The Silver Paste Market is expected to grow significantly due to the increasing demand for renewable energy

The Silver Paste Market is valued at approximately USD 3.49 billion in 2024 and should show a CAGR of 4.6% during the forecast period 2024-2031, according to a new report published by Coherent Market Insights.

The silver paste market is primarily driven by the increasing demand for renewable energy sources. Due to increasing environmental concerns Silver paste is widely used in the production of solar cells as it improves electrical conductivity and efficiency. In addition, increasing production of electronic devices and semiconductors has also increased the demand for silver paste. It is used in printed circuit boards electric lighting and other electronic components.

Key Market Trends:

The increasing focus on renewable energy sources for power generation is expected to remain a key trend in the silver paste market over the forecast period. Many countries are taking initiatives to shift from coal-based power plants to solar power generation facilities, which is boosting the demand for solar cells. Additionally, advancement in material sciences is enabling the development of silver pastes with higher efficiency at lower costs. Key players are engaged in R&D activities to introduce nano-sized silver particles in paste composition for improving fill factors of solar cells. This is anticipated to present lucrative opportunities for market growth in the coming years.

Silver Paste Market Segmentation Opportunities

The conductive paste segment accounted for the highest revenue share in 2019 owing to wide applications of conductive paste in various electronic components. Conductive pastes are mainly used for making electrical contacts on printed circuit boards, screens for touch sensors, and solar cells. The segment is expected to maintain its dominance over the forecast period.

Front Side Silver Paste segment held the largest market share in 2019. Front side silver paste is mainly used for making contacts on the front side of solar cells. It helps in efficient transfer of light-generated current from the solar cell to the external circuit. The segment is anticipated to witness steady growth owing to increasing deployment of solar photovoltaic systems globally. More coverage can be found in the sample copy.

Key Market Takeaways

The global silver paste market size was valued at USD 3.49 Bn in 2024 and is anticipated to witness a CAGR of 4.6% during the forecast period 2024-2031. Rising demand for touch panels, solar cells, and other electronics is supporting the market growth.

On the basis of type, the conductive paste segment is expected to hold a dominant position owing to wide applications in various electronic components.

By product, the front side silver paste segment accounted for the largest share in 2019 due to higher usage of front side paste in solar cell manufacturing.

Regionally, North America dominated the global market in 2019 led by massive solar power generation in the US. Ongoing infrastructure development projects are also driving the regional market.

Competitor Insights:

Cermet Group

Giga Solar Material Group

Heraeus

DKEM

AE Tech Co

EXOJET Technology Corporation

DuPont

TOYO ALKO

PPG

NORITAKE

Recent Developments in Silver Paste Market

In July 2023, Heraeus, a prominent German company specializing in precious metals, introduced its newest screen printing silver paste under the name Heraeus C5715. According to the company, this new product exhibits significantly higher conductivity as well as improved efficiency and long term stability. It can be used for multi and mono PERC solar cell applications. Similarly, in August 2023, DuPont launched its latest silver conductive silver paste solution called DuPont 5092 M101. This new formulation boasts of lower processing temperature which enables easier handling and greater ease of manufacturing. It also exhibits high adhesion to substrates. These new product launches aim to give a competitive edge to companies in an increasingly developing silver paste market.

There was notable research activity focused on developing silver pastes with ultra-fine nanoscale particle sizes between June 2023 and August 2024. Nanoscale particulate silver pastes allow printing of extremely fine conductive lines required in miniaturized electronic components. In June 2023, researchers from Korea announced a new graphene-encapsulated silver nanoparticle paste that can print lines as thin as 5 microns. In July 2024, Japanese manufacturers achieved a breakthrough by stabilizing silver nanoparticles below 30nm for the first production of highly conductive and resolution silver pastes. Such technological advancements are expected to open new applications and drive future market growth. Full coverage of the report available here.