by The global Silver Nitrate Market is estimated to be valued at US$ 363.1 Mn or Million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Silver nitrate is an inorganic compound with Applications in various industries such as photographic, healthcare, electronics and others. It is a highly soluble white crystalline solid that is usually available as colourless or pale yellow solution. Silver nitrate is known for its antiseptic, disinfectant and germicidal properties and finds application in water disinfection, treatment of warts and corns.
Market key trends:
Growing use of silver nitrate in drug delivery applications is expected to be a major trend in the market over the forecast period. Silver nanoparticles are being used in drug delivery systems to enhance bioavailability and targeted delivery of drugs. Their antimicrobial properties help in controlled and sustained release of drugs at the target site with minimal dosage. Silver nanoparticles are also explored for their roles in biomedical implants, wound healing and cancer treatments. Rising demand for advanced drug delivery systems and development of silver based compounds tailored for specific therapies will support the demand globally. Growing population, healthcare investments and initiatives to combat infections will also aid expansion of silver nitrate market for medical applications over the next few years.
SWOT Analysis:
- Strength: Silver nitrate market is driven by increasing demand from various end-use industries such as Chemicals, Pharmaceuticals, and Electronics. It is used as an antiseptic and disinfectant in the healthcare sector.
- Weakness: Stringent regulations regarding the use of silver nitrate may hamper market growth. High production cost of silver nitrate also acts as a restraint.
- Opportunity: Rising demand for silver nitrate from the photovoltaic industry as a conductor offers lucrative opportunities. Growing electronics industry in Asia Pacific also presents growth opportunities.
- Threats: Volatility in raw material prices and availability are key challenges. Presence of substitute materials also poses a threat.
Key Takeaways:
The Global Silver Nitrate Market Size was valued at US$ 363.1 Mn in 2023 and is expected to reach US$ 622.3 Mn by 2030, expanding at a CAGR of 6.8% during the forecast period. Rising use in various end-use industries such as chemical, pharmaceutical, electronics is fueling the market growth.
Regional analysis: Asia Pacific dominates the global silver nitrate market and accounted for over 35% of the total share in 2023 owing to robust electronics industry and growing medical sector in China, India, and Japan. North America is expected to exhibit fastest growth during the forecast period driven by the increased demand from the photovoltaics applications.
Key players operating in the silver nitrate market are Ames Goldsmith, Ricca Chemical Company, Rochester Silver Works, Tongling Noferrous Metals Group, Jiangsu Shangyong New Material, Yinxing Chem, Chenzhou Jingui Silver Industry, Shenzhen Sunshine Chem, Shaanxi Kaida Chemical Engineering, Metalor Technologies International, Umicore, Materion Corporation, Tanaka Holdings, Heraeus Holding, Fujifilm, Boliden Group, Dowa Electronics Materials, Asahi Refining USA, Hutchinson Manufacturing, Johnson Matthey. The market is consolidated with top 5 players accounting for over 50% of the total market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
