Silver Salt Market Expected To Reach $2.0 Billion by 2030-Allied Market Research

According to a new published report by Allied Market Research titled, “Silver salt Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The silver salt market was valued at $0.9 billion in 2020, and is projected to reach $2.0 billion by 2030, growing at a CAGR of 7.9% from 2021 to 2030.

The direct interaction of halogens with silver at high temperatures produces silver salts. Silver salts, with the exception of silver fluoride, are water insoluble. The ones sparingly soluble can be made by precipitating AgNO3 with the help of the corresponding halogen acid or (soluble) salt, whereas AgF is made by reacting Ag2O or Ag2CO3 with HF. The three most common silver salt (AgCl, AgBr, and AgI) compounds have distinct colors that can be used to detect salt ions in a solution immediately. Silver chloride precipitates as a white substance, silver bromide as a creamy substance, and silver iodide as a yellow substance.

Silver chloride is utilized as a cosmic radiation detector and is also employed in medicine, whereas silver bromide is used as an organic synthesis catalyst. Silver chloride, bromide, and iodide are required for the production of photosensitive materials like photographic paper and motion-picture and photographic films. During photographic processing, silver salts in these compounds are converted to metallic silver. Precipitation of salts with silver nitrate is helpful for quantitative salt analysis.

There is an increase in the demand for silver salt due to rise in need from various end use industries such as medical and medical devices. Silver salts, such as silver chloride and silver nitrate, are widely utilized in the medical industry as anti-infectious agents in wound dressings. In addition, silver salt optical fibers for transporting mid-infrared light from carbon dioxide lasers are being studied. As an alternative to traditional bandages, the fibers enable laser welding of human tissue. These factors are projected to drive the demand for silver salt. However, health risks related with the use of silver salts such as silver chloride can cause irritation and inflammation when inhaled, and silver nitrate can harm mucous membranes if inhaled over a long period of time. These are the major restraints for the silver salt market growth.

Furthermore, the presence of alternative compounds is projected to hinder silver salts market. On the contrary, widespread research and development in nations like India to employ silver iodide in cloud seeding is expected to boost the silver salt market's potential during the projection period.

The silver salt market is segmented on the basis of type, application, and region. By type, it is segmented into silver chloride, silver bromide, silver iodide, silver fluoride, silver nitrate and others. By application, the silver salt market is classified into photographic film & paper, chemical manufacturing, medical and medical devices and others. By region, the silver salt industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

This report gives an in-depth profile of some key silver salt market players in the silver salt market, which include ABCR GmbH, ACHEMTEK, ALFA Chemistry, ALFA AESAR, American elements, BOC Science, Finetech Industry, Micron Platers, Metalor Technologies and Yogi Dye Chem Industries.

Other players in the silver salt market are D.F. Goldsmith, Crystran Ltd, ProChem, Inc., Materion Corporation, Maitry Enterpris and Haihang Industry (Jinan) Co., Ltd.

Key Findings Of The Study

• The report outlines the silver salt market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The silver salt market size is provided in terms of revenue.
• On the basis of type, the silver bromide segment is expected to grow at a CAGR of 9.7%, in terms of revenue, during the forecast period.
• On the basis of application, the chemical manufacturing segment garnered 35.3% share in 2020 in terms of revenue and medical & medical device is projected as fastest growing segment at a CAGR of 9.0%.
• On the basis of region, Asia-Pacific garnered a share of 54.7% in 2020 in terms of revenue.
• The silver salt market share is analyzed all significant regions and segments.

Impact Of Covid-19 On The Global Silver Salt Market

• The outbreak of COVID-19 in China and its spread across numerous countries around the world halted the manufacturing activities of industrial sectors which correspondingly hampered silver salt manufacturing as well.
• Manufacturing as well as the supply regions witnessed economic slowdown owing to lockdown.
• Global chemical production decreased by approximately 3% in March in 2020. This was attributed to labour and raw material shortages as well as government-implemented plant shutdowns.
• The raw material procurement was also challenged owing to outbreak of COVID-19.
• Chemical companies have been witnessing oversupply situation owing to decreased demand from halted industrial activities.
• Research and developments programs on silver salt in various application like chemical manufacturing were hindered owing to spread of COVID-19 in several countries. This was attributed to reduction in government’s revenue due to COVID-19 in numerous countries.