The ceric ammonium nitrate market is projected to attain revenue amounting to USD 190 million by 2022. It had a prior market value of USD 110 million in 2014. The market will witness rapid growth on account of educational institutions, medical applications, and research labs. Ceric ammonium nitrate (CAN) has an extensive scope in labs for organic reactions and its application base is projected to expand over the forecast period (2015–2022).
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Growing healthcare expenditure along with the expansion of the electronics industry in promising markets of Latin America & Asia Pacific is projected to drive market demand. It is also projected to expand its application base in the metal surface cleaning process and medical industry. The market has seen a recent decline in revenue on account of reduced raw material prices. However, the prices are projected to stabilize in the near future.
Applications of the ceric ammonium nitrate market are laboratories, photo masks, and liquid crystal displays. In 2014, the top application segment was laboratories with market demand exceeding 70%. This segment is projected to increase in the near future, as CAN is an important chemical agent in organic chemistry. CAN has an adaptable nature and is cost effective. It is widely used for organic reactions in catalytic/stoichiometric quantities. Key factors driving the growth in laboratories sector are increasing programs by research labs & educational institutes to widen the application base.
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Asia-Pacific led the ceric ammonium nitrate market with demand share above 40% in 2014. This region is also projected to display a 6.3% CAGR during the forecast period. Prime factors driving the market includes developments in end-use industries like research & medical, electronics etc., attractive prices by manufacturers, and investment programs by research & educational institutes. North America was the next largest market. This region, mainly U.S., is conducting a lot of research studies to recognize CAN usage in organic reactions. The regional share is projected to increase a bit in the near future. The Middle East & Africa as well as Central & South America volume shares are projected to fall over the forecast period.
Major manufacturers of the ceric ammonium nitrate market include Henan CoreyChem Co. Ltd., Uranus Chemicals Co. Ltd., American Elements and ProChem. Manufacturers have agreed to share the operation cost so as to augment their profits & increase the overall product supply.
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