Silver, a precious metal with dual attributes of commodity and finance, plays an indispensable role in the global industrial system. As a key raw material for conductive silver paste, its price fluctuations have a profound impact on the entire conductive silver paste industry chain and downstream application fields. Since 2025, the global silver market has witnessed an unprecedented price surge. London spot silver prices broke through $72 per ounce on December 24, 2025, and the main contract price of Shanghai silver futures in China climbed to 17,671 yuan per kilogram simultaneously, both hitting historical highs. By the beginning of 2026, the cumulative increase of spot silver since 2025 had approached 150%. This sharp upward trend of silver prices has not only rewritten the cost structure of the conductive silver paste industry but also triggered a series of chain reactions in downstream industries such as photovoltaic, semiconductor, and new energy vehicles. This article will conduct an in-depth analysis of the impact of rising silver prices on the conductive silver paste industry from multiple dimensions, explore the coping strategies of related enterprises, and look forward to the future development trend of the industry.
1. Overview of the Global Silver Market and the Driving Factors of Price Surge
1.1 Current Situation of Global Silver Supply and Demand
Silver, as a scarce resource, its global supply is relatively concentrated and has strong rigidity. Geographically, more than 80% of global silver production comes from associated mining of copper, lead, and zinc ores, with independent silver mines accounting for less than 20%. The construction cycle of new silver mines is as long as 5-8 years, resulting in extremely weak short-term supply elasticity. According to the "2025 Global Silver Survey Report" released by the Silver Institute, global silver mine production has continued to decline over the past decade, especially in Central and South America. At the same time, the global silver inventory has fallen to a 10-year low, and a supply gap has appeared for five consecutive years. The silver inventory of the London Bullion Market Association (LBMA) has dropped from 31,023 tons in June 2022 to 22,126 tons in March 2025, a decrease of about one-third. This long-term supply-demand imbalance has continuously consumed hidden inventories, laying the foundation for the sharp rise in silver prices.
On the demand side, silver demand covers industrial manufacturing, physical investment, jewelry processing, silverware production, and photography. Among them, industrial demand represented by the photovoltaic industry has become the core pillar and an important driving force for this round of silver price rise. Under the guidance of the global "double carbon" goal, the continuous expansion of the photovoltaic industry has provided long-term support for silver demand. In 2024, China's photovoltaic cell output reached 654 GW, a year-on-year increase of 11%. Calculated at the silver consumption standard of 10 mg per watt, the annual silver demand in China's photovoltaic industry exceeded 6,500 tons, making photovoltaic the world's largest industrial silver-consuming field. In addition, the acceleration of the electrification process of new energy vehicles, the expansion of the artificial intelligence industry, and the surge in demand for electronic devices have further boosted the growth of industrial silver demand. It is estimated that the global industrial silver consumption in 2025 will reach 680.5 million ounces, of which photovoltaic silver accounts for 29%, about 6,150 tons, showing a strong rigid demand characteristics.
1.2 Core Driving Factors of the 2025-2026 Silver Price Surge
The sharp rise in silver prices since 2025 is the result of the combined effect of multiple factors such as supply-demand imbalance, geopolitical risks, changes in global monetary policies, and increased investment demand.
Firstly, the structural tension of supply and demand has become the fundamental driving force. As mentioned earlier, the global silver supply has been sluggish for a long time, and the supply gap has continued to expand. In 2025, the global silver supply-demand gap is expected to reach 3,000 tons. At the same time, the cross-market transfer of silver spot caused by overseas policy disturbances has further exacerbated the supply-demand pattern of "overall tension and regional mismatch". In addition, the improvement of industrial demand and the increase in investment interest have triggered a replenishment cycle, further pushing up silver prices.
