Silver nitrate is an inorganic compound commonly used in photography as a sensitizer for photographic plates. It is also used as an antiseptic, silver plating, textile treating agent, disinfectant, and others owing to its antibacterial and antifungal properties. The growing demand from photovoltaic industry is majorly driving the growth of the market.
The global Silver Nitrate Market is estimated to be valued at US$ 575.5 Mn 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 rising application in photovoltaic industry. Silver nitrate plays a crucial role in manufacturing photovoltaic (PV) cells as it improves their conductivity and binds the semiconductor materials used in solar cells. With the growing emphasis on renewable energy sources, the demand for solar PV is increasing rapidly worldwide. For instance, according to International Energy Agency (IEA), the global solar PV installations grew by over 50% to reach nearly 140 GW in 2021. This rise in solar installations is expected to significantly drive the demand for silver nitrate over the forecast period.
Segment Analysis
The global silver nitrate market is segmented on the basis of form, application, and region. Based on form, the silver nitrate market is divided into silver nitrate crystals and silver nitrate sticks. The silver nitrate crystals segment is expected to dominate the market during the forecast period. Silver nitrate crystals have higher purity and applications across various end-use industries, which makes this segment highly lucrative.
Key Takeaways
The global silver nitrate market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand from various end-use industries like healthcare, electronics, photography etc.
Regional analysis
Asia Pacific is expected to be the fastest growing as well as dominating region in the global silver nitrate market during the forecast period. Countries like China, India, Japan are major contributors to the growth of the market in the region. Growing electronics and healthcare industries are driving the demand for silver nitrate in Asia Pacific.
Key players
Key players operating in the silver nitrate market are Ames Goldsmith, Ricca Chemical Company, Rochester Silver Works, Tongling Noferrous Metals Group, Jiangsu Shangyong New Material, Yinxing Chem, Chenzhou Jingui Silver Industry, Shaanxi Kaida Chemical Engineering, Metalor Technologies International, Umicore, Materion Corporation, Heraeus Holding, Fujifilm, Asahi Refining USA, Johnson Matthey, and American Elements.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.