology research.
• Asia Pacific accounted for 17% of the silver nanowires market share in 2023. The market growth in Asia Pacific can be attributed to the rapid growth of electronics manufacturing and increasing demand for consumer electronics in emerging economies such as China and India.

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

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Silver Nanowires Market Drivers:

• Growing demand from electronics industry: The electronics industry is increasingly adopting silver nanowires in touchscreens, displays, sensors, and other devices due to their exceptional electrical conductivity and optical transparency. 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 boosts its adoption in consumer electronics.
• Increased use of silver nanowires in solar cells: Silver nanowires are gaining significant traction in photovoltaic applications as these 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, the researchers at the University of New South Wales developed a solar cell with certified 25.5% efficiency by using silver nanowire electrodes. With the rising global solar photovoltaic installations, there will be huge demand for silver nanowires in improving solar cell efficiency.
• 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. These are coated as transparent conducting electrodes on touch sensors and help enhance sensitivity, transmittance, and mechanical flexibility as compared to ITO-based touchscreens. Leading touch screen manufacturers are adopting silver nanowires.

Silver Nanowires Market Opportunities:  

• Application of silver nanowires in transparent heaters: Silver nanowire based transparent heaters is an emerging opportunity area due 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.
• 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 bio signals. Silver nanowires are also used 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, thus, turning them into smart e-textiles. E-textiles integrated with silver nanowires have applications in communication, sensing, heating, monitoring, and fashion.
• Use of silver nanowires in 3D printing: Silver nanowire inks have major potential in 3D printing of electronic devices, antennas, sensors, circuits, and others. These can enable direct printing of highly conductive components and interconnects. XJet, a company that operates in various industries, including private aviation, pressure washing, and additive manufacturing, develops 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 by 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,2021, 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 by 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 by 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 by using silver nanowires. Modification by using materials like titanium oxide, silanes, dopamine polymer, and polyethylene glycol is being studied. Market players like ACS Materials is a company that is involved in the supply of advanced chemicals and materials. The company offers a range of products, including graphene-based materials.offer surface-modified silver nanowires.
• Growth in printed electronics: The printed electronics industry is expected to significantly drive silver nanowire demand due to their printability, flexibility, and high conductivity. Screen, inkjet, and gravure printing using silver nanowire inks on plastic, paper, and textiles can enable high-throughput manufacturing of electronics like sensors, antennas, circuits, batteries, and displays.

Silver Nanowires Market Restraints:

• High production cost: The complex and multi-step manufacturing process of silver nanowires by using chemical synthesis routes currently leads to high costs, thus, hampering large-scale commercial adoption. The cost of silver nanowires is estimated to be around US$ 500-800 per gram.
• Need for surface modification: Silver nanowires have a tendency to undergo oxidation and sulfurization, thus, affecting conductivity and performance. These 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 can also hamper the market growth
• 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, in 2021, 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 can hamper demand for silver nanowires.

Recent Developments:

New product launches:

• In September 2022, Cambrios,  a company that engages in the development of electronic materials for the display industry,  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 Microphones, an American audio production company that designs and produces microphones, headphones, and recording tools,  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.

Acquisition and partnerships:

• In March 2021, Suzhou Cold Stone Nano Material Technology Co., Ltd., a company that specializes in the research, development, and sales of nano powder materials, signed an agreement with Cambrios, a company that has been involved in the development of electronic materials for the display industry. Cambrios will distribute Cambrios’ silver nanowire ink products in China. The partnership strengthens ColdStones’ product portfolio.

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

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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
• Hefei Vigon Material Technology Co.
• Novarials Corporation
• Seashell Technology LLC

Definition: Silver nanowires are ultrathin metallic nanowires that are 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 growth 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. The key market players operating in the silver nanowires market include Cambrios, Blue Nano, C3Nano, Nanopyxis, BASF, and Novarials Corporation.

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