Rising Demand for Transparent Conductive Coatings is driving the Silver Nanowires Market
The Global silver nanowires market is estimated to be valued at US$ 170.57 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the silver nanowires market are Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc., Tarkett S.A., MEISHUO Building Materials Co. Ltd., Kinesik Engineered Products, Spectrum Floors, C.A.T. LTD. and Litokol. These companies have widespread production facilities and distribution networks to cater to the growing demand for silver nanowires worldwide. The demand for silver nanowires is expected to grow exponentially over the coming years owing to its increasing usage in touchscreens, LCDs, LEDs, PV panels, and other electronics. With technological advancements, new applications are emerging, further expanding the scope of usage of Silver Nanowires Market Size . Additionally, many players are focusing on global expansion by strengthening their presence in Asia Pacific, Europe, and North and South America to tap the opportunities in developed as well as emerging nations.
Market Drivers
An important factor driving the silver nanowires market is the rising demand for transparent conductive coatings from various end-use industries. Silver nanowires act as an ideal replacement for ITO as they possess far superior properties of flexibility, conductivity, and cost-effectiveness. They are increasingly being used in applications like capacitive touch panels, OLED and LCD displays, photovoltaics, EMI shielding, and automotive coatings. Moreover, extensive research and development activities to improve the silver nanowire synthesis techniques and enhance their electrical, optical and mechanical properties are helping open new areas of applications. This, along with the increasing penetration of electronics worldwide, is expected to boost the consumption of silver nanowires over the coming years.
Impact of geopolitical situation on Silver Nanowires Market growth
The ongoing geopolitical conflicts and tensions globally are impacting the silver nanowires market growth. The Russia-Ukraine war has disrupted global supply chains leading to uncertainties in raw material supply and price volatility. Since Russia and Ukraine are major producers of metals like silver and palladium used for manufacturing silver nanowires, supply constraints are expected in the coming years. Similarly, the rising political tensions between US and China have implications for silver nanowire exports from China to US markets. The protectionist trade policies and stringent import regulations can restrict market access. The manufacturers need to diversify their supply sources and focus on developing alternative materials to mitigate risks from geopolitical factors outside their control. Exploring new regional markets and forging partnerships locally can help navigate ongoing geopolitical challenges for sustained business growth.
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