Market Challenges And Opportunities
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 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.
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