The silver salt market size 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 chemical reaction of halogens with silver at high temperatures produces silver salts. Silver chloride (AgCl), silver bromide (AgBr), silver iodide (AgI) and silver fluoride (AgF) are some of the most used silver salts. Silver nitrate is produced by a chemical reaction between silver and nitric acid, which acts as an intermediate chemical, for the production of other silver compounds. Silver salts are light-sensitive chemicals that are commonly used in photographic film and paper, where silver salt crystals are coated on to a glass or paper substrate and film base. 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 in the production of photosensitive materials like photographic paper and motion-picture and photographic films. During photographic processing, the silver salts in these compounds are converted to metallic silver. Precipitation of salts with silver nitrate is helpful for quantitative salt analysis.
Silver salt is an important chemical compound with a wide range of industrial and commercial applications, which is driving the global demand for silver salt. Furthermore, the demand for silver salt is fueled by its easy availability and affordable cost. In addition, rise in FDI investment in the medical industry in developing nations is expected to fuel the demand for silver salt during the forecast period. Silver salt demand tends to rise in tandem with the growing medical and healthcare industries.
Silver salt is being used in various end use industries including electrical, water & wastewater treatment, chemical manufacturing, and photography. Increased demand from these industries drives the demand for silver salt. In electrical industry, silver salt is used as silver plating material as it acts as anode. In chemical manufacturing industry, silver salt is used as an intermediate to facilitate the reaction. In recent years, chemical industry has seen massive growth which is projected to boost the demand for silver salt in the chemical industry. In addition, silver salt is commonly utilized in the photographic industry due to its light sensitivity. The light sensitivity of silver salt crystals found in the film is used in modern photography.
However, the growth of the silver salt market is hampered by severe government rules and regulations that differ from region to region, like the introduction of stringent rules in Europe against silver salt grades in medical and food uses. In addition, another restraint observed in the growth of silver salts market is the health hazards associated with the compound. Silver salt is a chemical with a caustic effect which causes irritation especially silver chloride and silver nitrate. It causes a greyish discoloration of the skin tissues if consumed over a long period of time
Asia-Pacific is expected to exhibit strong growth during the forecast period, owing to strong economic growth along with the ongoing development in the chemical and medical sector, which drives the demand for silver salt. Furthermore, increased demand from electronics industry, is expected to provide lucrative opportunities for the growth of the silver salt market during the forecast period in the Asia-Pacific region.
The silver salt market is segmented on the basis of application and region. By application, the market is classified into bleaching & cleaning, oxidizing, disinfectant, deodorizing and other. On the basis of region,bthe market is studied across North America, Europe, Asia-Pacific, and LAMEA. Furthermore, the silver salt industry share is analyzed for all significant countries and regions.
Major players operating in the silver salt market 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.
Silver Salt Market, by Type
The silver iodide segment accounted for the largest share i.e. 27.0% followed by silver nitrate segment, owing to the increase demand for silver iodide from weather modification industry. The silver bromide segment is the fastest growing segment, growing around 9.7% CAGR during the forecast period, owing to the increasing demand for medical applications.
Silver Bromide is projected as the most lucrative segment.
Silver Salt Market, by Application
The chemical manufacturing segment accounted for the largest share i.e. 35.0% followed by medical & medical device segment, owing to the increased demand for silver salt in chemical manufacturing industry as intermediate used in chemical reaction. Medical & medical device segment is the fastest growing segment, growing around 9.0% CAGR during the forecast period.
Medical & Medical Devices is projected as the most lucrative segment.
Silver salt Market, by Region
Asia-Pacific contributed the 54.7% market share in 2020 and is projected to grow at CAGR of 8.1% during the forecast period, owning to the increased demand for silver salts from countries such as China, Japan, and others. In addition, China, India have presence of some of the key players in the market.
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the silver salt market along with the current trends and future estimations.
- The silver salt market share is provided in terms of revenue.
- This report highlights the key drivers, opportunities, and restraints of the silver salt market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the silver salt market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the silver salt market growth.
- The qualitative data about market dynamics, silver salt market trends, and developments is provided in the report.
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 labor 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.
Silver Salt Market Report Highlights
Key Market Players
BOC Science, Yogi Dye Chem Industries, Micron Platers, Finetech Industry, ABCR GmBH, ACHEMTEK, Metalor Technologies, ALFA Chemistry, ALFA AESAR, American elements
As per prospective of CXOs, the usage of silver salt has increased over the period owing to the increased demand from various application like plating & electronics, chemical manufacturing, research & laboratory, pharmaceutical & medical devices, catalysts, photography and infrared application is driving the demand for silver salt. However, the silver salt toxicity is one of the concerns for various applications like chemical & pharmaceutical manufacturing and catalysts process owing to which there are numerous research and development activities in numerous countries. In addition, the presence of alternative chemicals that can be used as an alternative to silver salt is projected to hinder the demand for silver salt. On the contrary, the antiseptic properties of silver are projected to increase the demand for medical application.