Press release
Silver Nitrate Market Sluggish Growth Rate Foreseen by -2029
Silver nitrate refers to a prescription topical solution that finds use in the treatment of burns and wounds on the skin as an agent for anti-infection. It is applied on mucous membranes and skin, silver nitrate is utilized as caustic pencil or lunar caustic in the form of a stick or in solutions of 0.01 % to 10% of silver nitrate in water. The stick finds utilization in the removal of granulation tissue and warts. It is also used for the cauterization of ulcerations and wounds. Wide use of the product in multiple applications is estimated to bolster growth of the global silver nitrate market over the period of assessment.
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This compound has considerable presence in various industries such as glass coating, photography and jewelry, medical and healthcare, and many other uses. In addition, beneficial chemical attributes of the compound such as its non-hygroscopic nature, solubility in water, and stability to light gives it competitive advantage over others. In addition, it is the least expensive of all the silver salts, which is likely to widen the scope of growth of the global silver nitrate market in the years to come.
Purity, grade, end use, and region are the four important parameters based on which the classification of the global silver nitrate market has been done.
Global Silver Nitrate Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global silver nitrate market is mentioned below:
In September 2017, US-based Spectrum Chemical Mfg. Corporation entered into a new distribution agreement with Cole-Parmer Instrument Company, LLC. The Spectrum Chemical Mfg is a leading producer and distributor of laboratory supplies and equipment, and fine chemicals. With this agreement, the former is expected to make an addition of brand strength and laboratory instrument expertise to its portfolio.
Some of the prominent organizations in the global silver nitrate market include the below-mentioned:
Tongling Nonferrous Metals Group Holdings Co., Ltd
K. Chemical Industries Pvt. Ltd
Spectrum Chemical Manufacturing Corp.
Rochester Silver Works, LLC
Chenzhou Jingui Silver Industry Co Ltd
Spectrum Chemical Manufacturing Corp.
Global Silver Nitrate Market: Key Trends
The global silver nitrate market is characterized by the presence of the following restraints, drivers, and opportunities.
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Increased Use in Industrial and Commercial Applications to Bolster Demand in the Market
The growth of the global silver nitrate market is estimated to be influenced by the excellent qualities of silver nitrate. The compound is highly hygroscopic in nature and soluble in water, which makes it an outstanding oxidizing agent. Silver nitrate is utilized as a starting material in the production of silver oxides, silver halides, and various other derivatives. There is an increasing use of silver nitrate in various industrial and commercial applications due to its superior properties. This factor is estimated to support expansion of the global silver nitrate market over the period of analysis. In addition, growing demand of silver nitrate in jewelry and photography applications is likely to augur well for the market in the times to come.
Silver nitrate comes with antifungal and antiseptic properties, which drives the use of the compound in the pharmaceutical and medical industries. Silver nitrate also finds wide use as an organic staining agent, an analytical reagent, and a catalyst due its antiseptic and antifungal characteristics. As such, the properties of the compound are expected to drive it demand in various industrial and commercial applications. This, in turn, is estimated to drive the growth of the global silver nitrate market over the period of assessment.
Global Silver Nitrate Market: Geographical Analysis
In terms of value, North America is estimated to be one of the leading geographies in the global silver nitrate market and is estimated to remain so over the period of analysis. Asia Pacific is likely to emerge as a rapidly growing region in the global silver nitrate market due to augmented volume of production. Countries like China come with an huge potential for the production of silver nitrate.
The global silver nitrate market is segmented as:
Purity
≥99%
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