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The silver nitrate market size is estimated to grow at a CAGR of 5.36% between 2023 and 2028. The market size is forecast to increase by USD 3,457.79 million. The growth of the market depends on several factors such as the growing demand for silver nitrate in the healthcare sector, the increased demand for silver nitrate in photography and jewelry applications, and the low cost and easy availability of raw materials.
This silver nitrate market report extensively covers market segmentation by grade type (photographic grade, active pharmaceutical ingredient grade, and analytical reagents grade), application (photography and jewelry, medical and healthcare, glass coating, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the silver nitrate market growth is the low cost and easy availability of raw materials. Silver nitrate is essentially an inorganic compound that is manufactured using silver and nitric acid as raw materials. In addition, the abundant availability of silver from its ores can fuel the market. Furthermore, almost 75% to 85% of the silver obtained on a global basis is derived from sulfide ores and oxidized sulfide ores.
Moreover, the US, Australia, Canada, Mexico, Germany, Japan, and Peru are the leading countries from where the maximum amount of silver is mined and extracted from their corresponding ores. In addition, the ease of manufacturing and the low dependency on heavy equipment and technologies are the other major factors for the low cost of this product. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the silver nitrate market growth is the increasing demand for analytical reagents. Analytical reagents can be referred to as substances or products that are added to a system to cause a chemical reaction or to test the presence or absence of a substance in a chemical reaction. Silver nitrate essentially acts as an excellent analytical reagent that, when introduced to a chemical reaction, causes the desired transformation of an organic substance.
Moreover, it is mostly used in laboratories to analyze and test the by-products of a chemical reaction as it is inexpensive. In addition, as an active analytical reagent, it can also help in separating the mixtures of alkenes through selective absorption. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The availability of substitutes for silver nitrate is one of the key challenges hindering the silver nitrate market growth. Silver salts, such as silver chloride, are major substitutes that can pose a significant threat to the growth of the market. In addition, silver chloride is used for the long-term preservation of water and is used in potable water to kill pathogens and microbes. Furthermore, the alternates of silver nitrate hold advantages such as easy applicability and manufacturability.
Moreover, they also have cost advantages. In addition, metallic salts such as aluminum, copper, and gold are used in electronic and electrical applications, photographic, and jewelry applications. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Silver Nitrate Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACS Chemicals: The company offers silver nitrate such as silver nitrate Lr power under brand ACS chemicals.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The photographic grade segment is estimated to witness significant growth during the forecast period. Several photographic applications, such as the processing of film and paper, black-and-white photography, and medical imaging, make extensive use of silver nitrate. In addition, to ensure maximum performance in applications related to photography, the photographic grade segment of the global silver nitrate market is distinguished by high purity levels and stringent quality criteria.
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The photographic grade segment was the largest segment and was valued at USD 3,632.59 million in 2018. Moreover, the expansion of the photography business, which includes both amateur and professional photographers is fuelling the growth of this segment. In addition, various medical imaging applications, including X-ray films and photographic plates used in diagnostic imaging, underpin the market for photographic-grade silver nitrate. Furthermore, the light-sensitive characteristics and capacity for high-quality image capture, silver nitrate is essential in these applications. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Various industries, including electronics, healthcare, and photography, employ silver nitrate extensively which is significantly contributing to the market growth in the region. In addition, silver nitrate is a caustic and antiseptic chemical used in the healthcare industry for dermatological and wound healing. Moreover, the demand for silver nitrate in the healthcare sector is being fuelled by rising hygiene awareness and rising demand for sophisticated wound care solutions. The electronics industry is another significant silver nitrate end-user in North America. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global silver nitrate market witnessed a significant slowdown due to the fall in demand from the jewelry and photography industries as well as disruption of silver nitrate supply chain operations in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of supply chain operations. Such factors are expected to drive the market during the forecast period.
The silver nitrate market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Silver Nitrate Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
Market growth 2024-2028 |
USD 3,457.79 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.22 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Japan, Germany, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACS Chemicals, ALPHA CHEMIKA, Ames Goldsmith Corp., Celtic Chemicals Ltd., Central Drug House Pvt. Ltd., East India Chemicals International, Ennore India Chemical International, Fine Chemicals and Scientific Co., Green Vision Technical Services Pvt Ltd, INDIAN PLATINUM PVT LTD., Innova Corporate India, Marine Chemicals, Modison Metals Ltd., Otto Chemie Pvt. Ltd., Ralington Pharma LLP, RXChemicals, Sky Chem, Texchem Industries, Tung State, and Vizag Chemical International |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Grade Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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