Global Ceric Ammonium Nitrate Market Overview
The Ceric Ammonium Nitrate Market Size was estimated at 340.64 (USD Billion) in 2022. The Ceric Ammonium Nitrate Industry is expected to grow from 355.97(USD Billion) in 2023 to 528.8 (USD Billion) by 2032. The Ceric Ammonium Nitrate Market CAGR (growth rate) is expected to be around 4.5% during the forecast period (2024 - 2032).
Key Ceric Ammonium Nitrate Market Trends Highlighted
The Ceric Ammonium Nitrate (CAN) market is expected to grow significantly because the range of product applications is expanding in industries such as photography, electronics, and chemical processing. The growing application of ceric ammonium nitrate in the manufacturing processes of printed circuit boards (PCBs) and semiconductors is one of the key factors for the growth of the market. Also, growing requirements for advanced materials in the electronics sector are likely to provide stimulating growth prospects. The recent developments in the field of nanotechnology have increased the incorporation of ceric ammonium nitrate as a catalyst in various chemical processes, which further enhances the market prospects. The market players are ready to meet changing customer needs by developing new products and entering into cooperation. In a more responsible manner, they will reduce the processes harmful to the environment and provide safer formulations, resulting in market usage of the Ceric Ammonium Nitrate Market, which will span out to be more constructive in the future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ceric Ammonium Nitrate Market Drivers
Increasing Demand from the Electronics Industry
Ceric ammonium nitrate (CAN) is a key component in the production of printed circuit boards (PCBs), which are essential components in a wide range of electronic devices. The growing demand for electronics, particularly in emerging markets, is driving the growth of the CAN market. As the electronics industry continues to expand, the demand for CAN is expected to increase significantly over the next decade. The Ceric Ammonium Nitrate Market Industry is expected to grow at a CAGR of 4.5% from 2024 to 2032, reaching a market size of USD 528.8 billion by 2032.The growth of the CAN market is closely tied to the growth of the electronics industry, as CAN is a critical component in the production of PCBs. The increasing demand for electronics from various sectors, including consumer electronics, automotive, and industrial applications, is expected to drive the growth of the CAN market. The rising adoption of advanced technologies, such as 5G and the Internet of Things (IoT), is also contributing to the growing demand for PCBs and, subsequently, CAN.Additionally, the increasing use of CAN in other applications, such as metal finishing and water treatment, is expected to further contribute to the growth of the market.
Growing Adoption in the Aerospace and Defense Sector
It is worth noting that Ceric Ammonium Nitrate is used in the production of aircraft components and missile systems in the aerospace and defense sector. It is expected that the expansion of the aerospace and defense industry, as well as the increasing demand for new high-performing and lightweight materials, will drive the growth of the market. The Ceric Ammonium Nitrate Market Industry will grow at a CAGR of 4.5% from 2024 to 2032, reaching USD 528.8 billion by 2032.The opportunities and challenges for the market of Ceric Ammonium Nitrate in the aerospace and defense sector could impact its growth. The high technological, economic and innovative prerequisites are created for its growth since the demand for the materials and advanced details is increasing in the U.S.A., Europe and MEA. The properties of ceric ammonium nitrate, such as high thermal stability and resistance to corrosion, determine its high applicatory properties in the above-mentioned industry.
Expansion of the Automotive Industry
One of the applications of CAN in the automotive industry is the production of catalytic converters and other emission control systems. The demand for vehicles, which is at an all-time high, especially in emerging economies, is driving the CAN industry. The Ceric Ammonium Nitrate Market Industry is expected to grow at a CAGR of 4.5% from 2024 to 2032. The market will reach a market size of USD 528.8 billion by 2032.The growing automotive industry, especially the production of vehicles in emerging economies, is expected to be the key demand factor of CAN in the forecast period. The properties of CAN, such as high thermal stability, resistance to corrosion, and their usage as catalyst support in organic pairing to nitrogen compounds, have led to the increased usage of this material in automotive industries.
