www.nanomarkets.net                                                              Conductive Coatings In                   ...
www.nanomarkets.netEntire contents copyright NanoMarkets, LC. The information contained in this report is basedon the best...
www.nanomarkets.netExecutive SummaryE.1 Key Opportunities for Conductive Coatings FirmsMany of the segments served by the ...
www.nanomarkets.netBearing all of these facts in mind, NanoMarkets believes that sales of conductive coatings to thePV ind...
www.nanomarkets.net       E.1.2 Saved by the Display: Conductive Coatings’ Future as a Display MaterialNone of these oppor...
www.nanomarkets.netactivity happening. If these signs grow in visibility in the next year, we may be looking at a hugemark...
www.nanomarkets.netTransparent displays—and transparent electronics in general—will probably mean the need foran entirely ...
www.nanomarkets.netEMI, RFI and ESD: A good example of such a sector is that represented by the demand forconductive coati...
www.nanomarkets.netdemand for electric vehicles also promote the market for energy storage devices with higherenergy densi...
www.nanomarkets.net       conductive materials, especially CNTs, graphenes, and the like, and could be an entry       poin...
www.nanomarkets.netThe specifics of the applications in which these conductive nanocoatings may find a home arediscussed m...
www.nanomarkets.netHowever, the shifting sands that make up today’s conductive coatings market are going torequire these f...
www.nanomarkets.netwe must concede that Enthone’s acquisition of the Ormecon business may bode well for theexpansion of PA...
www.nanomarkets.net            Summary: Value of Conductive Coatings in Electronics                         2012-2019 ($ M...
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Conductive Coatings in Electronics and Energy Markets

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NanoMarkets believes that the 2012-2013 period will be an important one for conductive coatings manufacturers. Once a staid and stable business, the conductive coatings industry has seen a steady demand for ESD and EMI/RFI coatings and new forms of energy storage, solar, energy-efficient lighting, and the rise of flexible and transparent displays, all with unique and challenging coatings requirements.

The industry is also seeing the emergence of nanomaterials and NanoMarkets is predicting that nanometals, graphene and carbon nanotubes will account for a sizeable part of the conductive coatings market in the not-to-distant future and that metal oxides and organic materials will make a greater impact on the conductive coatings market than ever before.

Clearly the business is changing, forcing companies to become more dynamic and responsive to new forms of energy and electronics.

In this report NanoMarkets examines and quantifies the opportunities for conductive coatings. As with all our reports, this study includes a detailed eight-year forecast of conductive coatings markets by application and material and it also contains a discussion of some of the key conductive coatings materials suppliers and their product/market strategies.

NanoMarkets has been providing analytical coverage of the conductive coatings market for more than four years and has developed an insider’s knowledge of the factors that shape it.

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Conductive Coatings in Electronics and Energy Markets

  1. 1. www.nanomarkets.net Conductive Coatings In Electronics and Energy Markets Nano-507 Published January 2012 © NanoMarkets, LCNanoMarkets, LCPO Box 3840Glen Allen, VA 23058Tel: 804-360-2967Web: www.nanomarkets.net NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  2. 2. www.nanomarkets.netEntire contents copyright NanoMarkets, LC. The information contained in this report is basedon the best information available to us, but accuracy and completeness cannot be guaranteed.NanoMarkets, LC and its author(s) shall not stand liable for possible errors of fact or judgment.The information in this report is for the exclusive use of representative purchasing companiesand may be used only by personnel at the purchasing site per sales agreement terms.Reproduction in whole or in any part is prohibited, except with the express written permissionof NanoMarkets, LC. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  3. 3. www.nanomarkets.netExecutive SummaryE.1 Key Opportunities for Conductive Coatings FirmsMany of the segments served by the conductive coatings business generate significant Page | 3revenues, but cannot reasonably be considered “opportunities,” because they arecharacterized by low growth, possibly low profitability and established supply chains. However,in the past decade two applications—displays and photovoltaics—have provided new ways forconductive coatings firms to make money.Today, these two segments account for two-thirds of the conductive coatings market, andaccording NanoMarkets’ forecasts, this share held by the two segments together is not going tochange much throughout the eight-year period considered in this report. This fact aloneindicates that an ambitious conductive coatings executive in search of new business revenuesmight begin with these sectors.What one finds is that—although together these application areas will continue to take thelion’s share of the revenues in the conductive coatings market—there are significant changesafoot in both the display and PV sectors that