Secondly, changes in global monetary policies have provided favorable conditions for the rise in silver prices. The expected easing of the Federal Reserve has improved market liquidity, reduced the opportunity cost of holding silver, and enhanced the attractiveness of silver as a non-interest-bearing asset. At the same time, the U.S. debt credit crisis has triggered a revaluation of commodity values, and silver, as a traditional safe-haven asset, has been sought after by the market. In addition, the landing of the yen interest rate hike has not formed a significant impact on the precious metal market, which has also provided support for the stability of silver prices.
Thirdly, the surge in investment demand has amplified the price fluctuation. Since the second half of 2025, the trading volume of silver futures in the Chinese market has soared sharply, and the unexpected increase in investor participation has amplified the impact of market tension on spot prices. The convenient access to silver through the Shanghai Futures Exchange and the Guangzhou Futures Exchange has increased investors' exposure to precious metals, further boosting the upward momentum of silver prices. Data shows that the trading volume of silver futures on the Shanghai Futures Exchange is much higher than that on the New York Mercantile Exchange, but the silver inventory on the Shanghai Futures Exchange is less than 10% of that on the New York Mercantile Exchange and has been declining in recent years, which has also stimulated investors' enthusiasm for buying.
Fourthly, geopolitical risks and policy factors have also played a role in promoting. The continuous escalation of regional conflicts around the world has increased market risk aversion, and silver, as a safe-haven asset, has become an important choice for investors to avoid risks. At the same time, the United States has included silver in the list of critical minerals, increasing the tension of market demand. In addition, U.S. tariff policies have not only increased the safe-haven demand for silver but also affected the balance of market supply and demand.
Fifthly, the strong demand in the Indian market has also boosted international silver prices. As the world's largest silver consumer, India's annual silver consumption is about 4,000 tons, mainly used for making jewelry, daily utensils, and craft decorations. However, 80% of India's silver supply depends on imports. In 2025, the domestic silver price in India once soared to a historical high of 170,415 rupees per kilogram, a year-on-year increase of 85%, which has strongly boosted the rise of international silver prices.
2. The Core Position of Conductive Silver Paste in the Industry Chain and Its Cost Structure
2.1 Definition and Core Application Fields of Conductive Silver Paste
Conductive silver paste is a functional paste with silver powder, glass powder, and organic carrier as the core components. It forms a stable conductive film layer through a high-temperature sintering process, and has the core competitiveness of high conductivity, excellent adhesion, and high-temperature resistance. It plays a key role in industries such as photovoltaic cells, semiconductor packaging, multi-layer ceramic capacitors (MLCC), printed circuit boards (PCB), and automotive electronics.
In the photovoltaic industry, silver conductive paste is a key raw material for solar cell manufacturing. The metallized electrodes prepared by it directly affect the photoelectric conversion efficiency of photovoltaic cells and the output power of modules. With the iterative upgrade of photovoltaic cell technology to N-type, the demand for conductive silver paste has further increased, and its silver consumption has also increased significantly compared with traditional PERC cells. In the semiconductor industry, conductive silver paste is widely used in the packaging and connection links of semiconductors. With the development of technologies such as 5G communication, artificial intelligence chips, and the Internet of Things, the demand for conductive silver paste in the semiconductor packaging field has shown a high-speed growth trend. In the field of new energy vehicles, the popularization of 800V high-voltage platform models has increased the silver paste consumption of IGBT modules by 25%, driving the rapid growth of the automotive-grade silver paste market.
2.2 Cost Structure of Conductive Silver Paste and the Impact of Silver Prices
The cost structure of conductive silver paste is highly concentrated, and silver raw materials account for the absolute main proportion. According to industry data, silver raw materials account for 83%-87% of the production cost of conductive silver paste. This means that the fluctuation of silver prices will directly determine the cost level of conductive silver paste, thereby affecting the profit margin of enterprises. The current mainstream pricing model in the conductive silver paste industry is "silver spot price + processing fee". When the silver price rises, the selling price of conductive silver paste will rise accordingly, but the processing fee will not be adjusted synchronously, resulting in the passive compression of enterprise profit margins.