Ceric Ammonium Nitrate Market Segment Insights
Ceric Ammonium Nitrate Market Application Insights
The Ceric Ammonium Nitrate Market is classified based on its application in the Manufacturing of Electronic Components, Pharmaceutical Industry, Catalytic Converters, Tanning Industry, and Anti-knock Agents. The Manufacturing of Electronic Components segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is because of the growing demand for ceric ammonium nitrate in the production of different types of electronic components, such as capacitors, resistors, and semiconductors. The Pharmaceutical Industry segment is anticipated to be another major application medium over the forecast period.Ceric ammonium nitrate is used in the production of different types of pharmaceutical products, such as antibiotics, vitamins, hormones, etc., and the growing demand for these products is expected to drive the growth of the segment in the next four years. The Catalytic Converters segment is also expected to witness significant growth over the forecast period as ceric ammonium nitrate is used as a catalyst in catalytic converters, which are used to reduce the harmful emissions from vehicles. The Tanning Industry segment is another vital application medium of the Ceric Ammonium Nitrate Market.Ceric ammonium nitrate is used in the tanning process to enhance the quality and durability of the leather and the growing demand for leather products, particularly in the fashion and automotive industries, and is expected to drive the segment significantly in the upcoming years. The Anti-knock Agents segment is also anticipated to grow consistently over the forecast period as ceric ammonium nitrate is used as an anti-knock agent in gasoline to reduce the noise produced by engine knocking.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ceric Ammonium Nitrate Market Grade Insights
The Industrial Grade Segment is Expected to Hold the Largest Market Share in 2023. The Ceric Ammonium Nitrate Market is segmented by Grade into Industrial Grade, Technical Grade, and Reagent Grade. The Industrial Grade segment is expected to account for the largest market share in 2023, owing to its significant use in various industrial applications, such as metal finishing, wood treatment, and textile manufacturing. The Technical Grade segment is expected to witness a higher growth rate during the forecast period, attributed to its increasing demand in the production of printed circuit boards and semiconductors in the electronics industry.The Reagent Grade segment is expected to hold a relatively smaller market share, but is expected to grow at a steady growth rate, owing to its use in analytical laboratories and research institutions. The Ceric Ammonium Nitrate market is expected to witness robust growth in the coming years, and the market size is expected to be USD 397.2 billion by 2024, associated with a CAGR of 4.8% during the forecast period 2024-2032.
Ceric Ammonium Nitrate Market End-Use Industry Insights
The Ceric Ammonium Nitrate Market is segmented into various end-use industries, including the electronics industry, automotive industry, chemical industry, pharmaceutical industry, and others. The electronics industry is a major consumer of ceric ammonium nitrate, accounting for around 30% of the market in 2023. Ceric ammonium nitrate is used in the production of printed circuit boards (PCBs), which are essential components in electronic devices such as smartphones, laptops, and televisions. The automotive industry is another significant end-use industry for ceric ammonium nitrate, accounting for approximately 25% of the market in 2023.Ceric ammonium nitrate is used in the production of catalytic converters, which reduce harmful emissions from vehicles. The chemical industry is also a major consumer of ceric ammonium nitrate, accounting for around 20% of the market in 2023. Ceric ammonium nitrate is used in various chemical processes, such as the production of dyes, pigments, and pharmaceuticals. The pharmaceutical industry is a growing end-use industry for ceric ammonium nitrate, accounting for around 15% of the market in 2023. Ceric ammonium nitrate is used in the production of antibiotics, vitamins, and other pharmaceutical products.The remaining 10% of the Ceric Ammonium Nitrate Market is accounted for by various other end-use industries, such as the aerospace, construction, and textile industries.
Ceric Ammonium Nitrate Market Regional Insights
The regional segmentation of the Ceric Ammonium Nitrate Market provides insights into the geographical distribution of market growth and opportunities. North America is projected to hold a significant market share due to the presence of established chemical and electronics industries. Europe follows closely, driven by demand from automotive and aerospace sectors. APAC is expected to witness substantial growth in the coming years, attributed to the expanding electronics and manufacturing industries in China and India. South America and MEA are anticipated to contribute a smaller share to the overall market, but offer potential for growth in niche applications.The Ceric Ammonium Nitrate Market segmentation aids market players in identifying key regional markets and tailoring strategies accordingly.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ceric Ammonium Nitrate Market Key Players And Competitive Insights
Major players in the Ceric Ammonium Nitrate Market industry are constantly investing in research and development to improve their offerings and gain a competitive edge. Leading Ceric Ammonium Nitrate Market players are also focusing on expanding their geographical reach and establishing new production facilities. This is expected to further intensify the competitive landscape. Key players in the industry include Arkema, AkzoNobel, DowDuPont, and BASF. Ceric Ammonium Nitrate Market development is being driven by the growing demand from various industries such as electronics, automotive, and aerospace. The increasing use of ceric ammonium nitrate as a catalyst in chemical reactions is also a major factor contributing to the market's Ceric Ammonium Nitrate Market Competitive Landscape.A leading company in the Ceric Ammonium Nitrate Market market is Arkema. The company offers a wide range of ceric ammonium nitrate products that are used in various industries such as electronics, automotive, and aerospace. Arkema is also a major supplier of ceric ammonium nitrate to the market. The company has a strong focus on research and development and is constantly innovating to improve its products and processes. Arkema is also committed to sustainability and is working to reduce its environmental impact.A competitor company in the Ceric Ammonium Nitrate Market market is AkzoNobel. The company offers a range of ceric ammonium nitrate products that are used in various industries such as electronics, automotive, and aerospace. AkzoNobel is a major supplier of ceric ammonium nitrate to the market. The company has a strong focus on research and development and is constantly innovating to improve its products and processes. AkzoNobel is also committed to sustainability and is working to reduce its environmental impact.
