The silver nitrate market is poised for substantial growth, with a projected CAGR of 5.2% from 2022 to 2032, propelling its value from US$ 5.3 Billion in 2022 to an estimated US$ 8.8 Billion in 2032. This upward trajectory is primarily driven by the rising need for silicone elastomers, particularly in the automotive and construction sectors, creating promising opportunities for market expansion.
Silver nitrate is known as an inorganic chemical compound created by combining silver with nitric acid. It is commonly found as a colorless translucent rhombic tabular crystal. Furthermore, silver nitrate appears to be a non-hygroscopic white crystalline solid. It is water and ammonia soluble.
Within the medical and pharmaceutical sectors, silica nitrate is frequently utilized as a cauterizing, sclerosing, and anti-microbial agent. In analytical chemistry, it is used to precipitate chlorine, bromine, and iodine-cyanide. In the electroplating business, silica nitrate is used as a silver plating material. It is also used in the production of various coloring agents like dyes and inks. In the ceramic, electronics, and explosive sectors, a small quantity of silica nitrate is employed.
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Report Highlights
The prolific properties of silver nitrate are anticipated to have an effect on the growth of the global silver nitrate market over the assessment period. Because the chemical is very hygroscopic and soluble in water, it is an excellent oxidizing agent.
Silver nitrate is used as a starting material in the manufacture of silver oxides, silver halides, and a variety of other derivatives. Attributing to its exceptional qualities, silver nitrate is increasingly being used in a variety of industrial and commercial applications. This feature is expected to promote the growth of the global silver nitrate market during the course of the study.
Recent Developments
The augmenting demand for silver nitrate in jewelry and photographic applications is predicted to bode well for the industry in the next decade. Silver nitrate includes antifungal and antiseptic characteristics, which make it useful in the pharmaceutical and medical sectors.
Attributing its phenomenal properties, silver nitrate is excessively utilized as an organic coloring agent, an analytical reagent, and a catalyst. As a result, the compound’s features are projected to fuel its demand in a variety of industrial and commercial applications. This, in turn, is expected to fuel expansion in the worldwide silver nitrate market throughout the assessment period.
Owing to the emergence of rigorous laws on silver nitrate grades in medical and food applications across numerous areas is anticipated to hamper the regional demand for silver nitrate.
Competitive Landscape
Prominent participants in the silver nitrate market
- Ames Goldsmith Corporation
- S D FINE CHEM LIMITED
- Spectrum Chemical Manufacturing Corp.
- Sigma-Aldrich Co. LLC
- Rochester Silver Works LLC
- Tongling Nonferrous Metals Group Holdings Co. Ltd.
- Chengzhou Jingui Silver Industry Co. Ltd.
- K. Chemical Industries Pvt. Ltd.
- EMD Milipore Corporation
- Mahi Enterprise
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Key Segments Profiled in the Silver Nitrate Industry Survey
Grade:
- Analytical Reagent Grade (ARG)
- Active Pharmaceutical Ingredient (API) Grade
- Photographic Grade
Application:
- Photography & Jewellery
- Medicine & Healthcare
- Glass Coating
- Others (Laboratory, Ceramics, etc.)
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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