Taking the photovoltaic industry as an example, the proportion of silver paste in the cost of photovoltaic modules has continued to rise with the surge in silver prices, and has now replaced silicon materials as the single raw material with the largest proportion, accounting for about 17%. Silver accounts for about 30% of the non-silicon cost of battery cells, and the silver consumption of N-type TOPCon cells is about 40% higher than that of traditional PERC cells. For every 10% increase in silver prices, the unit cost of photovoltaic modules will increase by 0.01 yuan/watt. This has brought huge cost pressure to battery and module enterprises that are already in a state of loss.
3. The Impact of Rising Silver Prices on the Conductive Silver Paste Industry
3.1 Impact on the Profitability and Operation of Conductive Silver Paste Enterprises
The rise in silver prices has first transmitted cost pressure to conductive silver paste enterprises, seriously affecting their profitability. Under the pricing model of "silver spot price + processing fee", the selling price of conductive silver paste can only be adjusted passively following the rise in silver prices, but the processing fee cannot be increased synchronously, resulting in the continuous compression of profit margins. Relevant personnel from Juhe Materials, a leading enterprise in the conductive silver paste industry, said that the selling price of silver paste increases with the rise of silver prices, but the processing fee does not increase, so the profit margin will be squeezed. Although the gross profit may not necessarily decrease, it still brings great uncertainty to the operation of the enterprise. Some silver paste enterprises have even seen their net profit drop by nearly 90% year-on-year due to the impact of rising silver prices.
In addition, the sharp fluctuation of silver prices has also brought great challenges to the capital turnover and inventory management of conductive silver paste enterprises. On the one hand, the rise in silver prices has increased the capital occupation of enterprises' raw material procurement, increasing the pressure on capital turnover. On the other hand, the high volatility of silver prices makes it difficult for enterprises to grasp the timing of procurement and inventory. If the enterprise hoards a large amount of silver raw materials, it may face the risk of asset depreciation caused by the sharp drop in silver prices; if the inventory is insufficient, it may face the risk of production suspension due to the shortage of raw materials and the continuous rise in procurement costs. For example, on December 29, 2025, silver prices plummeted by 12.3% in a single day, which made many conductive silver paste enterprises face the dilemma of re-negotiating prices with customers, and the profit fluctuation was huge in a short time.
3.2 Impact on the Competition Pattern of the Conductive Silver Paste Industry
The rise in silver prices has further intensified the competition in the conductive silver paste industry, and the industry concentration may tend to increase. For leading enterprises with strong financial strength, complete industrial chain layout, and mature risk management capabilities, they can cope with the impact of rising silver prices through measures such as long-term supply contracts, futures hedging, and technological innovation, and even take the opportunity to expand their market share. In contrast, small and medium-sized enterprises with weak financial strength, single supply channels, and backward technology are facing greater survival pressure. They are difficult to bear the cost pressure brought by the rise in silver prices, and it is also difficult to invest a lot of funds in technological research and development. In the long run, they may be eliminated by the market, leading to the further concentration of the industry to leading enterprises.
From the perspective of the global market pattern, the top five global manufacturers (DuPont, Heraeus, Henkel, Samsung SDI, and Sino-American Silicon Products) still account for 68% of the market share. However, Chinese local enterprises such as Suzhou Jingyin and Changzhou Juhe New Materials have achieved import substitution in the photovoltaic segment through technological breakthroughs. In 2023, the localization rate of silver paste for domestic TOPCon cells has reached 81%. Under the background of rising silver prices, Chinese local enterprises have further enhanced their cost competitiveness by vertically integrating the silver powder supply chain, realizing a 15%-18% reduction in raw material costs. It is expected that the market share of Chinese enterprises will increase from 28% in 2023 to 41% in 2030, and the pattern of the global conductive silver paste industry will undergo profound changes.
