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Silver Inks and Pastes Markets – 2012

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This new report on opportunities in the silver inks and pastes market provides an up-to-date survey of the market conditions today and a forecast of the next eight years. NanoMarkets has been …

This new report on opportunities in the silver inks and pastes market provides an up-to-date survey of the market conditions today and a forecast of the next eight years. NanoMarkets has been covering this sector now for more than five years and this is latest in our ongoing series of industry analysis on silver conductors of various kinds.

In the report, we consider how the persistent environment of relentlessly high silver prices – with no relief in sight – is affecting the markets for these materials. Will this mean a sustained opportunity for alternatives to silver? We also identify the niche opportunities that continue to emerge from the traditional thick-film industry and conversely whether the profound changes going on in the display and solar panel industry will reduce the demand for silver. For example, will the reduction of subsidies for crystalline silicon solar panels (a large consumer of silver pastes) ultimately hurt the silver pastes business and similarly will the steady decline of the plasma display industry have a similar effect? Also examined in this report is the future of nanosilver inks, a product that has been full of unfulfilled promise for several years now. Is it time to give up on the commercialization of these materials?

This rather gloomy set of questions is balanced in the report by an examination of emerging opportunities. For example, large OLED lighting and television panels are just a few years out. Will they prove a vibrant market for printed silver bus lines and interconnects? In addition, in the new policy environment for solar panels, entirely new kinds of photovoltaics are likely to emerge quite quickly. Will they make use of silver in the electrodes the same way that older types of PV did? And all those sensors that will deploy as part of the “Internet of Things,” will they also make significant use of printed silver?

This report explores the emerging opportunities in silver inks and pastes in the light of all these trends and provides an up-to-date guide for finding the growth opportunities and navigating the market challenges. As part of this analysis, we examine the strategies of the key players in the silver inks/pastes markets, and identify what we believe to be the trends indicating likely success (or not) at different firms. Finally, as always we include eight-year market forecasts for silver inks and pastes by application and by material.

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  • 1. www.nanomarkets.net Silver Inks and Pastes Markets—2012 Nano-451 Published December 2011 © NanoMarkets, LCNanoMarkets, LCPO Box 3840Glen Allen, VA 23058Tel: 804-360-2967Web: www.nanomarkets.net NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 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: 804-360-2967| FAX: 804-360-7259
  • 3. www.nanomarkets.netTable of ContentsExecutive Summary ............................................................................................................... 1 E.1 The Future of Silver Inks and Pastes When Silver Prices are So High .............................. 1 Page | i E.2 Thick-Film Electronics: New Opportunities in this Old Market? ...................................... 3 E.3 Will the Nanosilver Ink Revolution Ever Happen? .......................................................... 3 E.4 The Solar Industry: Do No More Subsidies Mean No More Silver? ................................. 5 E.5 Displays and Lighting: What the Decline of Plasma Displays and the Rise of Flexible Displays and OLEDs Mean for Silver .................................................................................... 6 E.6 Winners and Losers in the Silver Inks and Pastes Market ............................................... 7 E.7 Will China Become a Major Player in Printed Silver? ..................................................... 9 E.8 Summary of Eight-Year Forecasts for Silver Inks and Pastes ......................................... 10Chapter One: An Introduction to This Report ........................................................................ 12 1.1 Ongoing Importance of Silver Inks and Pastes to Industrial Electronics Markets .......... 12 1.1.1 The Effect of the High Price of Silver on the Industrial Inks and Pastes Market .......................................12 1.1.2 Where is the Growth for Silver Inks? .........................................................................................................13 1.1.3 Prospects for Silver Inks and Pastes in Photovoltaic Panels ......................................................................15 1.1.4 Up-and-Coming Materials–Hybrids, Nanosilver and Silver Substitutes .....................................................16 1.2 Objectives and Scope of This Report ........................................................................... 18 1.3 Methodology.............................................................................................................. 18 1.4 Plan of This Report ..................................................................................................... 19Chapter Two: Silver Inks and Paste Materials ....................................................................... 21 2.1 Developments Since Our Last Report .......................................................................... 21 2.1.1 The Impact of Continuing High (and Volatile) Silver Prices ........................................................................21 2.1.2 New Products and New Companies ...........................................................................................................22 2.1.3 New Regulations on Nanosilver: Impact on Silver Inks and Pastes ............................................................23 2.2 The Growing Competitive Challenges to Silver from Other Materials ........................... 26 2.1.1 Copper Solutions ........................................................................................................................................27 2.2.2 Carbon-Based Inks and Pastes ...................................................................................................................27 NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 4. www.nanomarkets.net 2.2.3 Nanotubes, Conductive Polymers, and Other Emerging Threats ..............................................................28 2.3 Is the Nanosilver Inks Revolution Postponed, or Will It Never Happen? ....................... 29 2.3.1 What the Nanosilver Ink Firms Say They are Doing Now ...........................................................................29 2.3.2 Nanosilver Inks and the Future of Jetted Electronics ................................................................................31 2.4 Key Points from This Chapter ...................................................................................... 33 Page | iiChapter Three: Applications for Silver Inks and Pastes .......................................................... 36 3.1 Are There Emerging Niche Applications in Traditional Thick-Film Electronics? ............. 36 3.1.1 Printed Circuit Boards ................................................................................................................................37 3.1.2 Membrane Switches ..................................................................................................................................37 3.1.3 Resistive Heaters ........................................................................................................................................38 3.1.4 Capacitors and Other Discrete Components .............................................................................................39 3.2 Solar Panels................................................................................................................ 