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Non-Conductive Ink Market Overview
The non-conductive ink market size is estimated to reach USD840.3 million by 2027 after growing at a CAGR of around 6.2% during 2022-2027. The non-conductive inks printable inks are used in electronics sector for printing. These inks often uses phenolic resins and offer resistivity with the electricity. It is majorly used in the electric circuits to prevent overheat or short circuits by limiting the flow of electric current. The non-conductive ink industry is experiencing growth due to its rising applications such as printed circuit boards panels, PV panels, LED packaging, and others. The non-conductive inks are used in the PCB, which is used in various electronic devices such as TV remotes, smartphones, microwave, and others. The non-conductive ink market is driven by growing printing use in the electronic circuits, high demand for glass substrates in consumer electronics and others, which will increase the production of non-conductive inks, thereby offering major growth prospects during the forecast period.
The non-conductive ink market was impacted by the covid-19 pandemic. The non-conductive ink is majorly used in the printed electronics, photovoltaics cells, displays, and others. However, the electronics industry was majorly affected by the pandemic. The halt in electric production, slowdown in logistics, and other restrictions created a disruption in the electronic industry. Various manufacturers faced delay in manufacturing due to restricted electric raw material supply. This led to huge gap in the demand and supply for the electric products in the market. According to Consumer Technology Association, the revenue generated by semiconductor showed a decline by 7.1 % in the year 2019. Moreover, the International Data Corporation (IDC), a 5.2% decline was reported in the spending for consumer electronic technology, 7.9% decline for PCs, and 14.5% for tablets in United States for April-May 2020. Moreover, manufacturing of printed board circuits panels, which is used in various electronic devices, also faced disruptions. The component shortages, logistics problems, and supply chain disturbance led to halt in productions for PCB, thereby majorly impacting the non-conductive ink market. With halt in global electronic productions and declining demand, the printing applications of non-conductive experienced major fall in the covid-19 outbreak.
Non-Conductive Ink Market Segment Analysis – By Substrate
By substrate, the glass substrate segment is acquired the largest share of over 30% in 2021 and is expected to dominate the non-conductive ink market in the coming years. The demand for glass substrate is growing due to high use in the electronic industry and is preferred for displays and photovoltaics. The demand for glass substrate is primarily influenced by its excellent printability, stability. The glass substrates are increasingly used in displays screen such as computers, television, cars, and others. Furthermore, the growing electronic device consumption across the world is driving the growth for glass substrates in printed electronics. According to the Japan Electronics and Information Technology Industries Association, the production of information terminal and computers increased by USD 10,893 in the year 2019. Thus, the demand for glass substrates will rise in printed electronics, displays, and photovoltaics in the coming years.
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Non-Conductive Ink Market Segment Analysis – By Application
By application, the printed circuit board (PCB) panel segment is acquired the largest growth share of over 34% in 2021 and is expected to increase the non-conductive ink market size in the coming years. The printed circuit board panels are used in various electronic devices such as computer, television remote, smartphones, and others. The printed circuit boards offer excellent mechanical and electrical properties such as high barrier to moisture, high frequency properties, and others. Furthermore, the thermal stability can help retain high temperatures upto 250°C, and is flame retardant, thereby working best for protecting the circuit from heating. These panels are majorly used in the electronic devices. The printed circuit board panel has major use in medical electronics, automotive, and others. According to the Industry Association for Printed Circuit Boards (IPC), overall PCB shipments for North America were up by 3.7% in September 2019, compared to the same month in previous year. Thus, with growing use of printed circuit board panels for electronic industry and other electric applications for, the demand for non-conductive ink market will grow during the forecast period.