3.3 Impact on the R&D Direction and Technological Iteration of the Industry
The continuous rise in silver prices has forced the conductive silver paste industry to accelerate technological iteration and R&D innovation, and reducing silver dependence has become the core direction of industry development. At present, the technological evolution of the conductive silver paste industry presents three main directions: first, the breakthrough of nano-silver powder particle size below 30nm, reducing the sintering temperature to below 200℃ to adapt to flexible substrates; second, optimizing the silver content to the range of 85%-92%, seeking a balance between conductivity and cost; third, developing copper-silver composite pastes to cope with the risk of silver price fluctuations.
In terms of silver reduction technology, gradual silver reduction technologies such as fine grid line printing, 0BB technology, and laser transfer printing have been popularized. The silver consumption per watt has dropped from 12mg in 2023 to 9mg, but the silver saving range has reached the ceiling and is difficult to offset the pressure of rising silver prices. Silver-clad copper paste has become the mainstream solution in 2026 by reducing silver usage through a "copper core and silver shell" structure. The silver consumption per watt can be reduced to below 6mg, and both TOPCon and HJT cells have achieved GW-level mass production. Copper electroplating technology leads the future with the disruptive advantage of complete silver removal. AIXIN Solar has achieved 10GW mass production, reducing costs by 0.05-0.08 yuan per watt without reducing conversion efficiency, and significantly reducing the risk of cracks. In addition, the patented technology of conductive paste using copper instead of silver developed by foreign enterprises can be screen-printed using the same equipment as traditional silver paste, avoiding the need for additional diffusion barriers and protective capping layers, which is expected to promote the development of the silver-free paste industry.
4. The Impact of Rising Silver Prices on Downstream Application Industries of Conductive Silver Paste
4.1 Impact on the Photovoltaic Industry
The photovoltaic industry is the largest application field of conductive silver paste, and it is also the industry most affected by the rise in silver prices. As mentioned earlier, the proportion of silver paste in the cost of photovoltaic modules has climbed to 16%-17%, surpassing silicon materials to become the largest cost item, while the proportion of silicon materials has dropped to 9.9%, completely withdrawing from the core stage of pricing. This change has not only reshaped the cost logic of the photovoltaic industry but also pushed the competition of technical routes to a white-hot state.
For photovoltaic cell and module enterprises, the rise in silver prices has directly eroded their profit margins. In 2025, due to the rise in silver costs and the decline in battery cell prices, the overall market situation has endangered the cash flow of manufacturers. Some enterprises have been forced to start a price increase model, but the industry generally worries that the weak demand at the downstream power station end will make it difficult for the price increase of batteries and modules to be smoothly transmitted downward, which has become a key crux restricting the industry's "winter" relief. In addition, the silver consumption of N-type TOPCon cells is about 40% higher than that of traditional PERC cells, and the silver consumption of HJT cells is even higher. Under the background of the rising penetration rate of N-type cells approaching 90% in 2026, the proportion of silver paste in the non-silicon cost of batteries is as high as 42%, directly determining the profitability of enterprises.
Faced with the high volatility of silver prices, photovoltaic enterprises have taken a series of coping measures. On the one hand, they have accelerated the research and development and application of silver reduction and silver-free technologies. Leading enterprises such as Trina Solar have reduced the silver consumption of HJT cells to 80mg per piece by developing silver-clad copper paste and laser transfer printing technology. On the other hand, they have adopted financial tools to hedge risks. For example, JinkoSolar has signed a six-month supply agreement with the world's three major silver paste factories, agreeing to price according to the monthly average of LME three-month futures, and at the same time establishing short positions on the Shanghai Futures Exchange to offset the impact of silver price fluctuations. In addition, photovoltaic enterprises have also optimized their inventory management, controlling the silver paste inventory to 10-15 days' usage, and establishing virtual inventory through Shanghai Gold Exchange T+D contracts.
4.2 Impact on the Semiconductor Industry
The semiconductor industry is another important application field of conductive silver paste. The rise in silver prices has also brought certain cost pressure to the semiconductor industry, but the impact is relatively limited compared with the photovoltaic industry due to the small amount of silver used per unit product and the high added value of products.
