The market for non-conductive ink is expected to grow at a CAGR of around 6% globally. Major factor driving the market studied is the growth in demand for printed circuit boards, along with growing electronic and electrical industry. On the flip side, fluctuations in raw material pricing and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- The printed circuit board panels segment is expected to dominate the application segment of the global non-conductive ink market owing to increasing usage of printed circuit boards in medical devices, consumer electronics, automotive, aerospace, among others.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, South Korea, India, and Japan.
Key Market Trends
Increasing Demand for Printed Circuit Boards
- Printed Circuit Boards (PCB) have widened application scope across electronics industry. It offers excellent electrical and mechanical properties such as low dielectric constant, high moisture barriers, controllable thermal coefficient of expansion, high-frequency properties, among others.
- In addition, the increasing deployment of PCB panels in medical devices, consumer electronics, automotive, aerospace, and lighting applications. The advancements in these industries is expected to in turn drive the non-conductive inks market.
- Apart from this, an PCB has low coefficient of hydroscopic expansion (CHE), which helps it to stay stable and flat when the moisture level changes.
- PCB offers superior thermal stability and can retain temperatures of up to 250°C, it is also inherently flame-retardant, which protects the electronic circuit in high temperature applications.
- The growth of the glass substrate segment is attributable mainly to the increased usage of glass in the electronics and electrical industry where these substrates are deployed commonly in displays and photovoltaics. The developing electronic & electrical industry is further expected to drive the demand for non-conductive inks market.
Asia Pacific Region to Dominate the Market
- Asia-Pacific non-conductive ink market is anticipated to witness the highest CAGR during the period on account of rapid expansion and consumption of electronics and automotive industry from countries like China, South Korea, Japan, and India.
- China is the largest electronics production base globally and offers a tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, witness the highest growth rates in the consumer electronics segment of the market, in terms of demand.
- With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby, driving the market growth. With over 200 mobile phone manufacturing units set up in the country in the past five years, India has emerged as the second-largest mobile phone manufacturer in the world.
- The Chinese automotive manufacturing industry is the largest in the world. The “Made in China 2025” initiative is anticipated to support the upgrade of the existing low-cost mass production to higher value-added advanced manufacturing.
- Due to the aforementioned factors, the demand for non-conductive inks is expected to increase in the region during the forecast period.
The Global Non-Conductive Ink Market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are DuPont, Henkel Corporation, Teikoku Printing Inks Mfg.Co.,Ltd., Poly-ink and SunChemical and among others.
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