Non-Conductive Ink Market Segment Analysis- By End-Use Industry
By end-use industry, the electronics segment is acquired the largest share of over 38% in 2021 and is expected to increase the non-conductive ink market share in the coming years. The non-conductive ink is employed during the manufacturing of electrical components and electronic devices. It has major application in consumer electronics such as radio, smartphone, computer, tablets, and others, electronic medical devices such as monitor, imaging sensors, and others, and automotive electronics such as sensors, navigation system, screens, control system, and others. The growing consumption of consumer electronics is further leading to high demand and growth in the global non-conductive ink market, owing to its electrical resistivity, thermal stability, and opacity. According to Retailers Association of India (RAI), the sales of electronic appliances and consumer electronics increased by 23.5% in the quarter 3 of the year 2021. Furthermore, major advancement in electronics production and manufacturing in nations such as China is leading to high consumption of non-conductive inks by electronic devices producers, thereby creating growth opportunities for non-conductive ink market in the coming years and offering non-conductive ink industry outlook.
Non-Conductive Ink Market Segment Analysis – By Geography
The Asia Pacific held the largest share of around 41% in the non-conductive ink market in 2021, owing to the high demand for non-conductive ink in major end-use industry in the region and is expected to increase the non-conductive ink market size during the forecast period. The growing consumer electronics sector and high automotive demand in major nations such as China, India, South Korea, and Japan is influencing the growth in non-conductive ink market in this region. The rise in electronic productions in China such as smartphones, television, OLED, tablets, and others have led to increasing application of non-conductive inks in APAC. According to Consumer Technology Association (CTA), the revenue generated from smartphones sales was around USD 77.5 billion in 2019, with expected bounce-back of over USD 78 billion in 2021. The manufacturing of smartphones is rising in China and India, thereby creating demand for printed circuit boards as well, which uses non-conductive ink for getting the desired electrical resistivity and stability in the circuit. These PCB panels are increasingly used in automotive electronics. The rise in automotive sector is also creating growth in the non-conductive ink industry. Moreover, increasing emphasis on solar power and solar energy plants has boosted the demand for photovoltaics cell. Thus, owing to major electronic base and automotive growth in Asia Pacific region, the non-conductive ink market is expected to grow in coming years.
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Non-Conductive Ink Market Drivers
Rising Demand in Electronic Industry
The non-conductive inks are increasingly employed in the electrical components and electronic devices due to its protective and insulative layer. The growing electronics industry across the world is driving the non-conductive inks market due to its application in various electrical components. The non-conductive ink is used in printed circuit board panels, displays of electric devices, LED packaging, sensors, and others. It provides high electrical resistivity and protects from heating and short circuit. It is also used in mobile phones, computer, for displays due to its opacity. For instance, the Government of India, under the National Electronics Policy 2018, intended to achieve turnover of around USD 400 billion in electronics manufacturing by the year 2025. The rising electronic sector is offering a major growth to the non-conductive ink market and will lead to its high production during the forecast period.
Rise of Printed Circuit Board Panel Applications
The printed circuit boards or PCB is one of the major electronic components and uses non-conductive ink for superior electric stability and controlled temperature in the circuit. The rising applications of printed circuit boards across various industries are creating a drive in the non-conductive ink industry. The printed circuit board (PCB) panels are majorly used in medical devices (monitors, imaging systems, infusion pumps, and others), consumer electronics (computer, home appliances, tablets, smart phones, and others), automotives components (sensors, control systems, navigation system, and others), aerospace, telecommunications, and others. With the growing applications and demand for printed circuit boards panel, the non-conductive ink industry will also experience major growth and demand during the forecast period.
Non-Conductive Ink Market Challenges
Alternatives to Non-Conductive Inks can Create Challenges to Non-Conductive Ink Production
The non-conductive ink has various applications in the electronics segment. The emerging alternatives to non-conductive inks can create challenges in the market in coming years. The emerging multispecialty inks can hinder the demand for non-conductive inks, as they are less expensive and offers similar features in printed electronics applications. The dielectric inks are also growing and offers flexibility, insulation, and resistance. The non-conductive black ink offers high resistance. Moreover, several solvent non-conductive inks are emerging that comply with various substrates, thereby creating major competition and substitution threat in the market.
Non-Conductive Ink Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in the non-conductive ink market. The major non-conductive ink top 10 companies include:
1. Henkel AG & Co. KGaA
3. Sun Chemical Corporation
5. Applied Ink Solutions
6. Vorbeck Materials
7. Teikoku Printing Inks
8. Applied Cavitation Incorporated
10. Creative Materials Inc.
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