will profoundly reshape the opportunity space forconductive coatings. E.1.1 Conductive Coatings and the Incredible Shrinking PV MarketThe PV market has for the past several years seemed like God’s gift to the materials industry.Partly thanks to government subsidies, the solar industry has grown dramatically, including asignificant growth spurt in 2010. The conductive coatings industry, in particular, has been ableto talk the PV industry into buying around $3.0 billion of their products in recent years.NanoMarkets believes however, that the boom days seem to be over for the PV sector, as far asthe conductive coatings firms are concerned. We think that in most countries, many of thesubsidies that have supported the PV industry for a number of years are going to be reducedsignificantly. When the Spanish government took this step a few years ago, the PV market inSpain declined by 75 percent.It is also important to remember that the PV industry is not entirely free from the influence oflow economic growth and a weak construction industry. According to a recent issue of TheEconomist, there are still a number of important countries where residential real estate isovervalued. These include Australia, Canada, France, Sweden, Spain and the U.K. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  4. 4. www.nanomarkets.netBearing all of these facts in mind, NanoMarkets believes that sales of conductive coatings to thePV industry are in slow but steady decline and will remain so for the whole of the periodconsidered in this report. We expect to see around $70 million knocked off the value ofconductive coating sales in the next couple of years, with this number rising to around $335million over the entire period of our forecasts. Page | 4This reduction means that conductive coatings firms can no longer count on the PV sector toprovide new business revenues simply based on organic growth. But clearly, the decline thatwe are talking about in this sector is not precipitous, and firms that are already established inthe PV sector are not going to see their PV business disappear overnight.Also on the optimistic side of things, we think that internal technology transitions in the PVindustry will yield new opportunities for smart coatings firms that know where to look for them.The most important factor here is that the ongoing shift in market share toward more TFPV ischanging the accepted landscape of demand for conductive coatings from that which isdominant now, and is centered around crystalline silicon PV.The main reason that this change is creating opportunity is that for the most part, the electrodematerials used in thin-film PV are not a settled matter. Therefore, a new supplier entering thisspace is not battling an entrenched material and probably not an entrenched supplier either.And this opportunity can only get better over time, since with subsidies removed, firms aremore likely to come up with innovative new types of solar panels with even more uncertainelectrode requirements.Here, what NanoMarkets is seeing are near-term opportunities to offer lower-cost carbonpastes, molybdenum coatings, aluminum, and silver-aluminum products, instead of silver. Inaddition, alternative TCOs have already made significant inroads on ITO, as indicated by the useof FTO in several PV types. We think that if/when patterning of transparent electrodesbecomes important, AZO has an excellent chance of gaining acceptance. Longer-termopportunities could include the deployment of a broader range of nanometals and othernanomaterials.Even with these opportunities, we are not about to return to a situation where the conductivecoatings industry can expect easy money flowing from PV. Indeed, NanoMarkets believes thatwhat is happening now in conductive coatings will require a serious rethinking of how money isgoing to be made in PV. What will be required will be a more active business developmentprogram than before that is designed to convince TFPV players that costs can be reduced orperformance can be enhanced using a particular electrode material; most notably the former. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  5. 5. www.nanomarkets.net E.1.2 Saved by the Display: Conductive Coatings’ Future as a Display MaterialNone of these opportunities, we believe, should detract from the basic fact of life that pickingsfor conductive coatings firms in the PV industry are going to be a lot slimmer than they were inthe past few years. As we have noted, not only are the overall markets for PV coatings likely todecline somewhat during the coming decade, but the coatings makers are likely to have to pour Page | 5more money into selling into the PV space. Unless they can prove significant performanceadvantages or vastly lowered cost, it is likely that margins are going to decline for conductivecoatings firms targeting the PV space.Fortunately, we think the display industry is going to save the conductive coatings industry! Ofthe $9.7 billion in extra revenue that we believe will be generated by the conductive coatingsindustry over the forecast period, $6.0 billion (62 percent) will come from new sales ofconductive coatings into the display industry.ITO replacement could be huge. . . or not: The short-term opportunity here lies in thereplacement of indium tin oxide (ITO) by less expensive (including less expensive to process)and more resilient transparent conductor materials in displays. The materials that have beenproposed as ITO alternatives