The global ceric ammonium nitrate market is expected to reach USD
190.1 million by 2022, according to a new report by Grand View Research, Inc.
Global ceric ammonium nitrate market is still at its developing stage and is
expected to witness significant growth in research labs, educational
institutions and medical applications. Increasing healthcare expenditure
coupled with growth of electronics industry particularly in emerging markets of
Asia Pacific and Latin America is expected to drive its demand over the
forecast period.
Stringent regulations particularly in the U.S. and Europe
are expected to remain a key challenge for industry participants. Ceric
ammonium nitrate (CAN) is considered as an oxidizing agent and irritant under
Dangerous Substances Directive (67/548/EEC) by the European Union.
Laboratories were the leading application segment with
demand share exceeding 70% in 2014. Increasing initiatives by research
laboratories and educational institutions to expand application base owing to
favorable prices coupled with flexible nature is expected to drive this segment
over the forecast period. CAN is used for wide range of organic reactions
including oxidation, synthesis of heterocycles, generation of carbon
(heteroatom bonds), generation of carbon-carbon bonds, cleavage of carbon
(heteroatom bonds), cleavage of Si-O bonds, C-halogen bond formation, and
CAN-catalyzed multi-components.
The product is also used in electronic and medical
industries. The product is used for etchants preparation which is further
utilized in photomasks and liquid crystal displays.
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Further key findings from the report suggest:
- Global ceric ammonium nitrate market volume was 3,335.2 tons in 2014 and is expected to reach 5,206.1 tons by 2022 growing at a CAGR of 5.8% from 2015 to 2022.
- Asia Pacific was the leading regional market with demand share exceeding 40% in 2014. The region is also expected to witness the highest growth of 6.2% from 2015 to 2022. Rapidly expanding electronics industry particularly in China, India and Taiwan is expected to drive the regional market over the forecast period.
- North America is also expected to witness brisk growth in its market size account of technological advancements particularly in the U.S.
- Global ceric ammonium nitrate industry is consolidated in nature with limited companies operating in the market. Some key industry participants include Uranus Chemicals Co. Ltd, Henan CoreyChem Co. Ltd, Chuan Yan Technology Co. Ltd, Treibacher, American Elements, ProChem and Blue Line Corporation. Some companies have integrated their operations in order to maximize their profits.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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