40 3.2.1 Reduced Government Subsidies for Solar: Should the Silver Inks and Pastes Firms Worry? ...................41 3.2.2 What to Expect from the Crystalline Silicon PV Sector ..............................................................................42 3.2.3 New Opportunities for Printed Silver in TFPV ............................................................................................46 3.2.4 Will New Forms of PV—OPV and DSC—Need Printed Silver in the Future? .............................................49 3.3 Displays, Lighting, and Silver ....................................................................................... 50 3.3.1 Prospects for Silver Inks and Pastes in LCDs ..............................................................................................50 3.3.2 Plasma Displays: A Big Silver User, But Until When? .................................................................................50 3.3.3 The Rise of OLED Displays and Lighting: Are There Opportunities for Silver Inks and Pastes?..................51 3.3.4 Electrophoretic Displays: How Might They Use Silver Inks and Pastes? ....................................................52 3.4 RFIDs and Printed Silver .............................................................................................. 53 3.4.1 Is Printed Silver in RFIDs an Opportunity Whose Time has Passed? ..........................................................53 3.4.2 Nanosilver in RFID Antennas ......................................................................................................................54 3.5 Sensors ...................................................................................................................... 55 3.5.1 Printed Silver and the Biosensors and Medical Diagnostics Markets ........................................................56 3.5.2 Silver in the Motion and Security Sensors Market .....................................................................................57 3.5.3 Sensors and Nanosilver Inks ......................................................................................................................58 3.6 Key Points from this Chapter ...................................................................................... 58Chapter Four: Recent Developments in the Supplier Industry Structure for Silver Inks andPastes and their Implications ............................................................................................... 61 4.1 An Overview of the Supplier Base ............................................................................... 61 4.1.1 New and Notable Start-Ups? .....................................................................................................................61 NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 5. www.nanomarkets.net 4.1.2 China’s Goal to Become a High-Tech Powerhouse and the Impact on the Silver Inks and Pastes Markets ............................................................................................................................................................................62 4.2Analysis of the Latest Product and Marketing Strategies by Leading and Influential Suppliers .......................................................................................................................... 64 4.2.1 Advanced Nano Products ...........................................................................................................................66 Page | iii 4.2.2 Cima NanoTech ..........................................................................................................................................69 4.3.3 Creative Materials ......................................................................................................................................70 4.3.4 Sun Chemical Group (U.S.)/DIC Global (Japan) ..........................................................................................72 4.3.5 DuPont (U.S.)..............................................................................................................................................74 4.3.6 Ferro Corporation (U.S.) .............................................................................................................................76 4.3.7 Harima Chemical (Japan) ...........................................................................................................................80 4.3.8 Henkel Electronics (Germany)....................................................................................................................81 4.3.9 Heraeus (Germany) ....................................................................................................................................84 4.3.10 InkTec (Korea) ..........................................................................................................................................86 4.3.11 Methode Electronics (U.S.) ......................................................................................................................87Chapter Five: Eight-Year Forecasts for Silver Inks and Pastes ................................................ 90 5.1 Forecasting Methodology and Assumptions ................................................................ 90 5.1.1 Changes in Assumptions and Methodology Since the Last Report ............................................................92 5.1.2 Pricing of Silver Inks and Pastes .................................................................................................................93 5.2 Forecasts by Application ............................................................................................. 95 5.2.1 Photovoltaics .............................................................................................................................................95 5.2.2 Plasma Displays ........................................................................................................................................103 5.2.3 OLED Lighting ...........................................................................................................................................106 5.2.3 RFIDs and Sensors ....................................................................................................................................109 5.2.4 Traditional Thick-Film Applications ..........................................................................................................116 5.3 Forecasts by Material ............................................................................................... 120 5.3.1 Silver Screen-Printing Pastes – Conventional vs. Nanosilver ...................................................................120 5.3.2 Silver Ink-Jet Inks in Electronics – Conventional vs. Nanosilver ...............................................................124 5.3.3 Silver Inks: Gravure, Flexographic, and Other .........................................................................................127 5.4 Summary of Silver Inks and Pastes Markets .............................................................. 130 5.5 Alternative Scenarios................................................................................................ 134 Acronyms and Abbreviations Used In this Report ........................................................... 136 About the Author ........................................................................................................... 