Feb 25, 2021: 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.
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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.
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