The global silver cyanide market is forecast to register a steady growth rate over the forecast period from 2022 to 2032. Growth in the market is primarily driven by rapid adoption of silver cyanide in a multitude of applications such as silver plating and metal surface treatment.
Silver cyanide is a whitish chemical compound obtained from the reaction between solutions containing silver and cyanide. It is highly reactive in nature and decomposes on exposure to light. Silver cyanide is mostly used for silver plating of metals across manufacturing industries. Owing to its ability to enhance the quality and aesthetic features of products, it is being increasingly used for various purposes such as decorative effects on trinkets, teapots and trays. Increasing sales of these products will therefore generate growth opportunities within the silver cyanide market during the forecast period.
Similarly, the expansion of electronics industry is anticipated to provide impetus to silver cyanide market in the future. Today, various electronic products are being manufactured by using silver plating.
Countries like China and India are becoming attractive destinations for silver cyanide due to heavy presence of leading end-use industries such as electronics, automotive and chemicals. People in these countries use silver coated products like trinkets, semiconductors, utensils etc. on large scales.
The chemical compound (silver cyanide) is available in two different forms i.e., solid and powder, which enables the end users to choose according to their requirements. Growing usage of both solid and powered silver cyanide for making electronic components, chemicals and other salts will provide a strong thrust to the market growth in the future.
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Which are Some Prominent Drivers Spearheading Silver cyanide Market Growth?
The swift expansion of silver cyanide market is attributed to the increasing adoption of silver cyanide across diverse end-use industries such as manufacturing, laboratory and chemicals.
Growing popularity of silver plating as an economical and efficient process of material plating is perhaps one of the major forces triggering the sales of silver cyanide. It is a simple process of coating materials with silver. It provides numerous benefits such as excellent corrosion resistance to base material, superior finish and lower costs. Increasing adoption of silver cyanide for silver plating will continue to provide a strong thrust to market growth during the forecast period.
Silver cyanide has in fact become one of the ideal candidates used in silver plating applications to improve solderability, durability, conductivity, and corrosion and wear resistance of products. It is being increasingly used for silver plating of electronics (semiconductors, bearings, connectors etc.), musical instruments, power generators, utensils, jewelry and several other products. Rising demand for these products will eventually create sales prospects for silver cyanide in the future.
Similarly, growing adoption of silver cyanide in metal surface treatment and research activities is anticipated to boost the sales of silver cyanide during the forecast period. Silver cyanide is being used for chemical surface treatment to modify the physical and chemical properties of products.
However, due to its highly toxic nature, it is gradually being replaced by other chemicals in metal plating applications.
What are the Challenges Faced by the Silver Cyanide Industry?
Although silver cyanide has numerous end uses, there are various obstacles likely to pose a challenge to market growth. One of the major factors that is restraining the growth of silver cyanide market is the highly toxic nature of silver cyanide.
Silver cyanide is a poisonous chemical compound that can cause various health issues ranging from acute poisoning to severe allergic reactions. It is perhaps for this reason that it is being classified as a highly toxic materials by the U.S. National Library of Medicine, Toxicology Data Network.
Why is Asia-Pacific Emerging as an Opportunistic Silver Cyanide Market?
As per FMI, Asia Pacific will continue to remain the most prominent market for silver cyanide during the forecast period, owing to the increasing demand for silver cyanide for various applications, lax government regulations, and presence of leading market players.
Sales of silver cyanide are growing at a significant pace across countries like China and India due rapid growth of end-use industries including electronics and chemicals. It is being extensively used for silver plating of automotive components, utensils, jewellery etc. to enhance their aesthetics, increase their life span and protect them from corrosion.
Increasing demand for silver coated products from automotive, jewellery, electronics and home accessories and kitchen utensils industry is anticipated to boost the sales of silver cyanide during the forecast period.
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How Will Growth Unfold in North America?
Spurred by increasing demand for silver cyanide from manufacturing industries and research laboratories, the North America silver cyanide market is anticipated to experience significant growth over the forecast period.
Developed nations such as the United States are experiencing strong demand for silver plating across diverse industries. This is in turn creating space for silver cyanide market growth.
With changing lifestyle and increasing disposable income, people especially women are spending large amount for purchasing silver coated ornaments and household utensils. Increasing sales of these products will continue to generate demand for silver cyanide in the region. .
In addition, increasing usage of silver cyanide for research purposes in laboratories is positively impacting the growth of the North American silver cyanide market and the trend is likely to continue in the foreseeable future.
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Market Competition
Some of the key participants present in the global silver cyanide market include American Elements, Thermo Fisher Scientific, Umicore, Alfa Aesar, TANAKA Holdings Co., Ltd., Merck KGaA, SUVCHEM, Spectrum Chemical Manufacturing Corp., DuPont and Dow, KSIP (Singapore) Pte. Ltd., Metalor Technologies SA, Anhul Shuguang Chemical Group, SAXONIA Edelmetallie GmbH, Mahavir Expochem Ltd.
These key market players are levering various strategies such as partnerships, collaborations, price reduction and increasing production capacity to gain a competitive edge in the global market.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as AkzoNobel and Dow Chemical Company account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.