137 NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 6. www.nanomarkets.net List of ExhibitsExhibit E-1 GRAND TOTALS - Summary Eight-Year Forecasts of Silver Printing Inks and Pastes .................................10Exhibit 4-1 Overview of Product Portfolios of Selected Silver Ink and Paste Suppliers ..............................................64 Page | ivExhibit 4-2 ANP Nanosilver Pastes ...............................................................................................................................67Exhibit 4-3 ANP Nanosilver Inkjet Inks ........................................................................................................................67Exhibit 4-4 Creative Materials: Silver Ink Product Range ...........................................................................................71Exhibit 4-5 Selected Sun Chemical Silver Ink and Paste Products ..............................................................................73Exhibit 4-6 Selected Silver-Only Screen Printing Paste Products in the Ferro Portfolio ..............................................77Exhibit 4-7 Selected Silver And Nanosilver Printing Products From Harima ...............................................................81Exhibit 4-8 Henkel Electronics: Selected Acheson Silver Inks and Pastes ..................................................................82Exhibit 4-9 Overview of Selected Silver Pastes from Heraeus for Thick Film Electronics Applications .......................84Exhibit 4-10 Overview of Selected Silver Pastes for PV Applications from Heraeus ...................................................85Exhibit 4-11 InkTec Silver and Nanosilver Printing Inks and Pastes ............................................................................86Exhibit 4-12 Selected Methode Silver Conductive Paste and Ink Products .................................................................88Exhibit 5-1 Pricing of Silver and Silver Inks/Pastes 2012-2019 ....................................................................................94Exhibit 5-2 Eight-Year Forecasts of Silver Inks and Pastes in Crystalline Silicon (c-Si) PV ............................................96Exhibit 5-3 Eight-Year Forecasts of Silver Inks and Pastes for TFPV (all types), DSC, and OPV....................................99Exhibit 5-4 Eight-Year Forecasts of Silver Inks and Pastes in PV Applications by Printing Method ...........................101Exhibit 5-5 Eight-Year Forecasts of Silver Inks and Pastes in Plasma Display Panels (PDPs) .....................................104Exhibit 5-6 Eight-Year Forecasts of Silver Inks and Pastes in OLED Lighting Applications .........................................107Exhibit 5-7 Eight-Year Forecasts of Silver Inks and Pastes in RFIDs (Antennas and Chips) ........................................110Exhibit 5-8 Eight Year Forecasts of Silver Inks and Pastes for Sensor Applications ...................................................114Exhibit 5-9 Eight-Year Forecasts of Silver Inks and Pastes for Traditional Thick-Film Applications ...........................117Exhibit 5-10 Eight-Year Forecasts of Conventional Silver and Nanosilver Screen Printing Pastes by Application ....121Exhibit 5-11 Eight-Year Forecasts of Conventional Silver and Nanosilver Inkjet Printing Inks by Application ..........124Exhibit 5-12 Eight-Year Forecasts of Conventional Silver and Nanosilver Flexographic, Gravure, and Other Printing Inks by Application ...........................................................................................................................................128Exhibit 5-13 GRAND TOTALS - Summary of Eight-Year Forecasts of Silver Printing Inks and Pastes .........................131 NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 7. www.nanomarkets.netExecutive SummaryE.1 The Future of Silver Inks and Pastes When Silver Prices are So HighNanoMarkets estimates that the total market for silver inks and pastes will grow to a value of Page | 1about $7.6 billion in 2012, but that it will contract over the forecast period to about $6.8 billionby 2018.Several factors are behind our prediction that the value of the silver inks and pastes market willdrop:  Perhaps the biggest challenge facing the silver inks and pastes industry is the persistent environment of relentlessly high silver prices—well over $30 per troy ounce, with no relief in sight. And given the increasing popularity of silver exchange traded funds (ETFs) combined with global economic unease, we do not expect that prices will come down any time soon. In this environment, manufacturers of silver inks and pastes are faced with a new paradigm for their cost basis, which means new business strategies are needed.  The photovoltaics (PV) market, which saw a big increase in both global PV cell production and in consumption of silver inks and pastes in the last couple of years, will not grow at the same pace going forward. Instead, growth rates for PV, while still good, seem certain to decline, in no small part due to a decrease in governments’ support for PV installations. And to make matters worse, more and more PV is going to thin-film which does not use nearly as much silver as the traditional crystalline silicon (c-Si) PV that dominates the market today. Our forecasts suggest that as early as 2013, the value of silver inks and pastes consumed by the PV sector will start to decline.  Plasma display panels, historically large consumers of silver printing pastes, are in long- term decline in the face of serious competition from liquid crystal displays (LCDs).  While traditional silver users—membrane switches, printed circuit boards, capacitors, etc.—will still be major silver users, it is also clear that they will be in need of finding more profitable markets and products. This indicates a strong trend towards higher value-added inks that target specific niches. These new inks will take some time to develop, and will probably not immediately offset lost revenues from substitutes or soft demand.  Customers across the applications spectrum will be looking very hard for ways to reduce silver usage—or replace it altogether—wherever they can, even if the opportunities to NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 8. www.nanomarkets.net do so are limited. In this environment, silver ink and paste manufacturers will need to work equally hard to maintain their market share, and they will need to offer new products that convincingly mitigate rising silver costs. Historically, alternatives to silver inks and pastes have always done well when silver prices spiked, but they have also always disappeared when silver prices settled down again. But since today’s high silver Page | 2 prices look as if they are here to stay for a while, the situation may be different, and manufacturers of alternatives may face a much more stable market for their products.There is, however, some good news that might soften the negative impact of the high silverprices. Silver is simply too conductive, too compatible with printing, and too entrenched in toomany applications for lower-cost/lower-performance alternatives to make a very large dent.Specifically:  The high price of silver is a longstanding unpleasant fact for the electronics industry, perhaps more so at today’s prices, but still not catastrophic to sellers of silver materials. Silver’s unique conductivity characteristics make it very difficult to find alternatives, so higher precious metal costs, in most cases, are simply passed along to the customers.  A number of interesting applications are just emerging that may turn out to be the next big “waves” that the silver inks and pastes industry can ride the way it has ridden PV for the last five years. They include, for example, flexible displays and lighting based on organic light emitting diodes (OLED), both of which could turn out to eventually be large consumers of printed silver circuitry. The sensors market is also very promising, both in the (bio)medical sensors area and in everyday, ubiquitous consumer electronics applications that seek to create a world of pervasive computing.  More good news is that despite ongoing worldwide economic sluggishness, increased industrialization and urbanization of the developing world should increase the per capita expenditures on the kinds of products in which silver inks and pastes are used. And, of course, silver inks and pastes are now used in so many consumer products that the increase in the world population is itself a spur to demand for silver inks and pastes.In summary, high silver prices lead electronics manufacturers—the consumers of silver inks andpastes—to seek to create greater added value in their products, in the hope of gaining bettermargins, or at least preserving their margins. This means that there is clearly room forinnovation in the silver ink and paste industry. New silver ink and paste formulations areneeded, and the needs of the electronics industry are producing a fertile field for silver ink andpaste product development. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 9. www.nanomarkets.netE.2 Thick-Film Electronics: New Opportunities in this Old Market?Traditional thick-film electronics, which comprises a vast number of printed circuit boardapplications as well as printed membrane switches and the like, has traditionally been one ofthe largest users of conventional silver inks and pastes (mostly pastes). We expect it—absent aserious worldwide financial crisis—to remain a relatively stable high-volume market with a few Page | 3genuine opportunities for silver suppliers:  With so many mature processes in place and so much accumulated manufacturing experience in the thick-film sector, it will be especially hard for firms to eliminate silver inks and pastes altogether, unless very close substitutes can be found. And very close substitutes are, as previously noted, hard to find. Furthermore, replacing printed silver with some entirely different process—such as etched copper or another subtractive process—would be hard to achieve in many production lines. New production may consider using alternatives, but existing production lines are unlikely to install completely new equipment.  There may be some substitution of traditional thick film pastes with other silver-based products, like silver or nanosilver inks. This shift will be driven by the trend toward miniaturization of consumer electronics and the need for finer lines and higher resolution of conductive traces. Here again is an opportunity of sorts for the silver inks and pastes suppliers. Innovative suppliers that can provide new inks or pastes that address specific needs of customers, with either conventionally sized silver or nanosilver, can eke out gains in market share.In fact, suppliers of silver inks and pastes cannot afford to ignore the thick-film sector, simplybecause it is so large. Getting into (or more deeply into) this market with new products will notbe easy, though. It is, after all, highly mature. In this market, customers will continue tobalance the risks of switching to a new material against attempting to ride out the high silvercommodity prices while sticking with conventional silver pastes. For materials suppliers of allkinds in this sector, the business development struggle for the next few years will center onthese switching economics issues and arguments that either turn customers to a new materialor calm their concerns about the high price of silver.E.3 Will the Nanosilver Ink Revolution Ever Happen?Will nanosilver ever become a major factor in the printed circuitry market? It has long beentouted as having a big future in (currently nonexistent) novel “printed electronics” applications,but this has yet to be proven. The market pull for printed electronics has just never materialized NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 10. www.nanomarkets.netin a meaningful way. Nanosilver ink makers have had a hard time of it as they have chased afternew markets that do not really exist yet.Printable nanosilver makers claim other seemingly compelling advantages over conventionalsilver inks and pastes, too. These include lower temperature processing and less usage of Page | 4precious silver. But nanosilver-based inks and pastes have been around for nearly a decadenow, and they have yet to take off in the conventional printed silver markets. What is behindthe lack of progress?  The notion that nanosilver can accomplish what conventional silver can but at much lower loading, thereby reducing costs substantially, has come into serious question. Savings from using less silver are still largely eaten up by the higher cost of the nanosilver itself, let alone the changes in design and equipment that are needed to use it. This remains at least partially true despite high silver prices that should have led to a bigger narrowing of the cost-in-use gap between conventional silver and nanosilver.  Economic uncertainty leads to risk aversion and causes device manufacturers to stick with the conventional silver materials with which they are already comfortable.  The outlook for printed nanosilver is complicated by a murky regulatory environment for silver specifically and nanomaterials in generalThese factors have led NanoMarkets to reduce our expectations for nanosilver over the nextdecade. We are feeling decidedly less optimistic about nanosilver’s future than we were acouple of years ago, and have reduced growth rates considerably. We are now estimating thatthe printed nanosilver market will grow from its very small base today of about $85 million toonly about $145 million by 2019. We hope we are wrong, but we have no reason to be morebullish about nanosilver at this point.In the midst of this pessimism, there is at least some good news:  High silver commodity prices will—at the margin—encourage more customers to evaluate moving to higher-performance nanosilver. High silver commodity prices have narrowed the cost-in-use gap between nanosilver and silver in a meaningful way, even though more can be done.  Today a large fraction of nanosilver ink costs is still tied up in processing, scale-up, and production but these costs should decline as the material matures. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 11. www.nanomarkets.net  There is growth in high-resolution printing inks, especially inkjet nanosilver inks, and especially in sensors for emerging printed electronics, where traditional silver pastes are generally not suitable. High-resolution printing is tailor-made for nanosilver, and these new applications may be able to support nanosilver’s higher price, at least for a few more years. Page | 5In this new market, nanosilver inks (and nanosilver pastes) may finally have a chance to growbeyond niche status, although probably not into a big business. After years of watching notmuch happen in the nanosilver inks business NanoMarkets now believes that only modestgrowth will come from this segment until some clear advantage of application emerges in themarketplace.E.4 The Solar Industry: Do No More Subsidies Mean No More Silver?The answer to this question is, of course, “no.” Printed silver in the PV market is here to stay,but silver ink and paste firms should worry. The solar panel industry was for several years oneof the fastest growing sectors for printed silver, primarily because crystalline silicon (c-Si) solarpanels use large quantities of silver paste to create both electrodes and tabbing strips.However, a lot is happening to discourage manufacturers of silver inks and pastes in this sector:  Silver pastes for back electrodes and for tabbing pastes in c-Si PV are seeing increased competition from lower-cost substitutes, like aluminum for back electrodes/reflectors, and non-silver soldering pastes in tabbing applications.  The newer thin-film PV technologies—especially CdTe PV—are taking an ever greater share of the solar panel industry and are less likely to use silver for electrodes.  The badly depressed construction industry in much of the world has reduced the size of many major addressable markets for solar panels, and although 2010 was a banner year for PV production despite the global recession, growth rates are not expected to stay at 2010 levels. In addition, a lot of the PV production occurred in China, and some PV industry observers believe that China is sitting on a large, unsold inventory of panels that will take some time to work off.And most importantly, governmental support in the form of consumer subsidies and loanguarantees are under considerable challenge around the world, as governments look for waysto rein in spending. The opportunities available to suppliers of materials to the PV sector arethus highly dependent on policy consideration rather than economics. This could have very NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 12. www.nanomarkets.netserious consequences for silver ink and paste firms that rely on PV for a large portion of theirrevenue, and should be judged as a significant risk factor.Although we expect that silver ink and paste suppliers will not have it especially easy in the nearfuture, there are some signs of hope: Page | 6  The end of subsidies, although certainly chilling in the near-term, could be good news in the longer term since it encourages market-oriented PV technologies to compete.  