In recent years, China's semiconductor conductive silver paste market has shown a pattern of parallel technological breakthroughs and demand expansion. The market size is expected to climb from 4.26 billion yuan in 2023 to 6.83 billion yuan in 2025, with a compound annual growth rate of 26.8%. The growth momentum comes from the iteration of semiconductor packaging technology, the surge in demand for new energy electronic devices, and the in-depth advancement of the domestic substitution strategy. However, the rise in silver prices has also affected the profit margin of semiconductor conductive silver paste enterprises. It is estimated that the fluctuation range of London silver prices in 2024 will be between 22-28 US dollars per ounce, forming a potential impact of 4-6 percentage points on the industry's gross profit margin.
To cope with the impact of rising silver prices, semiconductor conductive silver paste enterprises have accelerated technological innovation and product structure optimization. Low-temperature curing silver paste has occupied 37% of the market share in 2023 due to adapting to the characteristics of flexible electronics and third-generation semiconductor materials, and is expected to exceed 50% by 2025. The penetration rate of high thermal conductivity nano-silver paste in the field of power device packaging will increase from 18% in 2022 to 30%, becoming an important growth pole in the segmented market. In addition, domestic enterprises have made breakthroughs in the conductivity index of silver paste for 5G base stations, with the particle size control accuracy reaching below 80nm, narrowing the gap with imported products to within 15%.
4.3 Impact on the New Energy Vehicle Industry
The new energy vehicle industry has a strong demand for conductive silver paste, mainly used in the packaging of power modules such as IGBT. The popularization of 800V high-voltage platform models has increased the silver paste consumption of IGBT modules by 25%, making the new energy vehicle industry an important growth driver of the conductive silver paste market. The rise in silver prices has increased the production cost of new energy vehicles, but due to the strong market demand for new energy vehicles and the relatively high price of vehicles, the impact of rising silver prices on the new energy vehicle industry is relatively small.
It is expected that the demand for silver paste for new energy vehicle electronic control systems will grow at a rate of more than 35%, and the market size will exceed 1.2 billion yuan in 2025. To cope with the impact of rising silver prices, new energy vehicle enterprises and component suppliers have accelerated the research and development of alternative materials and optimized the design of power modules. For example, the use of silver-clad copper paste and copper electroplating technology can reduce the silver usage of power modules, thereby reducing production costs. At the same time, enterprises have also strengthened supply chain management, signed long-term supply contracts with conductive silver paste enterprises, and used financial tools to hedge the risk of silver price fluctuations.
5. Coping Strategies of Conductive Silver Paste Enterprises and Downstream Industries
5.1 Optimizing Supply Chain Management and Strengthening Cost Control
Conductive silver paste enterprises and downstream enterprises should optimize supply chain management, strengthen cooperation with upstream silver suppliers, and stabilize raw material supply channels. On the one hand, they can sign long-term supply contracts with silver suppliers to lock in raw material prices and reduce the impact of short-term silver price fluctuations. On the other hand, they can establish a multi-supplier supply system to avoid supply risks caused by the concentration of suppliers. In addition, enterprises can also reduce raw material costs by vertically integrating the industrial chain. For example, some conductive silver paste enterprises have realized the self-production of silver powder, reducing raw material costs by 15%-18%.
In terms of cost control, enterprises can optimize the formula of conductive silver paste, reduce silver content on the premise of ensuring product performance, and increase the proportion of alternative materials. For example, the use of silver-clad copper powder instead of part of silver powder can not only reduce silver usage but also ensure the conductivity and stability of the product. At the same time, enterprises can also improve production efficiency, reduce production costs, and offset the impact of rising silver prices by optimizing production processes and introducing intelligent production equipment.
5.2 Using Financial Tools to Hedge Price Fluctuation Risks
Financial tools are an important means for enterprises to cope with the risk of silver price fluctuations. Conductive silver paste enterprises and downstream enterprises can use futures, options, and other financial derivatives to establish a risk hedging mechanism. For example, enterprises can sell silver futures contracts on the futures market to lock in the sales price of conductive silver paste, thereby avoiding the risk of profit reduction caused by the rise in silver prices. When the silver price rises, the loss in the spot market can be offset by the profit in the futures market; when the silver price falls, the profit in the spot market can make up for the loss in the futures market.
