The Global Ceric Ammonium Nitrate Market is expected to grow at a high CAGR of 7.3% during the forecasting period (2022-2029).
Ceric ammonium nitrate (CAN) is a water-soluble inorganic compound with an oxidizing agent in organic synthesis and a standard oxidant in quantitative analysis. CAN is a major component of chrome etchant and can be used as a material for the production of photomasks and liquid crystal displays.
Ceric ammonium nitrate is the major organically synthesized material useful as an oxidant for many functional groups in several components such as phenols, alcohols, ethers as well as especially those that are the benzylic group. There are many advantages to the use of Ceric ammonium nitrate as a catalyst in organic synthesis, including the very small amount of this catalyst needed to complete reactions in most cases, lower costs, ecofriendly nature, ease of handling, nontoxicity and high reactivity.
The global ceric ammonium nitrate is driven by increasing the demand in the electronics photomasks, LCDs manufacturing industry with the surge in growing population demand and rising leading players investment to meet the global demand have propelled this market. Further increasing demand in the organics end-users in laboratories for organic reactions and medical industry due to the increasing prevalence of the diseases around the globe has propelled the demand for the ceric ammonium nitrate market.
Rising demand for electronics with the surge in the online sale and rising internet penetration has propelled the demand for the ceric ammonium nitrate market
The market is driven by growing demand for ceric ammonium nitrate for manufacturing of the electronics devices manufacturing due to a surge in the sale of consumers electronics and rising disposable income of people around the globe. The ceric ammonium nitrate is used for the development of the electronics components such as for manufacturing of the liquid crystal displays (LCDs) and photomasks using methodologies for synthetic organic chemistry. Ceric ammonium nitrate has eco-friendly nature, is non-toxic, easy to handle and available at lower costs hence used in electronics devices manufacturing industries. Rising electronics devices production in developing countries like India and China have propelled the demand for ceric ammonium nitrate market. For instance, in 2020, the total electronics hardware goods production was valued at around US$ 104 billion in India. It created a massive demand for the ceric ammonium nitrate market around the globe.
Rising demand in the healthcare industry in the manufacturing of the medical devices with the surge in healthcare expenditure
Increase in the demand of ceric ammonium nitrate in the healthcare industry with rising medical devices sales around the globe owing to surge in the healthcare expenditure around the globe. For instance ceric ammonium nitrate market around the globe. For instance, universal health coverage (UHC) as per the sustainable development goal in low and middle-income countries for the primary health care (PHC) route has received an investment of around US$370billion per year. It created a massive demand for the ceric ammonium nitrate market in middle and low-income countries.
The launch of advanced electronics devices such as LCDs, photomasks by the leading players created a huge opportunity for the growth of this market
Several leading players are launching innovative electronics devices based on ceric ammonium nitrate may create a huge opportunity for this market. For instance, on 18th Nov 2018, Detel launched a 19-inch LCD TV in India and around 10 models of the TV of different screen sizes and features ranging from 24-65 inches. It created a massive demand for the ceric ammonium nitrate require in the manufacturing of the LCDs.
COVID-19 Impact Analysis
The global ceric ammonium nitrate market has declined during the Covid-19 outbreak as several leading manufacturers were closed due to lockdown in many countries. Demand is slightly increased in June 2020, as manufacturers have started production and launching of the advanced medical devices and increased the electronics devices by the leading players due to stable demand.
Several leading players were focusing on the research & development of innovative products based on ceric ammonium nitrate. For instance, DIC Corporation subsidiary, Topic Co., Ltd, has developed a photomask that prevents electrostatic discharge damage for improved production yields for smartphones, tablets and other electronic devices components. It creates a huge demand for the ceric ammonium nitrate requires in the manufacturing of these components. Further demand will increase as soon as the pandemic will over.
The global ceric ammonium nitrate market is segmented based on types, products, end-user and region.
Rising demand for ceric ammonium nitrate for the manufacturing of electronics have propelled this market growth
In terms of types, the global ceric ammonium nitrate market is bifurcated into neutralization method and conversion method. Among these conversions, the method has the highest market share due to its rising demand in the manufacturing of electronics goods. Further, it can be used in oxidative addition reactions of electrophilic radicals to alkenes, enabling intermolecular and intramolecular carbon-carbon and carbon-heteroatom bond formation.
