The global Silver Nitrate Market is estimated to be valued at US$ 363.1 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 finds widespread applications in photographic development processes, disinfectants, qualitative inorganic analysis, and others owing to its strong oxidizing and antiseptic properties. It is used in photographic processing as a developing agent to reduce silver halides and form silver image during development. In pharmaceuticals, silver nitrate is used in surgical applications for cauterization of wounds to stop bleeding. It is also used as a disinfectant for skin and eyes. Owing to increasing demand from end-use industries such as healthcare and photography, the silver nitrate market is expected to grow steadily over the forecast period.
Market key trends:
One of the key trends in the silver nitrate market is growing demand from the healthcare industry. Silver nitrate is widely used in wound dressings, bandages, and surgical tools due to its antibacterial and antifungal properties. It aids in faster healing of wounds by preventing infections. Moreover, with rising incidence of chronic wounds worldwide owing to increasing elderly population and diseases such as diabetes, the demand for advanced woundcare products containing silver nitrate is growing. This is expected to propel the silver nitrate market growth over the forecast period.
Porter’s Analysis:
- Threat of new entrants: The Silver Nitrate industry requires high capital investment for production setup and silver mineral extraction. Strict government regulations further limit entry of new players.
- Bargaining power of buyers: The global Silver Nitrate market is highly fragmented with presence of numerous local and international vendors. Buyers can negotiate on price and quality.
- Bargaining power of suppliers: Being an essential raw material, any shortage in silver supply can significantly impact the industry. This gives suppliers an upper hand in price negotiations.
- Threat of new substitutes: Though some alternatives exist, silver’s superior properties restrict viable substitutes in applications. R&D aims to overcome silver’s limitations and develop cost-effective substitutes.
- Competitive rivalry: The market is highly competitive due to low product differentiation. Players compete on pricing, product quality, and customer relationships.
Key Takeaways:
The Global Silver Nitrate Market Growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period, due to increasing use of silver in electronics and healthcare industries.
North America dominates the global Silver Nitrate market with a share of over 30%, supported by growing pharmaceutical industry in the US. Asia Pacific is expected to witness fastest growth over the forecast period led by China, India, and other Southeast Asian countries on back of booming electronics sector.
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
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