In addition to traditional futures hedging, enterprises can also purchase silver price volatility derivatives. Such products achieved a single-day yield of 320% during the sharp drop in silver prices on December 29, 2025, which can effectively cover the additional costs of spot purchases. However, the use of financial tools also requires professional talents and risk management capabilities. Enterprises should establish a sound risk management system to avoid investment losses caused by improper operation.
5.3 Accelerating Technological Innovation and Promoting Silver Reduction and Silver-Free
Accelerating technological innovation and promoting silver reduction and silver-free is the fundamental way for the conductive silver paste industry and downstream industries to cope with the rise in silver prices. Enterprises should increase R&D investment and strengthen the research and development of silver reduction and silver-free technologies. In terms of silver reduction technology, they can further optimize the fine grid line printing technology, reduce the line width of the grid line, and reduce silver consumption. In terms of silver-free technology, they can step up the research and development of copper paste, graphene conductive materials, and other alternative materials, and improve their performance and stability to meet the application requirements of different fields.
At present, some silver-free technologies have made important progress. For example, the conductive paste patented technology developed by foreign enterprises using copper instead of silver can be screen-printed using the same equipment as traditional silver paste, avoiding the need for additional diffusion barriers and protective capping layers, which is expected to be widely used in the photovoltaic industry. Domestic enterprises have also made breakthroughs in the research and development of silver-clad copper paste. The conductivity of silver-copper composite paste is expected to break through 6×10^5 S/m in 2025, and the dielectric loss will drop to below 0.002, gradually replacing pure silver paste. In addition, the application of nuclear shell structure silver powder has increased the density of the sintered film layer to 98.5% and reduced the contact resistance to 2.1×10^-6 Ω·cm, which has been applied in the mass production of 14nm chip packaging by SMIC.
5.4 Strengthening Policy Support and Industry Cooperation
The government should strengthen policy support for the conductive silver paste industry and downstream industries, increase financial investment in technological innovation, and encourage enterprises to carry out research and development of silver reduction and silver-free technologies. For example, China's "14th Five-Year Plan for the Development of New Materials Industry" clearly lists high-performance electronic pastes as key breakthrough areas, and it is expected to invest 2.3 billion yuan of financial funds to support key technological research. At the same time, the government can also introduce tax preferential policies to reduce the tax burden of enterprises and improve their ability to resist risks.
Industry cooperation is also an important way to promote the healthy development of the conductive silver paste industry. Enterprises, universities, and research institutes should strengthen cooperation, establish an industrial-university-research innovation system, and jointly tackle key technical problems. In addition, enterprises in the industry should strengthen communication and cooperation, jointly formulate industry standards, and avoid vicious competition. Through industry cooperation, we can realize the sharing of resources and technologies, improve the overall competitiveness of the industry, and better cope with the impact of silver price fluctuations.
6. Future Development Trend of the Conductive Silver Paste Industry
6.1 The Market Scale Will Maintain Growth, but the Growth Rate May Slow Down
Driven by the continuous expansion of downstream application fields such as photovoltaic, semiconductor, and new energy vehicles, the global conductive silver paste market will maintain a growth trend in the next few years. According to industry forecasts, the global sintered conductive silver paste market size is expected to climb from 4.28 billion US dollars in 2023 to 7.23 billion US dollars in 2030, with a compound annual growth rate (CAGR) of 7.8%. However, affected by factors such as the rise in silver prices and the slowdown in the growth rate of some downstream industries, the growth rate of the conductive silver paste market may slow down.
