Sliver Nitrate, a silver salt raw material, is one of the most important chemical compound due to its varied industrial and commercial applications. Silver nitrate compound have an important presence in medical & healthcare, photography & jewelry, glass coating and other applications. Besides important chemical properties such as stability to light, solubility in water and non-hygroscopic nature, silver nitrate have competitive advantage of being the least expensive of the silver salts, making the silver nitrate market lucrative. The past trends reveals high growth rates in the silver nitrate market due to extensive use of silver nitrate as photographic emulsions and as an agent to remove copper oxide firescale from silver articles. Silver nitrate is an important antiseptic, disinfectant, and is also used for glass coating to manufacture shiny mirrors. A large portion of silver consumed globally goes into the production of silver nitrate compounds. Silver nitrate is produced by a chemical reaction between silver and nitric acid, further it acts as an intermediate chemical, from which other silver compounds are made and thus possesses important laboratory applications. However, the silver nitrate market has encountered a decline in growth rate in past decade, which is majorly due to reduced use of silver nitrate in photographic applications. The silver nitrate market possess strict government norms and regulations due to its toxic nature. It can cause adverse effects to humans and environment, especially has severe danger to fish and other aquatic organisms.
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Silver Nitrate Market: Drivers and Restraints
A wide range of industrial and commercial applications makes silver nitrate an important chemical compound commercially and is a driver for the global silver nitrate market. Easy availability and low cost of the compound further fuels the growth of silver nitrate market. Growing medical & healthcare industry also tends to surge the demand for silver nitrate and compounds.
However stringent government norms and regulations, varying from region to region hinders the growth of the silver nitrate market, also the persisting economic downturns tends to hamper growth of the market.
Silver Nitrate Market: Segmentation
On the basis of the Grade of the compound, the silver nitrate market is segmented as:
- Analytical Reagent Grade (ACS)
- Active Pharmaceutical Ingredient Grade (API)
- Photographic Grade
On the basis of Applications, the silver nitrate market is segmented as:
- Photography & Jewelry
- Medicine & Healthcare
- Glass Coating
- Others (Laboratory, Ceramics etc.)
Silver Nitrate Market: Region-wise Outlook
The silver nitrate market on basis of region is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America is the largest silver nitrate market in terms of value. Asia pacific is another significant market in the global silver nitrate market with increasing production volumes. Countries in the region such as China, has outsized potential for silver nitrate production. In Latin America, Mexico shares a significant position in the silver nitrate market, as it is among the global leaders in silver production.
Silver Nitrate Market: Key Players
- Ames Goldsmith Corp.
- S D FINE CHEM LIMITED
- Spectrum Chemical Manufacturing Corp.
- Sigma-Aldrich Co. LLC.
- Rochester Silver Works, LLC
- Tongling Nonferrous Metals Group Holdings Co., Ltd
- Chenzhou Jingui Silver Industry Co Ltd
- K. Chemical Industries Pvt. Ltd
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