for displays include other TCOs, conductive polymers and inksusing nanomaterials of various kinds.This trend has been noticeable for a few years now, but NanoMarkets believes that in the pastyear or so there are signs that what might have been dismissed a year or so back as wishfulthinking by a few firms with a propensity for hyping the latest materials, is beginning to looklike a market opportunity that could someday be worth billions of dollars. What has changed isthat display products using transparent conductors other than ITO are actually appearing in themarket.In addition, the firms that are pushing alternatives to ITO in the display industry seem to havefound a receptive market niche to try out their products in: the touch-screen sensor market.This application has the advantage that ITO is not as entrenched as in the mainstream LCDbusiness, and there is also the positive factor that the underlying touch-screen display market isgrowing fast.Unfortunately, NanoMarkets believes that if ITO replacement is ever going to be a reallysubstantial market for the conductive coatings firms, these new materials are going to have tobreak through into the mainstream LCD market, where ITO is entrenched; the touch-screensensor market just is not that big. As NanoMarkets has discussed in its coverage of thetransparent conductor market, 2011 was the first year that we saw some small signs of this NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  6. 6. www.nanomarkets.netactivity happening. If these signs grow in visibility in the next year, we may be looking at a hugemarket opportunity for conductive coatings makers. But we urge caution; it is not that manyyears ago that IGZO was supposed to take over from ITO in the LCD industry, with some firmsconfidently asserting that it would rapidly take away as much as 30 to 70 percent of ITO’sbusiness. But nothing like that ever happened. Page | 6Beyond LCD: But while the possibility of ITO replacement in conventional displays has beenknown and discussed for quite some time, we think that entirely new generations of displaysare about to rescue the conductive coatings firms from the problems that they face in the PVsector. In exactly the way that PV once presented the conductive coatings business with asubstantial new market that emerged from “nowhere,” we think that the same thing willhappen in the display industry within a three- to five-year time span.What we are thinking of here is what must happen if the display industry is to continue to growits profitability. The “LCD revolution” is coming to an end, since the industry is reaching nearsaturation in its major addressable markets. As a result, the big display manufacturers arelooking toward the next big thing, and a slew of new display technologies have started toemerge. In particular, these include OLED displays, e-paper, flexible displays and transparentdisplays.These display technologies were once the kind of thing that one only saw at trade shows, butOLED displays and e-paper are now completely commercialized products, and it looksincreasingly as if flexible displays and transparent displays may follow in their footsteps.Therefore, just as the emergence of the PV industry a decade ago rapidly opened up entirelynew revenue opportunities for the conductive coatings firms, we expect the new generations ofdisplays to do the same.Again, we are mostly talking about ITO replacement, but not entirely. Both e-paper and OLEDdisplays are not back lit, so they only need one layer of transparent conductor. Thisrequirement means that less transparent conductor (ITO or otherwise) is needed, but newkinds of opaque conductors will be used at the back of the display. Also, to the extent thatsuppliers of novel transparent conductor firms may be disappointed that the new generationsof display may need less transparent conductor material than the older LCD displays, thisreduced consumption should be offset by the openness of the market to new ideas; anopenness that it is slow in coming in the traditional LCD sector.Meanwhile, the arrival of the volume supply of transparent and flexible displays in the next fewyears will certainly change the rules of engagement for conductive coatings makers. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  7. 7. www.nanomarkets.netTransparent displays—and transparent electronics in general—will probably mean the need foran entirely new set of transparent materials, and conductive coatings firms will certainly beable to tap into this opportunity if it emerges. Similarly, flexible displays mean that thematerials used will have to be flexible, and here NanoMarkets can see the ultimate reason forwholesale ITO replacement—and hence the ultimate opportunity for ITO alternatives— Page | 7whatever ITO may be it is certainly not flexible.A note on OLEDs: The OLED sector may be worth some special attention by conductivecoatings firms looking for new opportunities, because it is already quite large and promises tobe larger. Full color, active-matrix OLED displays have emerged in a big way in the last 18months in smartphones, and OLED TVs seem (finally) ready for commercialization in the nextyear or so. There is also some OLED-based lighting already on the market. Although theseproducts consist almost entirely of luxury lighting at the present time, large lighting panels foroffices seem like the next big thing in the OLED lighting market.The good news for conductive coatings suppliers is that OLED