The Chinese market will continue to play a leading role in the global conductive silver paste market. In 2023, China accounted for 38% of the global market share, and it is expected to exceed 52% by 2030. The core driving force comes from the explosive growth of distributed photovoltaic installed capacity under the dual carbon policy and the breakthrough of local enterprises in the field of low-temperature sintering technology. With the continuous advancement of the domestic substitution strategy, the self-sufficiency rate of domestic silver paste will continue to improve, and the market share of Chinese enterprises will further increase.
6.2 Technological Innovation Will Become the Core Driving Force for Industry Development
In the context of rising silver prices, technological innovation will become the core driving force for the development of the conductive silver paste industry. The research and development of silver reduction and silver-free technologies will be further accelerated, and the performance of alternative materials will be continuously improved. It is expected that silver-clad copper paste and copper electroplating technology will be widely used in the photovoltaic and semiconductor industries in the next 3-5 years, reducing the industry's dependence on silver.
In addition, the research and development of new technologies such as low-temperature sintering technology and nano-silver paste will also make important progress. Low-temperature sintering technology can reduce the sintering temperature to below 450℃, which has been commercially applied in the manufacturing of flexible OLED screens. The market penetration rate of low-temperature silver paste is expected to reach 27.5% in 2024. Nano-silver paste with particle size controlled below 50nm can improve conductivity by 40%, and has been successfully applied in the production of miniaturized MLCC, promoting a 23% reduction in silver paste usage per component while improving conductivity.
6.3 The Industry Concentration Will Further Increase
Affected by factors such as rising silver prices, increasing R&D investment, and improving industry access thresholds, the concentration of the conductive silver paste industry will further increase. Leading enterprises with strong financial strength, advanced technology, and perfect risk management capabilities will continue to expand their market share through technological innovation, industrial chain integration, and scale effect. Small and medium-sized enterprises with weak strength will face greater survival pressure and may be eliminated by the market or merged and acquired by leading enterprises.
The global top five manufacturers (DuPont, Heraeus, Henkel, Samsung SDI, and Sino-American Silicon Products) will still occupy a dominant position in the high-end market, but the market share of Chinese enterprises will continue to increase. By 2030, the market share of Chinese enterprises is expected to reach 41%, and the pattern of the global conductive silver paste industry will be further optimized.
6.4 Environmental Protection Requirements Will Promote the Green Development of the Industry
With the increasing global attention to environmental protection, the environmental protection requirements for the conductive silver paste industry will become more stringent. The EU RoHS directive requires the lead content to be below 0.1%, which has promoted major global manufacturers to carry out production line transformation. In 2030, the market share of environmentally friendly silver paste products is expected to exceed 50%. In addition, the increasingly strict regulations on volatile organic compound (VOC) emissions around the world are also promoting enterprises to accelerate the development of environmentally friendly formulas. Water-based silver paste with VOC emissions reduced by 78% compared with traditional products will enter the mass production stage, promoting the green development of the industry.
7. Conclusion
The sharp rise in silver prices since 2025 has had a profound impact on the conductive silver paste industry and downstream application fields. It has not only increased the production cost of conductive silver paste enterprises, compressed profit margins, and intensified industry competition but also forced the industry to accelerate technological iteration and promote the research and development and application of silver reduction and silver-free technologies. For downstream industries such as photovoltaic, semiconductor, and new energy vehicles, the rise in silver prices has also brought certain cost pressure, prompting enterprises to optimize supply chain management, use financial tools to hedge risks, and strengthen technological innovation.
Looking forward to the future, the conductive silver paste industry will face both challenges and opportunities. The rise in silver prices and increasingly strict environmental protection requirements will bring certain pressure to the development of the industry, but the continuous expansion of downstream application fields and technological innovation will also inject strong impetus into the development of the industry. Enterprises should seize the opportunity, increase R&D investment, accelerate technological innovation, optimize supply chain management, and strengthen industry cooperation to better cope with the impact of silver price fluctuations and realize the healthy and sustainable development of the industry. At the same time, the government should strengthen policy support, improve the industry standard system, and create a good development environment for the conductive silver paste industry.