Silver Nitrate Market: Overview
- Silver nitrate is an inorganic chemical compound that is manufactured by dissolving silver in nitric acid. It exists in the form of colorless transparent rhombic tabular crystal.
- Silver nitrate appears to be a white crystalline solid that is non-hygroscopic in nature. It is soluble in water and ammonia.
- Silica nitrate is widely utilized as a cauterizing, sclerosing, and an anti-microbial agent in medical and pharmaceutical industries. It is used in precipitation of chlorine, bromine, and iodine-cyanide in analytical chemistry. Silica nitrate is employed as silver plating material in the electroplating industry. It is also utilized to manufacture several coloring agents such as dyes and inks. Small amount of silica nitrate is used in ceramic, electronics, and explosive industries.
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USP and ACS grades to offer attractive opportunities
- In terms of grade, the silver nitrate market can be segmented into silver nitrate ACS grade, silver nitrate USP grade, silver nitrate technical grade, and others. The silver nitrate ACS grade segment is estimated to hold a major share of the global silver nitrate market in the near future.
- Silver nitrate as a cauterizing or sclerosing agent and is gaining popularity in the medical & healthcare industry
- USP grade silver nitrate is widely utilized in pharmaceutical and biotechnology applications. It is used as a cauterizing agent to regulate growth, prevent bleeding, and protect against infection. It is also employed in clinics to remove warts, skin tags, verrucae, and excess granular tissues. USP grade silver nitrate is utilized in nose surgery and haemostasis to cauterize superficial blood vessels that cause bleeding. Moreover, it is used in dentistry applications to remove aphthous ulcers.
- It is also employed as antiseptic, disinfectant, and an anti-microbial agent in the medical industry. Furthermore, it is used in podiatric application to kill cells in nail beds and in wound healing applications in order to deter microbial growth.
- Demand for USP grade silver nitrate to be used in medical & healthcare applications is expected to increase in the near future, owing to its cauterizing and anti-bacterial properties
- Increase in research & development activities in the field of medicine and pharmaceuticals in the U.S. and China is likely to provide significant opportunity to the manufacturers of silver nitrate in the near future
High demand for silver nitrate in medical industry to boost silver nitrate market
- Based on end-use industry, the silver nitrate market can be segregated into photography & jewelry, medical & healthcare, glass, electronics, and others. The photography & jewelry segment accounts for a significant share of the global silver nitrate market.
- Silver nitrate is blended with halide salts of potassium or sodium to produce insoluble silver halide. This insoluble silver halide is utilized to process photographic films. However, a decline in usage of photographic films in professional cameras and an increase in preference for digital photography among users have hampered the demand for silver nitrate that is used in processing photographic films.
- Moreover, the medical & healthcare segment is projected to expand at a rapid pace during the forecast period, owing to high usage of silver nitrate as cauterizing and antibacterial agent.
- Silver nitrate is also utilized to manufacture few silver-based explosives, such as fulminate, acetylide, or azide, through a precipitation reaction
Asia Pacific anticipated to dominate the global silver nitrate market
- In terms of region, the silver nitrate market can be divided into five prime regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is a leading consumer of silver nitrate, followed by Europe and Asia Pacific. Rising demand for silver nitrate as cauterizing agent in developed economies such as the U.S. and Canada is expected to propel the demand for silver nitrate during the forecast period.
- Asia Pacific is the major producer of silver nitrate. China manufactures substantial amount of silver nitrate and exports it to the developed countries. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to a rise in industrialization in countries such as China and India. Production capacity expansions by chemical and pharmaceutical manufacturers in China are likely to boost the demand for silver nitrate in the country in the next few years.
- Advancements in medicine and the advent of electroplating technologies are likely to drive the demand for silver nitrate in Asia Pacific in the near future.
- Rising FDI investment in the medical industry in developing economies of Asia Pacific is also a key factor that is likely to fuel the market in the region during the forecast period.
- Emergence of stringent regulations against silver nitrate grades in medical and food applications across Europe is anticipated to hamper the demand for silver nitrate in the region
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Key players operating in the Silver Nitrate Market:
Key players operating in the global silver nitrate market account for than 60% share. Few of these eminent players operating in the silver nitrate market include:
- American Elements
- Ames Goldsmith Corporation
- Barker Industries
- ESPI Metals
- Jiangsu Shangyong New Material Co., Ltd
- Pheonix Industries
- RICCA Chemical Company
- K. Chemical Industries
- Shengzhou Jingui Silver Industry Co., Ltd.
- Tongling Nonferrous Metals Group Holding Co.,Ltd
- Umicore Precious Metals Refining