Silver inks and pastes used in crystalline silicon (c-Si) PV electrode fabrication make up the largest share of the PV market. We expect this sector to retain a strong position in the solar panel market, especially in front electrodes where there are few suitable alternatives.  Silver ink manufacturers have developed silver ink products specifically for TFPV that help to address TFPV-specific challenges. Next-generation PV technologies, not yet out of the lab, may use more silver.In summary, PV of all kinds is very sensitive to materials costs, especially in the current era ofrapidly declining solar panel costs and reduced government incentives. Therefore, innovationsto reduce the cost of the printed silver electrodes will be welcomed by the marketplace in thenext few years. These innovations might include not only ways of making silver more effectiveas a conductor—such as through the use of nanosilver inks—but also through ways of using lesssilver in conventional inks and pastes.E.5 Displays and Lighting: What the Decline of Plasma Displays and the Rise of Flexible Displays and OLEDs Mean for SilverThe market for silver inks and pastes in one important sector—plasma display panels (PDPs)—isalmost certainly in a period of slow and steady decline. We do not anticipate that this marketwill completely disappear, but it is facing serious challenges. The latest LCDs rival theperformance of PDPs in almost every characteristic important to the consumer, and this meansthat PDPs are now competing primarily on price.This situation robs the silver ink and paste industry of a major consumer of printed silver.Suppliers of silver inks and pastes will need to find alternative markets in which to sell theirproducts or face declining volumes. The good news is that we think there are sizeable,emerging opportunities that will offer a way out. The bad news, however, is that theseemerging applications are not yet mature and are, in fact, probably at least several years out. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 13. www.nanomarkets.netIt is too early to say with much certainty what opportunities will ultimately succeed in thissegment, but some possibilities are as follows:Flexible displays have been talked about for many years, but now seem to be on the verge ofcommercialization (thanks largely to Samsung). Commercialization of flexible displays implies Page | 7the arrival of flexible backplanes—a huge challenge. Such backplanes will require flexibleinterconnects that could be provided with silver traces of some kind. Flexible displays areunlikely to appear on the market until 2012 or 2013, and no one can be sure if consumers willlike them. But if (say) they were to attract an iPad-like following, they might represent asignificant opportunity for silver inks going forward.Another and, we think, even more promising future opportunity is the OLED lighting market.OLED lighting is poised for very rapid growth, especially after 2015, which is when it isanticipated that OLED lighting’s technical performance will be sufficient to meet market needs.Currently, OLED lighting does not employ printed silver, but silver ink and paste suppliersshould make the case now to OLED panel manufacturers that printed silver grids can enable themarket to meet its full potential:  Printed silver could be used beneficially in bus bars or grids to prevent visible brightness gradients and resistive heat losses caused by significant voltage drops across long spans of (less) conductive transparent electrodes, and  Printed silver could be useful for interconnects for concatenated OLED lighting panels.If OLED lighting ultimately attracts consumer attention, it could be another mass-market silverink and paste consumer. A good sign is that OLED lighting is attracting the attention of animpressive list of electronics and lighting companies, some of whom are building pilot plants tobuild OLED lighting panels.E.6 Winners and Losers in the Silver Inks and Pastes MarketThe winners in the silver inks and pastes market over the next eight years will be defined bythose companies that understand the new environment and figure out how to reorganize theirproduct lines to adjust to the new market realities. The losers, of course, will be those firmsthat fail to understand the new paradigm. Some firms to watch are as follows:  Heraeus has emerged in the past two years as a major force in the PV pastes business and claims to supply most of the top PV panel makers. The firm appears to have entered the market at exactly the right time, when PV was booming, and it managed to quickly develop and commercialize PV pastes that reduced silver usage and lowered NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 14. www.nanomarkets.net manufacturing costs. But how long can this last? As noted, the PV sector is in for a bumpy road in the next several years, and it is not clear to us how Heraeus will handle it, having few other outlets for its silver pastes. In all likelihood, the firm will do better than many other PV paste companies; its recent market successes signal to us that it will remain a preferred supplier and should be able to hold onto a significant market share. Page | 8 But there is caveat: the story at Heraeus may be quite different if DuPont’s legal challenge to Heraeus’ IP is successful. Henkel is another interesting firm. It is already a giant in the silver inks and pastes business, and interestingly, it has not focused heavily on the PV sector for new developments. This move may have been less strategy than necessity—Henkel is more adept at developing lower temperature curing inks and pastes than the high-fire products used by (most of) the PV industry—but it may turn out to be a benefit. If the PV sector falters even more than expected, Henkel’s volumes should be largely unaffected. And it already well entrenched in the thick film and other silver ink/paste markets. The prospects at DuPont are mixed. On one hand, DuPont’s PDP paste business is going to decline. In addition, it is facing serious competition in inks and pastes for the PV sector from Heraeus and the large number of Chinese silver paste firms. Fortunately for DuPont, there is much else that the company has going for it that will soften the impact of this dual blow. It has a large legacy business in high-fire silver inks for electronics in which there are few suitable alternatives. It is also in a good position to hold onto market share wherever it can by relying on its status as a major global materials supplier with production, marketing, and logistics infrastructure throughout the world. Unless we are wrong about the future of the PV market, far too many firms in China are focused on inks and pastes specifically for PV. If the market share of c-Si PV loses ground, as is expected over the next decade, to alternative PV technologies that use much less silver, then what will these firms do? We do not think all of them will survive. There are also too many nanosilver firms to support the size of the nanosilver inks and pastes market. Larger materials firms that have nanosilver programs but that do not rely on nanosilver for revenue, such as Bayer MaterialScience and Methode, can simply shut down their programs. But smaller technology start-ups, whose business is significantly focused on printable nanosilver, like NanoMas, will face real problems. The market has simply not developed as expected, and there is only so long one can survive with balance sheets in the red. Unless some of the smaller firms can convincingly shiftNanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 15. www.nanomarkets.net toward other technologies, as Cima Nanotech is doing with transparent conductors, for example, we do not think all the nanosilver ink firms can survive the next decade. One potential exception is PChem Associates, which is betting on high-speed nanosilver printing inks (not ink-jet) and which are claimed to deliver cost-in-use savings of 75 percent compared to conventional silver inks. Page | 9E.7 Will China Become a Major Player in Printed Silver?As spelled out in its latest “Five-Year Plan,” China is making a concerted effort to shift itseconomy from one based on exports to one driven by domestic demand from the Chinesemiddle class. China recognizes that it is simply not possible to grow its real per capita income atrecent historic rates using its current low-cost manufacturing strategy; instead, it now needs tointernally capture more of the added value of the products it produces. Part of the Chinesestrategy involves investment in areas directly related to printed silver: alternative energy (PV),displays, and the required enabling materials for these application areas.Currently, the Chinese ink/paste suppliers have limited activities outside of the region, but wedo not expect the situation to remain static:  Small Chinese firms have been producing generic silver pastes and inks for quite a long time with the apparent goal of selling these materials at low prices to the R&D community in relatively small quantities for applications that do not need high performances.  