July 12, 2024
Silver Nitrate Market

Rising Application of Silver Nitrate in Various End-Use Industries Is Anticipated To Open Up New Avenues for the Silver Nitrate Market

The silver nitrate Market is estimated to be valued at US$ 363.1 Mn or Mn 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 salt with myriad applications across various end-use industries such as electronics, healthcare, textiles, catalyst, photography, etc. Silver nitrate exhibits versatile properties such as antimicrobial effectiveness, catalytic activity, and high electrical conductivity which makes it suitable for diverse applications. It is widely used as an antimicrobial agent in healthcare applications such as wound dressings, catheters, and medical devices. In the electronics industry, silver nitrate finds usage in PCB manufacturing as conductive adhesives and pastes.

Market Dynamics:

Two major drivers contributing to the growth of silver nitrate market are-

  • Rising demand from the healthcare industry– Silver nitrate is an effective antimicrobial agent and exhibits high antibacterial activity against both gram-positive and gram-negative bacteria. It is extensively used in wound dressings, medical devices, and infection control products owing to its bactericidal and infection inhibiting properties. The growth of the healthcare industry especially in developing nations is creating high demand for silver nitrate-based antimicrobial products, thereby driving market growth over the forecast period.
  • Growing electronics manufacturing sector– Silver nitrate is used in the production of conductive adhesives, pastes, and epoxies which find wide application in the electronics industry for soldering, bonding, and chip attach operations. The expanding electronics industry, especially in Asia Pacific, is propelling the demand for silver nitrate for electronics applications.

Segment Analysis:

The silver nitrate market can be segmented based on application into photographic emulsions, medical uses, electronics & batteries, textiles, catalysts, analytical reagents, microelectronics and others. The photographic emulsions segment dominates the global silver nitrate market as silver nitrate is a key constituent in black and white film processing and is used in manufacturing of photographic film and printing papers. The demand for silver nitrate is high from this segment owing to increasing demand for photography related activities and services.

PEST Analysis:

  • Political: The government regulations regarding usage of chemicals can impact growth of silver nitrate market. Environmental norms related to disposal of chemicals also affect the market.
  • Economic: Fluctuations in economy impact various end-use industries wherein silver nitrate has applications. Growth in healthcare and electronics industries promote market growth.
  • Social: Increasing population, growing healthcare services, rise in disposable incomes propel demand for various end products that utilize silver nitrate.
  • Technological: Advancements in photography, electronics and healthcare sectors aid in development of new applications for silver nitrateand drive its market.

Key Takeaways:

The Global Silver Nitrate Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand from photographic emulsions and medical applications.

Regional analysis:

The Asia Pacific region dominated the global silver nitrate market with a share of over 35% in 2023 owing to presence of large manufacturing bases and growing electronics sector in China and India. Southeast Asian countries are also emerging as major manufacturing hubs and thereby propelling regional demand.

Key players:

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it