The global Ceric Ammonium Nitrate (CAN) market was valued at USD 110.7 million in 2014 and is expected to grow at a significant rate over the forecast period due to various emerging opportunities in the research field.
Educational institutions and research groups have been working on the development of different applications of ceric ammonium nitrate across organic reactions. According to some studies, the inorganic compound incorporates a broad range of laboratory applications across organic reactions. The market is expected to grow at a significant rate in the next few years owing to a wide range potential application.
In terms of revenue, the industry has been witnessing a decline in the past two years due to the falling raw material prices. However, the prices are expected to become constant in the near future, which thereby is presumed to stabilize the market growth over the next eight years.
Ceric ammonium nitrate is increasingly used in medical applications for the preparation etchants, which has its application across various electronic products such as Liquid Crystal Displays (LCDs) and photo masks. The demand for this inorganic compound is anticipated to propel owing to its broad scope of application across various medical electronic devices.
Several regulatory bodies, such as the European Union, consider ceric ammonium nitrate as a lethal compound and possess negative impacts on health and environment. Owing to these stringent regulations on the use of ceric ammonium nitrate, the manufacturers are anticipated to comply with environmental and health regulations by U.S. Environmental Protection Agency (EPA), Mine Safety and Health Administration (MSHA), Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH), in order to control the impact of ceric ammonium nitrate.
Laboratories application segment is expected to emerge as a predominant segment over the forecast period owing to its versatile nature and a wide range of applications across organic chemistry. The compound is economical to use and can be utilized in stoichiometric/catalytic quantities for organic reaction. CAN is being increasingly preferred over other compounds due to its adaptability and is expected to drive the industry growth over the forecast period. Educational institutes and research laboratories across the world are significantly investing in the research and development of its application base. These increased investments are expected to spur the industry growth over the forecast period.
The demand in other application segments, which includes surface cleaning mainly metal and medical application areas, is presumed to fall in the next few years owing to lesser opportunities for industry growth. LCDs and photo masks are anticipated to witness fall in the overall market share over the forecast period due to fewer opportunities for expansion and growth.
Asia Pacific dominated the global industry with a market share exceeding 40%. Growth in this region can be attributed to increased developments across end-use industries such as research and medical, electronic. Moreover, attractive prices offered by manufacturers and investment initiative by educational institutions and research groups are expected to expand its application in laboratories.
North America was anticipated to witness significant growth in terms of revenue owing to the research initiatives taken in the U.S. to identify potential uses of CAN in organic reactions. Central & South America and the Middle East & Africa volume shares are anticipated to fall over the forecast period.
The industry is consolidated with a few players dominating the global market share, owing to a limited number of manufacturers globally. The key industry participants include American Elements, Chuan Yan Technology Co. Ltd, Henan CoreyChem Co. Ltd, ProChem, Uranus Chemicals Co. Ltd, and Treibacher.
Manufacturers such as ProChem, Uranus Chemicals Co. Ltd, American Elements and Treibacher have integrated their operations to enhance the overall product supply. Due to the integration of product supply chain, the global industry is expected to witness increased competition over the forecast period.
Key product vendors include A.B. Enterprises, American International Chemical, Advanced Materials Tech. Co. Ltd., Green Resource Co., Ltd., Aldrich Santa Cruz Biotechnology, Ganzhou Wanfeng Shanghai Renyoung Pharmaceutical Co. Ltd., and Sigma.