Going forward, any success the country has in spurring domestic demand only accelerates the potential for growth in silver inks and pastes.  Under the new policy, we expect that Chinese firms will ramp up to a point where they are competitive with American, Japanese, Korean and European materials firms. This implies both increasing quality and performance of products and developing new advanced materials.While increased competition from Chinese suppliers in the near term may be troubling toWestern suppliers of printable silver materials, in the long run, we believe the shift describedabove will be beneficial to the market overall. A more successful China—and especially a larger,wealthier customer base for the electronics products produced in high-tech manufacturing—will increase the size of the addressable market for silver inks and paste suppliers worldwideand—absent import controls—should help to grow the market for inks and paste suppliersaround the world. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 16. www.nanomarkets.netGlobal suppliers with the right materials and right supply partnerships in China can prosper ifChina’s strategy is successful. Specifically, the big silver ink and paste firms that already have astrong presence in Asia—DuPont, Henkel, Heraeus, and so forth—will have an easier timecapitalizing on increased domestic demand in China than smaller firms. Page | 10E.8 Summary of Eight-Year Forecasts for Silver Inks and PastesA summary of NanoMarkets’ eight-year forecasts for silver inks and pastes is shown in Exhibit E-1.Exhibit E-1 GRAND TOTALS - Summary Eight-Year Forecasts of Silver Printing Inks and Pastes($ Millions) 2012 2013 2014 2015 2016 2017 2018 2019By Application:PhotovoltaicsPDPsOLED LightingRFIDsSensorsTraditional Thick FilmGRAND TOTALBy Ink Composition:Conventional SilverInks and PastesNanosilver Inks andPastesGRAND TOTALBy Printing Method:Screen PastesInk-Jet InksFlexo/Gravure/OtherInksGRAND TOTAL© NanoMarkets 2011Note: Rounding may cause minor discrepancies in last digit of totals. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 17. www.nanomarkets.net Summary of Eight-Year Forecasts of Silver Inks and Pastes by Application ($ Millions) 9000.0 8000.0 7000.0 Page | 11 Traditional Thick Film 6000.0 5000.0 Sensors 4000.0 RFIDs 3000.0 OLED Lighting 2000.0 1000.0 PDPs 0.0 Photovoltaics 2012 2013 2014 2015 2016 2017 2018 2019 Year © NanoMarkets, LC Total Value of Silver Inks and Pastes Market ($ Millions) 7800.0 7600.0 7400.0 7200.0 7000.0 6800.0 6600.0 6400.0 6200.0 2012 2013 2014 2015 2016 2017 2018 2019 Year © NanoMarkets, LCTo 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: 804-360-2967| FAX: 804-360-7259
  • 18. www.nanomarkets.netChapter One: An Introduction to This Report1.1 Ongoing Importance of Silver Inks and Pastes to Industrial Electronics Markets 1.1.1 The Effect of the High Price of Silver on the Industrial Inks and Page | 12 Pastes MarketSilver has always been an expensive metal and probably always will be. But the most obviouschange in the silver inks/pastes market since our last report is the seemingly persistent highprice of silver, with no relief in sight. Silver commodity prices have been pushed upwardbecause of the uncertain global economic environment in which investors have shiftedincreasingly toward “hard” assets. Silver ETFs have accumulated large stores of silver in order tohandle the increased demand for precious metal investments.At the time of writing, silver prices have somewhat stabilized, but they have done so at a levelnearly twice that of just two years ago (in inflation-adjusted dollars). And there are no goodreasons that the situation will change very much over the next five years or so.None of this is especially good news for the silver inks and pastes business, since the price ofthese materials is largely determined by the price of silver and these materials are often soldinto moderately price sensitive environments. Despite these negatives, however, there aresome reasons for executives in the silver inks and pastes business not to feel too depressed:  The high price of silver is now a fact of life for the electronics industry. On the one hand, its unique conductivity characteristics ensure that silver is hard to dispense with in many applications.  Where silver inks and pastes can be dispensed with their high price will enable supplier firms to develop silver inks and pastes substitutes with an assurance that the market for them will persist. In the past, silver ink/paste substitutes have appeared and then disappeared when the price of silver fell again. Given the current economic climate, it seems that the manufacturers of silver ink/paste substitutes are in for the long haul this time around.  Counteracting ongoing worldwide economic sluggishness will be increased industrialization and urbanization of the developing world; which is likely to increase the per capita expenditures on the kinds of products in which silver inks and pastes are used. And, of course, silver inks and pastes are now used in so many consumer products that the increase in the world population is itself a spur to demand for silver inks and pastes. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 19. www.nanomarkets.net  There are a number of interesting applications for silver inks and pastes that are just emerging. They include, for example, OLED lighting, and sensors. NanoMarkets believes that there are real opportunities here, but we also caution that some traditional applications that use quite a lot of silver paste at the present time are likely to experience at best modest growth, and this could hurt the silver inks and pastes Page | 13 business in the next few years. Examples here are plasma TVs (in long-term decline) and crystalline silicon solar panels (a market likely to see a decline in government support). 1.1.2 Where is the Growth for Silver Inks?Despite high silver prices (indeed, partially because of them), NanoMarkets expects thatrevenues from silver inks and pastes will remain substantial in a number of applications.Traditional thick-film electronics: Thick-film electronics, which comprises a vast number ofprinted circuit board applications as well as printed membrane switches and the like, hastraditionally been the largest user of conventional silver inks and pastes (mostly pastes), and weexpect it—absent a serious worldwide financial crisis—to remain a relatively stable high-volumemarket with even a few genuine opportunities appearing from time to time:  We think that with so many mature processes in place and so much accumulated manufacturing experience in the thick-film sector, it is going to be very hard for firms to get rid of silver pastes and inks in a wholesale manner, unless very close substitutes can be found. As to replacing printed silver with some entirely different process, this would also be hard to achieve. “Printed silver” provides not only higher resolution and fewer process steps than subtractive processes such as etched copper, but also the option of applying conductive traces at different times.  Substitution of traditional thick film pastes with silver inks, including potentially nanosilver inks, in this segment will be driven by the trend toward miniaturization of consumer electronics and the need for finer lines and higher resolution of conductive traces. Here, again, is an opportunity of sorts for the silver inks and pastes business.  