The global silver cyanide market is estimated to garner a notable revenue by the end of 2031 by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. Further, the market generated a noteworthy revenue in the year 2021. Growth of the market is primarily driven by the rapid adoption of silver cyanide for applications such as silver plating and metal surface treatment in the electronics sector. Thus, the bloom in electronics industry is anticipated to fuel the silver cyanide market in the forecast period. As, per recent estimates, in 2020, the global consumer electronics manufacturing industry was calculated to be USD 1.6 trillion. Further, the industry is projected with a growth rate of 3% in the period of 2017 – 2022.
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Whitish in appearance, silver cyanide is a chemical compound acquired from the chemical reaction between solutions containing silver and cyanide. Silver cyanide is highly reactive in nature and decomposes on exposure to light and is mostly used for silver plating of metals across manufacturing industries. Due to the advantages like improved solderability, durability, conductivity, and corrosion and wear resistance of products, silver cyanide is being increasingly used for silver plating in the electronics sector. Due to the high involvement of the population, the electronic industry is expected to boom, which is further projected to increase the demand for silver cyanide. In 2020, it was estimated that approximately 1.4 million jobs are there in the U.S. electronic manufacturing sector.
fuel the market growth. As per recent statistics, the global automotive industry is expected garner approximately USD 8 trillion by 2030. Furthermore, it was calculated that around 67 million units of vehicles were sold internationally in 2021 and around 56 million units were produced in 2020.
The silver cyanide market is segmented and analyzed for demand and supply by application into electronic components, silver plating, metal surface treatment, chemicals & salts, and research. Out of these, silver plating segment is expected to garner the highest revenue by 2031, owing to its increased usage of silver plating across diverse end-use industries such as electronics, manufacturing, laboratory and chemicals. The growth of the global electronics industry is calculated to be 6% in 2020. The increasingly used for silver plating of musical instruments, power generators, utensils, jewelry and several other products. The revenue generated by global musical instruments segment amounts to be USD 39 billion in 2022.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global silver cyanide market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, owing to the increasing demand for silver cyanide for various applications, lax government regulations, and presence of leading market players. Sales of silver cyanide are growing at a significant pace across countries like China and India due rapid growth of end-use industries including electronics and chemicals. China was the largest market worldwide with electronic industry revenue of around 1.6 trillion euros in 2021. Further, the high investment of expenditure in research and development (R&D) in the region is an another growth factor.
The global silver cyanide market is further classified on the basis of region as follows:
Our in-depth analysis of the global silver cyanide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increased utilization of silver cyanide in various end-user industries is expected to propel the market growth in the forecast period.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2031.
The highly toxic nature of the chemical along with the increased health risks are some of the factors that may hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are American Elements, Umicore, Mahavir Expochem Ltd., Thermo Fisher Scientific, SAXONIA Edelmetallie GmbH, TANAKA Holdings Co., Ltd., Alfa Aesar, Anhul Shuguang Chemical Group, DuPont and Dow, Metalor Technologies SA and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by purity, form, application, and by region.
The silver plating segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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