Silver Nitrate Market: Rapid Growth in the Medical & Pharmaceutical Boost the Market Growth

Silver Nitrate market was valued at USD 3.59 Bn in 2023 and is expected to reach USD 5.11 Bn by 2030, at a CAGR of 5.18 % during the forecast period.

Silver Nitrate Market Overview

The silver nitrate market is experiencing robust growth driven by several key factors. The increasing demand within the healthcare sector is a significant driver. Silver nitrate’s antimicrobial properties make it valuable in medical applications such as wound care, dermatology, and eye care, where it aids in promoting healing and preventing infections. There is a growing demand for silver nitrate in photography and jewellery applications. In photography, it is integral to traditional black and white film development processes and is also used in specialty papers and ink formulations. Additionally, in the jewellery industry, silver nitrate is utilized for silver plating and in the production of silver-based ornaments. Moreover, the market benefits from the accessibility and affordability of raw materials required for silver nitrate production. This ensures a steady supply chain and competitive pricing, further fuelling Silver Nitrate Market growth. These factors combined are driving the growth of the silver nitrate market across various industries and regions, promising continued growth and innovation during the forecast period.

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Silver Nitrate Market Dynamics

The silver nitrate market thrives on the affordability and ready availability of raw materials, propelling its growth.

The growth of the silver nitrate market is significantly propelled by the accessibility and affordability of its raw materials. Silver nitrate, an inorganic compound, is primarily produced using silver and nitric acid. The ample availability of silver, sourced mainly from its ores, further augments market growth. Approximately 75% to 85% of global silver production originates from sulfide ores and oxidized sulfide ores. Key countries such as the US, Australia, Canada, Mexico, Germany, Japan, and Peru are at the forefront of silver mining and extraction, contributing substantially to the global supply. Moreover, the streamlined manufacturing processes and reduced reliance on complex machinery and technologies significantly lower production costs. Consequently, these factors collectively propel market growth during the forecast period.

The presence of substitutes poses a significant barrier to the growth of the silver nitrate market.

One of the primary challenges hindering the growth of the silver nitrate market is the presence of substitutes. Silver salts, particularly silver chloride, emerge as significant alternatives, posing a notable threat to market growth. Silver chloride finds extensive use in the long-term preservation of water and is employed in potable water for disinfection purposes, targeting pathogens and microbes. Additionally, substitutes for silver nitrate offer advantages such as ease of application and manufacturing, alongside cost efficiency. Moreover, metallic salts like aluminium, copper, and gold are utilized in various applications including electronics, photography, and jewellery, presenting further alternatives to silver nitrate. Consequently, these factors collectively exert a negative impact on market growth, thereby expected to hinder market growth during the forecast period.

The increasing need for analytical reagents significantly propels the growth of the silver nitrate market.

The rising demand for analytical reagents plays a pivotal role in driving the growth of the silver nitrate market. Analytical reagents, substances added to induce chemical reactions or test for the presence of substances, are crucial in various applications. Silver nitrate, renowned for its effectiveness as an analytical reagent, facilitates desired transformations in organic substances when introduced into chemical reactions. Furthermore, its affordability makes it a preferred choice for laboratories engaged in analysing and testing chemical reaction by-products. As an active analytical reagent, silver nitrate also aids in the selective absorption and separation of alkene mixtures. These factors collectively contribute to the market’s positive trajectory, driving growth prospects during the forecast period.

Increased demand for silver nitrate in the electrical & electronics sector drives market growth.

Silver nitrate serves as a key component in the production of conductive pastes, adhesives, and inks utilized in various applications such as printed circuit boards, semiconductors, and photovoltaics. With the burgeoning demand for consumer electronics and the widespread integration of smart wearables, flexible displays, and sensors, the need for silver nitrate is poised to surge.

Printed circuit board market size

Additionally, silver nitrate inks play a vital role in printing conductive tracks for RFID antennas, further contributing to its market demand. The rising adoption of printed electronics and the expanding implementation of 5G technology are expected to further propel the growth of the silver nitrate market.

The healthcare industry is expected to be a major driver for the silver nitrate market

Silver nitrate is used extensively in wound care applications due to its potent antimicrobial properties. The rising prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers is increasing the demand for advanced wound care products. For instance, according to CDC (Centres for Disease Control and Prevention), around 6.5 Mn people in the U.S. suffer from chronic wounds. Silver nitrate aids in faster healing of wounds by preventing microbial growth. The growing geriatric population which is more prone to wounds and the increasing incidence of wound site infections is further fuelling the adoption of silver nitrate.
New product launches

1. In January 2022, Picca Chemical, a chemical company, introduced low-iron silver nitrate for use in manufacturing solar cells, enhancing cell efficiency.
2. In March 2021, Virwing Chemical, a pharmaceutical-grade company, launched new high-purity silver nitrate crystals for wound care applications, improving healing.
3. In May 2000, Shand Kai Chemical Engineering unveiled nano-grade silver nitrate for use in coatings and printed electronics.
Acquisition and partnerships
4. In October 2022, Tongling acquired Kangw Shangyong New Material, a scientific and technical manufacturing company, to expand production capacities of silver nitrate, expecting to bolster its use in wound care, solar cell, and printed electronics.
5. In December 2021, Fujitim collaborated with Roche on wound care solutions utilizing Fulfim’s silver nitrate antimicrobial dressings.
6. In September 2020, Umicore, a multinational materials technology company, partnered with Solvay, a Belgian multinational chemical company, to develop silver nitrate pastes for solar cell applications.