Further growing electronics industry with growing production capacity have propelled the demand for the conversion method. For instance on it is widely used in the manufacturing of the electronics components such as photomasks, tablets, LCD devices etc.
Further increasing the production capacity of the photomasks due to growing demand in the populous countries have propelled the demand for this segmental growth. For instance, on 23rd Jan 2018, Toppan Photomasks, Inc. launched leading-edge photomask equipment into the shanghai plant. The investment was made in China to expand the most advanced photomask production system in Asia. Similarly, neutralization methods are also growing at a rapid pace owing to rising demand by the electronics and medical devices industry.
The launch of pharmaceuticals with the growing expansion capacity of the leading players have propelled the demand for this market
Based on product, global ceric ammonium nitrate is divided into alcohols, phenols, ethers and others. Among these alcohols, the segment has the highest market share owing to rising its usage in the pharmaceutical industry sectors for the rising demand for the manufacturing of healthcare products. For instance, Ceric ammonium nitrate used oxidizes secondary alcohols into ketones and benzylic alcohols into aldehydes. It can be used in the manufacturing of drugs and several leading players are launching new drugs which use Ceric ammonium nitrate as an oxidizing agent.
Rising demand for medicines and pharmaceutical products due to the increase in the prevalence of the diseases have propelled the ceric ammonium nitrate market
Based on end-user, global ceric ammonium nitrate is divided into liquids crystal displays, Laboratories, Cosmetics, pharmaceuticals, Metal Surface Cleaning processes, Photomasks, fertilizers, Dynamite and others. Among these, pharmaceutical has the highest market share owing to rising usage in the manufacturing of pharmaceutical products due to the increasing prevalence of diseases around the globe.
According to the International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical market reached around US$ 1,430 billion in2020 with the around highest market share of the North American countries. It created a massive demand for ceric ammonium nitrate around the globe.
North America region holds the largest market share global ceric ammonium nitrate market
North America region is dominating the global ceric ammonium nitrate market accounted for the largest market share in 2019, due to presence of the several pharmaceutical manufacturing industries and growing healthcare expenditure in this region. For instance, as per the California Health Care Almanac in 2017, the United States healthcare spending reached around US $3.5 trillion that is around US $10,739, per capita and accounted for 17.9% of gross domestic product (GDP).
It created a massive demand for the ceric ammonium nitrate market in this region followed by Europe and Asia-Pacific region. Similarly, the Asia-Pacific region is also growing at a faster pace owing to the highest demand due to rising consumers electronics sale owing to the presence of huge population demand and increasing government support and schemes for the healthcare development in this region.
The ceric ammonium nitrate market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Santa Cruz Biotechnology, Blue Line Corporation, American International Chemical, Uranus Chemicals, Green Resource, Treibacher Industries, Sigma-Aldrich Corporation, American Elements, Henan CoreyChem, Chuan Yan Technology, ProChem, DOW, Ganzhou Wanfeng Advanced Materials and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, which are contributing to the growth of the ceric ammonium nitrate market globally. For instance, on 23rd May 2019, Lynas and Blue Line have formed a joint venture for developing rare earth separation capacity in the United States. The rear earth metal includes ceric ammonium nitrate which is used in key industries such as automotive, electronics and appliances, internal combustion vehicles, hybrid and electric vehicles etc.
Further on 16th April, 2019 Mycronic AB launched the new mask writer, Prexision Lite 8, for the low to mid-end display photomask market. Mycronic offers mask writers for the manufacturing of photomasks within different fields of application. The Company manufactures displays for TV, smartphones and tablets among other things and applications within the multi-purpose market. It created a massive demand for the ceramic ammonium nitrate market.
Overview: Green Resource, founded in 1994, office based in Colfax, North Carolina. Green Resource is a chemicals company which leading regional supplier of professional products/services to the Green Industry.
Product Portfolio: The company produces and supply ceric ammonium nitrate.
Key Development: On 27th Jan to 31st Jan 2020, Green Resource participated in green &growing show Greensboro, North Carolina.
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