Global Ag Paste Market – An Overview
Silver is an important metal and the fact that it is not volatile like gold in terms of pricing creates a favorable demand trend in certain industries. When turned into a paste, it acts as a significant electrical and thermal conductor. This makes it extremely suitable for production of electronic and electrical components, solar cells, and automobiles. Growth in the demand for these is driving the market forward on an impressive trajectory, helping worth grow by a notable value.
It is pertinent to note here that North America would hold a sizeable share of the market over the forecast period of 2016 to 2024, while the Asia Pacific region will chart new growth opportunities – lucrative and untapped. Players would do well to tap into these at the right time.
Some of the factors that are seen as major propellers of growth are explained below.
- One of the biggest triggers in growth in the global Ag paste market is development of solar industry. Stakeholders are in fact quite directing efforts towards increasing PV capacity. The aim is to cross the 600GW over the year. Additionally, advancement in technology is supporting growth in this domain, driving demand for Ag paste. This is especially true in the production of automobile production as it facilitates creation of printed circuits of defogging systems, antennae, and alarm circuits.
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- Used in manufacturing of multilayer ceramic capacitors, adhesives, and other electrical components such as resistors, and so on. As population grows, demand for electronics will grow. By 2050, the world population will increase from 7.7 billion right now to 9.7 billion. Use in low temperature coal-fired ceramics manufacturing and production of polymer inks is also leading to increased demand for Ag paste, driving the market forward over the forecast period of 2016 to 2024.
Global Ag Paste Market: Snapshot
Ag paste is made using pure silver metal and it is well known for its highest electrical conductivity, thermal conductivity, and reflectivity. The low price trends of silver have kept the demand for silver relatively low. Owing to these properties, Ag paste is extensively used for in production of solar cells, electrical and electronic components, and automobiles. The report states that the global Ag paste market will reach a valuation of US$4.5 bn by the end of 2024 from US$1.9 bn in 2015. The overall market is expected to expand at a CAGR of 10.0% between 2016 and 2024.
The development of the solar industry has triggered the demand for photovoltaic cells in recent years.
Demand for PV capacity is likely to rise to about 600 GW by 2024, which is projected to boost the demand for Ag paste during the forecast period. Technological developments have increased the applications of silver paste in automobiles as it is extensively being used for making printed circuits of defogging systems, alarm circuits, and antennae.
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Silver paste is also used for manufacturing multilayer ceramic capacitors, polymer inks, low temperature coal-fired ceramics, and adhesives, which are used in electronic and electrical components such as capacitors, resistors, and circuits. Thus, growing demand for electronic and electrical appliances is estimated to boost the demand for Ag paste during the forecast period.
Thermal Interface Material Segment Receives Boost from Emerging Electronic and Electricals Industry
On the basis application, the global market is segmented into thermal interface material and EMI shielding. Currently, thermal interface material segment accounts for a significant share of Ag paste market. The Ag paste consumption in thermal interface materials (TIMs) application is expected to be high due to the increasing demand for TIMs in photovoltaic cells and electrical and electronic components. The high conductivity, contact resistance, and adhesive strength of Ag paste has increased its applications in various end-use industries. On the other hand, the EMI shielding is expected to experience a narrow demand due to availability of low price substitutes in certain applications. Substitutes such as copper, aluminum, carbon nanomaterial, and conductive polymer have been used as alternatives in certain applications but they do not match the performance efficiency of Ag paste.
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Asia Pacific to be the Frontrunner in Global Market
Geographically, the Ag paste market is been segmented into regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Demand for Ag paste was the largest in Asia Pacific in 2015 followed by Europe and North America. The forecast growth in North America and Europe is anticipated to be low due to the withdrawal of government support & subsidies on solar equipment and products. Asia Pacific is anticipated to experience high growth for the forecast period due to the growing economies such as China India and Japan. The growing demand for solar energy and high subsidies from local government bodies in China, India and Japan is expected to boost the demand for Ag paste market in Asia Pacific Region for the forecast period.
The key players operating in the global Ag paste market are Targray Technology International Inc, DuPont, 3M, Metalor, Johnson Matthey, AG PRO TECHNOLOGY CORP, Cermet Materials, Inc., CHIMET, Henkel AG & Company KGaA, and Heraeus Holding are amongst others.
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