Even without high volume growth—and with some negative growth in certain sub- sectors like membrane switches—increases in silver prices will drive substantial revenue growth. An open question for suppliers of inks and pastes is how they are going to capture some of the new value encapsulated in silver metal.Suppliers of silver inks and pastes (except maybe, boutique suppliers of nanosilver products)cannot afford to ignore the thick-film sector, simply because it is so large; traditional thick-film NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 20. www.nanomarkets.netpaste sales will still make up nearly half of the total silver inks and pastes market for theforeseeable and thus present significant opportunities. Still, we think that silver paste suppliersshould not expect too much from this sector. It is, after all, highly mature. In this market,customers for inks and pastes will continue to balance the risks of switching to a new materialagainst attempting to ride out the high silver commodity prices while sticking with conventional Page | 14silver pastes. For materials suppliers of all kinds in this sector, the business developmentstruggle for the next few years is going to center around these switching economics issues andarguments that either turn customers to a new material or calm their concerns about the highprice of silver.Displays, OLEDs, and solid-state lighting (SSL): Silver inks and pastes are used to createelectrodes and interconnects in a broad array of displays and lighting products:  Here the good news for the silver inks and pastes business is that new types of technologies are apparently coming to market quite quickly in this sector and could emerge as sizeable markets for silver inks and pastes over the next five years.  The bad news is that one sector—plasma displays (PDPs)—that has been a large user of silver in the past seems to be in slow and steady decline. We think it will be hard for the newer applications that fall into this segment to offset the declining demand from PDPs for quite a few years; these newer applications aren’t mature enough yet.It is too early to say with much certainty what opportunities will appear in this segment. Butthere are a couple of such opportunities that seem to be looming:  Flexible displays have been talked about for many years, but now seem to be at the cusp of commercialization (thanks largely to Samsung). This implies the arrival of flexible backplanes; a huge challenge. Such backplanes would seem to require flexible interconnects that could be provided with silver traces of some kind. Flexible displays are unlikely to appear on the market until 2012 and nobody can be really sure if consumers will like them. But if (say) they were to attract an iPad-like following they might represent a significant opportunity for silver inks going forward.  The OLED lighting market seems poised for very rapid growth, especially after 2015 when it is anticipated that the technical performance of this kind of lighting will be sufficient to meet market needs. In addition, the demise of the historically dominant incandescent bulb is creating a market opening in the general lighting market, which may partially filled by OLED lighting panels. OLED lighting may employ printed silver, NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 21. www.nanomarkets.net mainly in the form of (1) bus bars, to prevent visible brightness gradients due to the significant voltage drops and resistive heat losses across long spans of (less) conductive transparent electrodes and (2) interconnects for concatenated OLED lighting panels. If OLED lighting ultimately attracts consumer attention this could be another mass market silver ink user. A good sign is that OLED lighting is attracting the attention of an Page | 15 impressive list of electronics and lighting companies, some of whom are constructing pilot plants to build OLED lighting panels.Silver inks: The long-term trajectory of such products and markets is still very uncertain, but itis quite possible, as we have already noted, that they will end up using plenty of silver. Inparticular, we see the thin silver traces that OLED lighting and flexible displays might need as anopportunity for nanosilver inks. One reason for this is that historically nanosilver inks weredeveloped specifically with these applications in mind. (This was the area that Cabot activelypursued when this company heavily marketed its silver inks for printed electronics a few yearsback.) It seems to be the applications not the inks that failed to emerge.If some of the applications listed and hinted at above, take off, then a variety of opportunitiesopen up for ink makers, including inks that are designed to work specifically with inkjet, gravure,flexographic, etc. Unfortunately, this is not exactly news. There are quite a few firms that haveemerged in the past five to seven years with ambitions to supply novel silver inks fine-tuned toemerging applications. For the most part they have not found the market very encouraging.Some of these firms have already gone out of business and OLED lighting, flexible displays andthe like might turn out to be their last best opportunity. 1.1.3 Prospects for Silver Inks and Pastes in Photovoltaic PanelsThe solar panel industry was, for several years, one of the fastest growing sectors for printedsilver; primarily because crystalline silicon solar panels use silver paste to create the frontelectrode. However, in the past few years a lot has happened to discourage manufacturers ofsilver inks and pastes in this sector:  The newer thin-film PV technologies that are taking an ever greater share of the solar panel industry are less likely to use silver for electrodes;  The badly depressed construction industry in much of the world has reduced many major addressable markets for solar panels generally;  Governmental support in the form of consumer subsidies and loan guarantees is under considerable challenge around the world as governments look for areas to cut back on. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 22. www.nanomarkets.net This could have very serious consequences for firms selling materials into the PV sector. When Spain ended PV subsidies, the market in Spain lost 90 percent of its value.All of this suggests that the opportunities available for suppliers of silver and silver products intothe PV space are highly dependent on policy consideration, which should be judged a significant Page | 16risk factor in view of the current worldwide financial problems. It also suggests that silver inksand pastes firms are not going to have it especially easy in the near future. There are somesigns of hope though:  The end of subsidies could be good news in the long run since it encourages market oriented PV technologies (although the near-term effects are certainly chilling).  Silver inks and pastes used in crystalline silicon (c-Si) PV electrode fabrication make up the largest share of the PV market. We expect this sector to retain a strong position in the solar panel market, but expect growth rates in this sector to cool significantly.  Silver ink manufacturers have developed silver ink products specifically for TFPV that help to address TFPV-specific challenges. It is also possible that next-generation PV technologies, not out the lab, may use silver.PV of all kinds is very sensitive to materials costs, especially in the current era of collapsing solarpanel prices. Therefore innovations to reduce the cost of the printed silver electrodes are goingto be welcomed by the marketplace in the next few years. These innovations might include notonly ways of making silver more effective as a conductor—such as through the use ofnanosilver inks—but also through ways of using less silver in conventional inks and pastes. 