makers have not only shown anopenness to getting rid of ITO, they have shown actual enthusiasm, at least at the R&D level,where the OLED lighting sector in particular has dabbled with ITO alternatives. For TVs andlarger OLED lighting panels, we are talking about the consumption of quite large amounts ofconductive coatings per panel, which is another reason why OLEDs represent an opportunity forconductive coatings makers.However, there is plenty of skepticism in the industry about whether large panels—TVs orlighting—will ever succeed in the market; some people think they present too many technicalproblems, so there are probably some substantial risks involved for conductive coatings firms.In summary, nothing is entirely settled yet in OLEDs. Although ITO is still the “default” choice formost prototypes and initial products, a number of opportunities appear to present themselvesfor conductive coatings manufacturers. AZO has emerged as the most likely contender toreplace ITO. The first attempt to substitute for ITO by PEDOT:PSS in OLEDs took place morethan a decade ago, and several carbon nanotube (CNT)-enabled OLED displays have beendemonstrated. E.1.3 Other Opportunities for Conductive CoatingsAs we have indicated, any serious consideration of the opportunities for conductive coatingsmust focus on the PV and display sectors, but there are other areas that also warrant furtherconsiderations. These sectors are smaller (although still sizeable), and they also do not have thesame dynamism that we have described for solar and displays. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  8. 8. www.nanomarkets.netEMI, RFI and ESD: A good example of such a sector is that represented by the demand forconductive coatings of all kinds for EMI/RFI shielding and ESD protection. These sectors arereally two different categories, and we have shown them as such in our forecasts. But from theperspective of an opportunity analysis, they have a lot in common. Page | 8First, both the EMI/RFI and ESD sectors are expected to see quite strong growth during theeight years for which we forecast revenues, although the ESD sector is a lot smaller than theEMI/RFI sector. And in both cases, the opportunities are fairly immediate. Also, in both cases,the market is being driven by long-term trends.  In the case of EMI/RFI, more materials of this kind are needed as wireless communications moves towards ubiquity.  In the case of ESD, the onward march of Moore’s Law means that more ESD protection is required in packaging for electronics parts.These stories are not new, however; they continue to drive the opportunities in this space, butthere are no fundamental changes of the kind that we have described for the display and PVspaces.The trend in EMI/RFI shielding coatings is toward increased use of both vacuum-depositedmetal coatings and new thermal and plasma spray coatings. Both of these options offer costadvantages over conventional plated coatings, which can be messy and wasteful. Both vacuum-deposited and thermal spray metal coatings offer greater flexibility in material content andbetter performance with respect to coating uniformity than conventional plated coatings.Low-end ESD coating applications are best left to the low-cost commodity antistats, either incoating form or in the form of bulk-loaded materials. However, there are opportunities inhigher-end ESD protection coatings, especially for those that require transparency, for bothmetal oxides and ICPs. CNT-based coatings for ESD applications may also have promise, butthey remain too expensive to be viable options today.It should be noted that throughout the EMI/RFI and ESD sectors, coatings represent only oneapproach. They are in competition with many other approaches, such as tapes, foils, wires, andbulk-additives of various kinds.Energy storage: Energy storage is another sector where NanoMarkets foresees newopportunities for conductive coatings going forward. Obviously, as a product, batteries havebeen around a long time, but with the rising cost of energy, there are now more economicreasons to store energy. In addition, mobile communications and the hope for a growing NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  9. 9. www.nanomarkets.netdemand for electric vehicles also promote the market for energy storage devices with higherenergy densities.Energy storage devices of all varieties make use of conductive coatings of all types, and it isquite clear that there will be considerable opportunities for coatings makers in this space that Page | 9can demonstrate that their materials can lead to improved performance in energy storagedevices of various kinds.However, while NanoMarkets agrees with this assessment, there are also reasons to curbenthusiasm a little with respect to this sector.  For one thing, we are talking—as with the ESD/EMI/RFI sector—about ongoing driving forces and not about radical new changes that will throw up entirely novel opportunities.  In addition, some of the expectations of the recent past have not been met. Fuel cells and EVs are the obvious examples here, and their mediocre market performance obviously impacts the opportunities for conductive coatings going forward.Nonetheless, newer products—potentially at least—constitute large markets, and they oftenhave entirely new materials requirements for the electrodes that they use. In the short-to-medium term time frame, a few particular opportunities stand out:  New electrode materials for lithium-ion batteries. This battery type is the dominant one used in consumer electronics and power tools, and is being widely touted for use in EVs. To the extent that new electrode materials can help to improve on energy densities, power densities, time between charges, etc., there is a high value opportunity to be exploited here by conductive coatings firms.  