The global Ceric Ammonium Nitrate Market size is expected to value at USD 190.1 million by 2022. The market is subject to witness a substantial growth due to the large number of opportunities that are unexplored, particularly in the research field. Number of research groups and educational institutions are continuously working in order to create an application base of ceric ammonium nitrate for various organic reactions.
Ceric ammonium nitrate has a broader scope in laboratories for organic reactions and application base. These factors are expected to play vital role in the development of ceric ammonium nitrate market over the next seven years. Globally, the ceric ammonium nitrate industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market of ceric ammonium nitrate.
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Ceric ammonium nitrate is used for numerous industrial application and produce etchants mainly required in electronic products such as photomasks and liquid crystal displays. Ceric ammonium nitrate is expected to gain a higher traction in the medical industry and metal surface cleaning process. However, decline in the cost of raw material prices is anticipated to limit the market growth to a certain extent. Yet, price of raw materials are expected to stabilize over the forecast period, thus likely to foster market growth as well. Stringent laws & regulation by international as well as regional authorities in regards to use of ceric ammonium nitrate due to hazardous nature is limiting market potential as well.
The ceric ammonium nitrate market is broadly categorized into three major segments based on the application type such as laboratories, surface cleaning and medical applications. The laboratories is considered as one of the fastest growing segment in the ceric ammonium nitrate industry with substantial revenue generation in the last few years. Growing popularity of ceric ammonium nitrate in the laboratories segment is attributed to the increasing demand as a versatile chemical agent in organic chemistry. The medical application segment has also witnessed substantial growth owing to the rise in the number of research & development activities.
The ceric ammonium nitrate market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest techniques in medicine & pharmaceutical sector, the rise in the number of research & development activities in the region, and existence of well-established infrastructure. Asia-Pacific region is predicted to hold major market share in the ceric ammonium nitrate industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with recent advancements in various end-user sectors such as electronic and research & medical sector, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the ceric ammonium nitrate industry are Uranus Chemicals Co., Ltd., Henan CoreyChem Co., Ltd., Chuan Yan Technology Co., Ltd., Treibacher, American Elements Co., and ProChem Pvt., Ltd.
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Global Ceric Ammonium Nitrate Application Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2022)
• Liquid crystal displays
Global Ceric Ammonium Nitrate Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
• Middle East and Africa
• Central & South America
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