Silver Nitrate Market Segment Analysis

Based on Grade Type, The USP grade segment dominated the Silver Nitrate Market share in 2023 and is expected to expand at a CAGR of 3.4% from 2023 to 2030. Its growth surpasses that of the analytical reagent grade and technical grade, attributed to its rising use as a cauterizing or sclerosing agent and robust demand in pharmaceuticals and biotechnology. Primarily employed in regulating bleeding and preventing infection, USP grade is increasingly utilized in clinics for wart removal and excess granular tissue management. The increasing applications in the medical and pharmaceutical sectors are driving its rapid growth, making the USP grade segment poised for significant growth during the forecast period.

Based on Application, the market is segmented by Furniture Industry, Building Grade Types, Interior Decoration, and Other. The photography & jewellery sector captured a significant share of the Silver Nitrate Market in 2023 and is poised to grow at a CAGR of XX% from 2023 to 2030. The market’s growth is driven by the increasing applicability of silver nitrate in photography & jewellery, attributed to its superior features such as high reflectivity, light stability, and luster. Silver nitrate finds extensive use in photographic films, leaving a lasting impression. Additionally, its utilization for electroplating and jewellery finishing is witnessing rapid growth. The thriving silver jewellery market is propelled by factors like increased investment in silver ornaments, silver mine production, and trade expansion. For instance, as per the India Brand Equity Foundation (IBEF), the gems and jewellery market in India reached US$78.50 billion in 2021. According to the Silver Institute, global silver jewellery fabrication is expected to grow by 13% in 2021 compared to the previous year. With the escalating demand for jewellery and silver consumption, the need for silver nitrate in finishing and electroplating applications is expected to rise, thereby boosting the growth prospects for photography & jewellery applications in the silver nitrate market during the forecast period.

Silver Nitrate Market Regional Insight

North America dominated the Silver Nitrate Market share in 2023, accounting for up to 33.5%. The region’s robust demand for silver nitrate, also known as lunar caustic, is driven by factors such as the increasing medical & pharmaceutical sector, well-established manufacturing infrastructure, and ongoing urbanization trends. The medical & pharmaceutical industry in North America is experiencing rapid growth, propelled by factors like well-developed healthcare infrastructure, increasing incidences of chronic health conditions, and advancements in surgical procedures.

For example, as per the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America held the largest share of 49% in pharmaceutical sales in 2020, compared to Europe’s 23.9% share. According to the Government of Canada, the country’s medical device sector was valued at US$7.5 billion in 2020, representing 1.8% of the global market. The International Trade Administration (ITA) forecasts the medical devices sector in the United States to reach US$208 billion by 2023. The rising production of medical goods and consumption of pharmaceuticals have increased the demand for silver nitrate, utilized as an antimicrobial agent for sclerosing, cauterizing, wart treatment, disinfectants, and other medical applications. Consequently, the growth prospects for silver nitrate in the North American region are expected to expand significantly during the forecast period.

Silver Nitrate Market Scope: Inquire Before Buying

Silver Nitrate Market, by Region

North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Leading Silver Nitrate Key Players include:

1. ACS Chemicals – Greece
2. ALPHA CHEMIKA – India
3. Ames Goldsmith Corp. – United States
4. Celtic Chemicals Ltd. – United Kingdom
5. Central Drug House Pvt. Ltd. – India
6. East India Chemicals International – India
7. Ennore India Chemical International – India
8. Fine Chemicals and Scientific Co. – India
9. Green Vision Technical Services Pvt Ltd – India
10. INDIAN PLATINUM PVT LTD. – India
11. Innova Corporate India – India
12. Marine Chemicals – India
13. Modison Metals Ltd. – India
14. Otto Chemie Pvt. Ltd. – India
15. Ralington Pharma LLP – India
16. RXChemicals – India
17. Sky Chem – India
18. Texchem Industries – India
19. Tung State – Taiwan
20. Vizag Chemical International – India

Frequently asked Questions:
1. What is the growth rate of Global Silver Nitrate Market?
Ans: The Global Silver Nitrate Market is growing at a CAGR of 5.18% during forecasting period 2024-2030.

2. What is scope of the Global Silver Nitrate Market report?
Ans: Global Silver Nitrate Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

3. Who are the key players in Global Silver Nitrate Market?
Ans: The important key players in the Global Silver Nitrate Market are – Ennore India Chemical International – India, Fine Chemicals and Scientific Co. Green Vision Technical Services Pvt Ltd , INDIAN PLATINUM PVT LTD., Innova Corporate India, Marine Chemicals , Modison Metals Ltd. And others.

4. What is the study period of this market?
Ans: The Global Silver Nitrate Market is studied from 2023 to 2030.

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