Key Companies in the Ceric Ammonium Nitrate Market Include
- BASF SE
- American Elements
- ChemImpex International Inc.
- Merck KGaA
- Strem Chemicals, Inc.
- Solvay
- Gelest, Inc.
- Johnson Matthey PLC
- Heraeus Holding GmbH
- Tosoh Corporation
- ROCHE
- SigmaAldrich
- Umicore
- Mitsubishi Chemical Corporation
- Alfa Aesar
Ceric Ammonium Nitrate Market Industry Developments
The Ceric Ammonium Nitrate (CAN) market is projected to reach USD 355.97 billion by 2023 and USD 528.8 billion by 2032 with a CAGR of 4.5%. Growing demand from various industries such as electronics, automotive, and aerospace is driving market growth. The increasing adoption of ceric ammonium nitrate in the production of catalysts, oxidants, and pigments is also contributing to market expansion. Key developments include strategic partnerships and acquisitions by leading players to strengthen their market position. The market is expected to witness significant growth opportunities in emerging economies due to rising industrialization and infrastructure development.
Ceric Ammonium Nitrate Market Segmentation Insights
Ceric Ammonium Nitrate Market Application Outlook
- Manufacturing of Electronic Components
- Pharmaceutical Industry
- Catalytic Converters
- Tanning Industry
- Anti-knock Agents
Ceric Ammonium Nitrate Market Grade Outlook
- Industrial Grade
- Technical Grade
- Reagent Grade
Ceric Ammonium Nitrate Market End-Use Industry Outlook
- Electronics Industry
- Automotive Industry
- Chemical Industry
- Pharmaceutical Industry
- Others
Ceric Ammonium Nitrate Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
340.64(USD Billion) |
| Market Size 2023 |
355.97(USD Billion) |
| Market Size 2032 |
528.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.5% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BASF SE, American Elements, ChemImpex International Inc., Merck KGaA, Strem Chemicals, Inc., Solvay, Gelest, Inc., Johnson Matthey PLC, Heraeus Holding GmbH, Tosoh Corporation, ROCHE, SigmaAldrich, Umicore, Mitsubishi Chemical Corporation, Alfa Aesar |
| Segments Covered |
Application, Grade, End-Use Industry, Regional |
| Key Market Opportunities |
Catalytic converter demand Semiconductor industry growth Water treatment expansion Automotive emissions regulations Increasing demand in electronics |
| Key Market Dynamics |
Increasing demand from electronics industry Growing application in photoengraving Expanding use in catalysis |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Ceric Ammonium Nitrate Market is expected to be valued at 355.97 Billion USD in 2023.
The Ceric Ammonium Nitrate Market is expected to be valued at 528.8 Billion USD in 2032.
The Ceric Ammonium Nitrate Market is expected to grow at a CAGR of 4.5% from 2024 to 2032.
Asia Pacific is expected to have the largest market share in the Ceric Ammonium Nitrate Market in 2023.
The electronics industry is expected to have the largest market share in the Ceric Ammonium Nitrate Market in 2023.
Some of the key competitors in the Ceric Ammonium Nitrate Market include Lanxess, Cabot Corporation, and Solvay.
The key growth drivers of the Ceric Ammonium Nitrate Market include the increasing demand for electronics and the growing use of ceric ammonium nitrate in the automotive industry.
The key challenges facing the Ceric Ammonium Nitrate Market include the volatility of raw material prices and the stringent environmental regulations.
The key trends in the Ceric Ammonium Nitrate Market include the development of new applications and the increasing adoption of sustainable practices.
The Ceric Ammonium Nitrate Market is expected to have a positive impact on the economy by creating new jobs and stimulating economic growth.
