Silver nitrate is an inorganic compound with multiple industrial uses. Silver nitrate is majorly used as antiseptic and disinfectant in pharmaceuticals for treating infections. It is applied on skin or wounds as silver nitrate sticks or solution to prevent infections. The compound aids in stopping bleeding from minor cuts and abrasions. It is also used in photographic applications for producing black and white photography. Silver ions form insoluble compounds with halide ions which are used in manufacturing of silver halide crystals for light sensitive photographic emulsions.
The global Silver Nitrate Market is estimated to be valued at US$ 575.5 million 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 key trends:
One of the key trends in the silver nitrate market is its increasing usage in water treatment plants. Silver nitrate is used in water treatment to remove unwanted algae and bacteria from water. It releases silver ions that act as disinfectants to kill microorganisms present in water. With growing fresh water scarcity across the world, there is rising focus on water treatment and reuse of water which is driving the demand for biocides such as silver nitrate in this application. Furthermore, silver nitrate also finds application in chemical manufacturing. It is used as an intermediate in the production of other silver compounds used in various end-use industries. The rising chemical industry worldwide will further propel the demand for silver nitrate over the forecast period.
- Threat of new entrants: Low barriers to entry such as raw material and technology availability means threat of new entrants is moderate.
- Bargaining power of buyers: Large number of buyers for silver nitrate reduces their bargaining power.
- Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitutes.
- Threat of new substitutes: Limited threat from substitutes due to distinctive properties of silver nitrate in various applications.
- Competitive rivalry: Intense competition among existing players to gain market share keeps pricing pressure high.
The global silver nitrate market is expected to witness high growth over the forecast period. The global Silver Nitrate Market is estimated to be valued at US$ 575.5 million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
North America dominates the market currently due to high demand from various end-use industries in the region.
The Asia Pacific region is expected to be the fastest growing market for silver nitrate owing to rapid industrialization and growth of end-use industries such as healthcare, electronics and others in countries such as China and India. Silver nitrate finds wide application in various industries such as healthcare, electronics, chemicals among others which is driving the demand in the region.
Key players operating in the silver nitrate market are Ames Goldsmith and Ricca Chemical Company. Ames Goldsmith is a leading supplier and refiner of precious metals namely silver and gold. Ricca Chemical Company is a US based manufacturer and supplier of silver nitrate and other chemicals to research laboratories as well as industries. The key players are focusing on expansion in fast growing markets to gain higher shares.