According to the latest report by IMARC Group, titled "Ceric Ammonium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global ceric ammonium nitrate market reached a value of US$ 173.6 Million in 2022. Ceric ammonium nitrate (NH4)2Ce(NO3)6 is an orange-red, water-soluble, inorganic compound that is used for oxidative addition reactions of electrophilic radicals to alkenes. It is prepared by electrolytic oxidation of cerous nitrate in nitric acid followed by treatment with ammonium nitrate solution. Ceric ammonium nitrate assists in enabling intermolecular and intramolecular carbon-carbon and carbon-heteroatom bond formation. Consequently, it is commonly used as a catalyst in the polymerization of olefins and in the production of chrome etchant, which is a vital component of electronic items. It is also used in photomasks, liquid crystal displays and laboratory chemicals.
Global Ceric Ammonium Nitrate Market Trends:
Significant growth in the electronics industry across the globe represents one of the key factors creating a positive outlook for the market. Ceric ammonium nitrate is widely used as a reagent for templated synthesis in digital cameras, camcorders, video projection systems, portable electronic game systems, computers and flat-panel televisions (TVs). In line with this, the widespread product adoption in the preparation of etchants that are usually incorporated in photomasks and liquid crystal displays, is favoring the market growth. Apart from this, the increasing demand for eco-friendly catalysts due to their non-toxic solution and the rising environmental consciousness among the masses is providing a considerable boost to the market growth. Additionally, the extensive utilization of ceric ammonium nitrate in various organic reactions, such as generation of carbon (heteroatom bonds), oxidation, synthesis of heterocycles, C-halogen bond formation, and CAN-catalyzed multi-components, are positively impacting the market growth. Other factors, including the increasing popularity of smart homes, the miniaturization of electronics, and extensive research and development (R&D) activities, are anticipated to drive the market further toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 247.6 Million by 2028, growing at a CAGR of 5.5% during 2023-2028.
- On the basis of the type, the market has been bifurcated into neutralization and conversion methods.
- Based on the application, the market has been classified into laboratory chemicals, photomasks, liquids crystal displays, and others.
- Based on region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others) Latin America (Brazil, Mexico and others), Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Absco Limited, Blue Line Corporation, Merck KGaA, Otto Chemie Pvt. Ltd., Oxford Lab Fine Chem LLP, Santa Cruz Biotechnology Inc., Suvchem, TCI Chemicals (India) Private Limited, Thomas Scientific (The Carlyle Group), Toronto Research Chemicals Inc. and Uranus Chemicals Co. Ltd.
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