In solid electrolytic capacitors (SECs), trends toward ever-lower ESR values and package sizes are leading to the need for better carbon, silver, metal oxide and ICP coatings. Meanwhile, development of conductive nanomaterial coatings capable of uniformly and completely impregnating SEC anode bodies could be disruptive to the entrenched technologies, which are electrochemically formed metal oxides or in situ polymerized ICPs.  In supercapacitors, just as in batteries, the business opportunities for conductive coatings lie in those that can enable higher energy storage capacities and faster discharge times. This need implies opportunities for a variety of nano-structured NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  10. 10. www.nanomarkets.net conductive materials, especially CNTs, graphenes, and the like, and could be an entry point for these (relatively) new materials.In the longer term, NanoMarkets believes that there will probably be emerging opportunitiesfor more exotic materials to become widely used in this space. One type of material that we Page | 10think bears watching is ultra-high surface area carbon nanomaterials (CNTs, graphene, etc.),which are a natural fit, as are RedOx active inherently conductive polymers (ICPs) that improvedouble layer capacitance. E.1.4 Happy Days: “Nanocoatings” are Here at Last!The vast majority of the revenues generated in the conductive coating space over the next eightyears will be made with materials that are fairly conventional in nature and which—at worst—may need some technical upgrading or some market repositioning. By way of a measure of theimportance of such materials, our projections suggest that 97 percent of the revenues fromconductive materials will come from these mundane materials in 2012, and that their share willstill be very significant—84 percent—by the end of the forecast period.However, this reduction is a substantial decline and—if NanoMarkets’ analysis is correct—it islargely accounted for by the rise of nanomaterials. This change is important. Although thepotentially high performance of nanomaterials and the reasons for them are regularly discussedin the literature, and have been for many years, NanoMarkets believes we are now seeing realsigns of opportunities for these materials appear in the conductive space.These signs are of two kinds. First, our projections suggest that the revenues available to firmsfrom the “conductive nanocoatings” space will soon become large enough to attract theattention of both large specialty chemical companies and hopeful start-ups. Thus, by 2016, weexpect revenues from nanometal coatings to have reached $665 million, growing to $1.4 billionby the end of the forecast period. The equivalent numbers for carbon nanomaterials areroughly $525 million and $1.1 billion.But there is another reason for conductive coatings firms to be excited about the arrival of“conductive nanocoatings.” These materials—at the early phase of their evolution—are opento more room for innovation, and there is also more room to establish intellectual propertypositions than with most of the conductive coatings discussed in this report. These advantagesshould be reflected in higher margins for firms supplying these materials throughout the periodunder consideration in this report. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  11. 11. www.nanomarkets.netThe specifics of the applications in which these conductive nanocoatings may find a home arediscussed more fully in the main body of this report. Here we note that the biggest opportunityfor nanomaterial coatings will be in the ITO-replacement market, although carbonnanomaterials will also be especially important in the energy storage markets. Page | 11Meanwhile, graphene is on everyone’s watch list at the present time, and it seems likely that itwill play some role in conductive coatings going forward. However, we would caution readersagainst being ultra-bullish on this material. In assessing the potential for graphene, thedisappointments along the way to the commercialization of carbon nanotubes should be takeninto consideration.E.2 Firms to Watch in the Conductive Coatings IndustryThe conductive coatings industry is a large and fragmented industry, including hundreds ofbusinesses and a large number of links in the value chain. E.2.1 Notable End Users of Conductive CoatingsStarting at the user end of this chain, we think that—given the rapidly growing importance ofthe display sector for conductive coatings—Samsung is going to be a key factor shaping thismarket. This firm now not only has a large share of the display market, but is by far the mostinnovative display firm in terms of both using new materials and commercializing new displaytechnologies.Any clear direction taken by Samsung in areas that are of relevance to the conductive coatingsindustry should be taken as a strong indication of where the market is headed. The readershould be especially attentive to the use by Samsung of ITO alternatives, and of how the firm isusing coating materials in its transparent and flexible display products.There are really no other firms as important in other sectors of the conductive coatings industryas Samsung is in the display sector. However, there are also some influential thin-film solarpanel firms whose choices of materials for electrodes could help stabilize a rather fluid market,in terms of materials choices. An obvious example here is First Solar, but Global Solar couldalso prove to be an important influencer. E.2.2 The Conductive Coatings Market and Large Specialty Chemical FirmsMany of the best known names in the chemical industry are players in the conductive coatingsspace. These companies include Heraeus, DuPont, Cookson Electronics, Evonik and Bayer, toname but a few. Several of these firms operate successfully in several market segments that weanalyze in this report, and we expect them to continue do so. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  12. 12. www.nanomarkets.netHowever, the shifting sands that make up today’s conductive coatings market are going torequire these firms to be nimble in both their R&D and marketing efforts in a way that hasn’tbeen required since the rise of the PV industry a decade ago. These firms are now going tohave to reposition themselves as suppliers to the display industry, and those that already haveties to the display industry are in the best position to take advantage of the current situation in Page | 12the conductive coatings market. An obvious example of such a company is DuPont.In general, the highest-usage materials—metals and conventional carbon—are supplied bylarge firms with (usually) long histories in their respective markets. Cabot Corporation, forexample, has been supplying carbon black materials for decades.An interesting question is the degree to which these large firms will be able to capitalize on theopportunities for “nanocoatings.” Several of them are clearly trending in that direction withstrong activity in the emerging materials areas. Examples here are Heraeus’ and Cookson’sconductive polymer programs or Bayer’s carbon nanotube businesses. E.2.3 Opportunities for Start-UpsNanoMarkets believes that, going forward, the conductive coatings space is one that will befertile ground for start-ups. On the one hand, we have the grand shift from PV to displays,which creates the possibility for a firm to brand itself as a “next-generation display materials”supplier. Such firms have a chance of success because they can be more nimble than the largespecialty chemical companies and occupy this new next-generation materials space before thebig businesses can get there.On the other hand, we now have the rapid emergence of “nanocoatings,” which enables IP tobe created, and which is exactly the protection that a small firm needs to compete in themarket and garner funding. With all of these issues in mind, NanoMarkets believes that a newbreed of firm may emerge that fits this pattern. An important example of where such an eventhas already happened is the case of Cambrios, and this firm should be watched as a sort ofpointer to what we think will become an increasingly common business strategy. WhatCambrios does and how it succeeds may have implications that go well beyond the nanosilvercoatings that it is currently selling.As we have already mentioned, it is hard to avoid the graphene meme. Vorbeck Materials isthe only firm that seems to have focused primarily on the development of a commercialink/coating, and it has received some funding recently. Finally, in the area of conductivepolymers, only Heraeus stands out as a leader; it is more actively pursuing sophisticated,higher-margin markets for its PEDOT-based ICPs than any of the other ICP suppliers. (Although NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  13. 13. www.nanomarkets.netwe must concede that Enthone’s acquisition of the Ormecon business may bode well for theexpansion of PANI-based ICPs into large markets.)E.3 Summary of Eight-Year Forecasts of Conductive Coatings SpaceExhibit E-1 is a summary of the eight-year forecasts for conductive coatings in electronics, Page | 13broken out by end-use application category. NanoMarkets expects the market to grow from itscurrent size of about $9.5 billion to greater than $19 billion over the timeframe of this report,at a CAGR of approximately 10.5 percent. Grand Total: Value of Conductive Coatings by Application 2012-2019 ($ Millions) 25,000.0 ESD/Antistatic Coatings 20,000.0 EMI/RFI Coatings Solid State Lighting 15,000.0 Displays 10,000.0 Photovoltaic Cells Fuel Cells 5,000.0 Capacitors and Supercapacitors 0.0 Batteries 2012 2013 2014 2015 2016 2017 2018 2019 © NanoMarkets LC Year Grand Total: Value of Conductive Coatings by Material Type 2012-2019 ($ Millions) 25,000.0 20,000.0 Conductive Polymers and Organics 15,000.0 Carbon Nanomaterials 10,000.0 Nanometals and Related 5,000.0 Metal Compounds 0.0 Metals and Conventional Carbon 2012 2013 2014 2015 2016 2017 2018 2019 © NanoMarkets LC Year NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259
  14. 14. www.nanomarkets.net Summary: Value of Conductive Coatings in Electronics 2012-2019 ($ Millions) 25,000.0 20,000.0 Page | 14 15,000.0 10,000.0 5,000.0 0.0 2012 2013 2014 2015 2016 2017 2018 2019 © NanoMarkets LC YearTo obtain a full copy of this report please contact NanoMarkets at sales@nanomarket.net orvia telephone at (804) 938-0030 or visit us at www.nanomarkets.net. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-270-1718 | FAX: 804-360-7259

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