1.1.4 Up-and-Coming Materials–Hybrids, Nanosilver and Silver SubstitutesInexpensive alternatives: Hybrid inks and pastes—combining silver and carbon or silver andcopper, for instance—can offer modest savings when a high level of performance is not critical.In the paste sector materials of this kind have been available for decades.This kind of material generally disappears from the market as soon as silver prices start to comedown. But, as we explained earlier, this is precisely what seems unlikely to happen in the nearterm. As a result, as we also mentioned earlier, it seems likely that there may be more of anopportunity for these inexpensive alternatives than in the past.Printed nanosilver: A more strategic alternative to conventional silver inks and pastes isnanosilver. As we have mentioned, this may have a future in printed electronics, but this has NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 23. www.nanomarkets.netyet to be proven and nanosilver ink makers have had a hard time of it as they have chased afternew markets that don’t really exist yet.Printed nanosilver makers claim other advantages over more conventional materials, too.These include lower temperature processing and less usage/wastage of precious silver. These Page | 17advantages would seem highly compelling. But nanosilver-based inks and pastes have beenaround for nearly a decade now, and they have yet to take off in the market. What is behindthe lack of progress?  That nanosilver can accomplish what conventional silver can but at much lower loading, thereby reducing costs substantially—has come into serious question. Savings from using less silver are still largely eaten up by the higher cost of the nanosilver itself, let alone the changes in design and equipment that are needed to use it. This remains at least partially true despite the recent spike in silver prices that should have led to a bigger narrowing of the cost-in-use gap between conventional silver and nanosilver.  Economic uncertainty leads to risk aversion and causes device manufacturers to stick with the conventional silver materials with which they are already comfortable.  The outlook for printed nanosilver is complicated by a murky regulatory environment for silver specifically and nanomaterials.There is some good news:  High silver commodity prices over $30 per troy ounce are a relatively recent phenomenon that will—at the margin—encourage more customers to switch to higher- performance nanosilver. High silver commodity prices have narrowed the cost-in-use gap between nanosilver and silver in a meaningful way, even though more can be done.  Today, a large fraction of nanosilver ink costs is still tied up in processing, scale-up, and production costs, and these costs should decline further as the material matures.  There is growth in high-resolution printing inks, especially in emerging printed electronics, where traditional silver pastes are generally not suitable. High resolution printing is tailor-made for nanosilver, and these new applications may be able to support nanosilver’s higher price, at least for a few more years.In this new market, nanosilver inks (and nanosilver pastes) may finally have a chance to growbeyond niche status, although this is a long way from saying they are going to be big business. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 24. www.nanomarkets.netAfter years of watching not much happen in the nanosilver inks business NanoMarkets nowbelieves that only modest growth will come from this segment until some clear advantage ofapplication emerges in the marketplace. For the time being, nanosilver firms have done justabout all they can do in terms of market development; they are going to have to wait until thesilver ink users catch up! Page | 181.2 Objectives and Scope of This ReportThe primary objective of this report is to identify and quantify the opportunities for silver inksand pastes. NanoMarkets has been covering the electronics markets for silver for over fiveyears, and is widely regarded as the premier supplier of industry information in this segment.With this in mind, the goal of this report is to adjust and expand our previous forecasts andstrategic analysis with the constantly changing markets for these materials in mind.In addition, as part of this analysis, we critically examine the strategies of the key players in thesilver inks/pastes markets, and identify what we believe to be the trends indicating likelysuccess (or not) at different firms. Finally, as always in NanoMarkets reports, we include eight-year market forecasts for silver inks and pastes by application and by material.The scope of the materials covered in this report is silver and nanosilver inks and pastes. Wehave excluded from coverage here transparent nanosilver inks (covered in other NanoMarketsreports and involving different players and markets than the materials covered here); printedantimicrobial silver (better covered as part of a broader consideration of antimicrobial silver),and silver-based conductive adhesives. The applications covered are the ones in which printedsilver of various kinds is a major factor including the traditional thick-film electronicsapplications, solar panels, and next-generation printed electronics (especially displays).This report is international in scope. The forecasts are worldwide forecasts and we have notbeen geographically selective in the firms that we have covered in the report or interviewed inorder to collect information. Where there are geographical factors at work—as is the case inthe display sector—we discuss this more fully in the report.1.3 MethodologyThe methodology for this report is explained in more detail in Chapter Five of this report whichdeals with forecasts. Here we note that in general the approach we take, broadly speaking, isto apply economic analysis to the information that NanoMarkets continues to collect on thesilver inks and pastes market and other related sectors. NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 25. www.nanomarkets.netThe information for this work is derived from a variety of sources, but principally comes fromprimary sources, including NanoMarkets ongoing interview program of entrepreneurs,business development and marketing managers, and technologists involved with silvermaterials and emerging electronics of all kinds. We also drew on the technical literature,relevant company Web sites, trade journals, government resources, and various collateral items Page | 19from trade shows and conferences.Some of the applications-related market information in this report comes from our most recentreports on the covered applications areas. Reports from which some data have been sharedinclude: “Nanosilver Markets – 2011,” “Silver Powders and Flakes – 2011” and “Silver inPhotovoltaics – 2010.” In addition, some of the historical information on silver and silverinks/pastes has been carried over from the last version of this report, "Silver Inks and Pastes2011," from December 2010. Where information has been used in an earlier report, it has beenreconsidered in light of current developments and updated accordingly.The forecasting approach used in this report is to identify and quantify the underlyingapplications markets, the materials needs that are or can be served by silver inks/pastes, andthe technological and market pressures that affect ink/paste usage in those markets. The statedplans of the key firms are, of course, of special interest, although NanoMarkets criticallyconsiders these claims in light of all available data.1.4 Plan of This ReportIn Chapter Two, we examine the silver inks and pastes that are used in the electronics industry;the strategies to reduce cost, increase performance, and customize materials to specific uses;and the materials that are used or likely to emerge as partial substitutes for silver in inks andpastes.In Chapter Three, we discuss the applications and markets for silver inks and pastes. We discussprinted silver in the traditional thick-film applications and identify opportunities that may stillexist for suppliers to make money is this mature market. We also examine the otherapplications for silver inks and pastes in displays, solid-state lighting, photovoltaics, RFIDs andsecurity printing, and sensors. We identify trends in these sub-sectors that will affect silver inkand paste suppliers’ abilities to sell into them, and we identify key areas that show promise formaking money.In Chapter Four we discuss the profiles and strategies of the major suppliers of silver inks andpastes of various types, and Chapter Five contains our eight-year forecasts of silver inks and NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259
  • 26. www.nanomarkets.netpastes used in the electronics industry. These forecasts are presented by market segment andby type of silver ink/paste wherever possible. Page | 20 NanoMarkets, LC | PO Box 3840 | Glen Allen, VA 23058 | TEL: 804-360-2967| FAX: 804-360-7259

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