Silver Cyanide Market Size & Share, by Purity (High Purity, Low Purity); Form (Solid, Powder); Application (Electronic Components, Silver Plating, Metal Surface Treatment, Chemicals & Salts, Research) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4293
  • Published Date: Apr 30, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Silver Cyanide Market size is poised to surpass USD 12 billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of silver cyanide was USD 1 billion. The growth of the market can be attributed to the increasing demand for silver plating in various industries. Silver cyanide is the most important component in the silver plating process that enhances the durability, conductivity, and saves the product from corrosion & also makes them water resistant. Silver plating is a simple process of providing the coating of silver on a material. This process offers a variety of properties such as protection from corrosion to the base material, lower cost, and superior finish to the material. The application of silver cyanide in silver plating has been witnessed by multiple patents across the world.  In 2021, a patent was filed for a silver plating process using silver cyanide and potassium hydroxide specifically designed for use in the manufacture of flexible electronics. 

Additionally, silver cyanide is widely used in metal surface treatment and also in research activities that are estimated to propel the growth of this market in the forecast period. The main purpose of silver cyanide in the metal surface treatment process is to transform the chemical and physical properties of the product. Anyhow, owing to its highly toxic nature it is gradually being changed with other chemicals in metal plating applications. The metal surface treatment segment is expected to hold a revenue of USD 13 billion by the end of 2023.


Silver Cyanide Market
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Silver Cyanide Sector: Growth Drivers and Challenges

Growth Drivers

  • Rise in Automotive Industry – The usage of silver cyanide in silver plating of automotive parts provides numerous benefits such as excellent corrosion resistance to the base material, superior finish, and lower costs. The expansion of the automotive industry is thus estimated to fuel market growth. As per recent statistics, it was calculated that around 67 million units of vehicles were sold internationally in 2021, and around 56 million units were produced in 2020. 
  • Expansion in Chemical Industry – In 2021, a total of USD 2.2 billion value was generated from global chemical imports.
  • Soaring Expenditure in Advanced Chemicals and Materials Industry – Growing spending on the research and development of the advanced chemicals and material industry is another factor estimated to propel the growth of this market in the upcoming times.  In 2019, the global research and development expenditure spending on the advanced materials and chemicals industry was USD 42 billion in 2019.
  • Rise in Disposable Personal Income – As the disposable personal income and salary of people tend to increase the demand for silver plating and metal plating increases which raises the market growth of the market.  In 2021, the disposable personal income of Americans was approximately USD 16 trillion and the per capita income was calculated to be USD 47, 760.

Challenges

  • The highly Toxic Nature of the Chemical – Silver cyanide application can be seen in multiple end-user industries. However, there are some limitations associated with silver cyanide that might pose restrictions on the growth of this market. Silver cyanide is highly toxic and restricts the market from growing in the forecast year. It is a harmful chemical compound that can cause harmful health issues such as serious allergies or acute poisoning.
  • Increased Concern about Health Issues Owing to the Chemical
  • Stringent Rules by the Government

Silver Cyanide Market: Key Insights

Base Year

2022

Forecast Year

2023 - 2035

CAGR

~7%

Base Year Market Size (2022)

~USD 1 billion

Forecast Year Market Size (2035) 

~USD 12 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Silver Cyanide Segmentation

Application (Electronic Components, Silver Plating, Metal Surface Treatment, Chemicals & Salts, Research)

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, the silver plating segment is expected to garner the highest revenue by 2035, 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. They are increasingly used for silver plating of musical instruments, power generators, utensils, jewelry, and several other products. The revenue generated by the global musical instruments segment amounts to USD 39 billion in 2022.

Form (Solid, Powder)

The market is segmented and analyzed for demand and supply by form into solid, and powder. Amongst these, the solid segment is anticipated to hold the largest market share in the forecast period. This can be attributed owing to the wide range of applications of this segment in the end-user industries. Additionally, solid silver cyanide usage can be widely seen in the manufacturing of electrical components, chemicals, and other salts which is estimated to propel the growth of this segment in the forecast period.

Our in-depth analysis of the global market includes the following segments:

        By Purity

  • High Purity
  • Low Purity

        By Form

  • Solid
  • Powder

        By Application

  • Electronic Components
  •  Silver Plating
  • Metal Surface Treatment
  •  Chemicals & Salts
  •  Research

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Silver Cyanide Industry - Regional Synopsis

APAC Market Statistics

The market in Asia Pacific is projected to hold the largest market share by the end of 2035. This can be ascribed owing to the increasing demand for silver cyanide for various applications, lax government regulations, and the presence of leading market players. Sales of silver cyanide are growing at a significant pace across countries like China and India owing to the rapid growth of end-use industries including electronics and chemicals. Silver cyanide application can be widely seen in the process of silver plating in automobiles component, jewelry, utensils, and other products in order to protect them from corrosion, increase their self-life, and improve their aesthetics. 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 another growth factor. Rising demand for silver coating from industries such as kitchen utensils, automotive, metal, jewelry, electronics, and home accessories is estimated to drive the growth of the market in the forecast period.

North American Market Forecast

On the other hand, the market in the North American region is anticipated to witness significant market growth by the end of 2035. The growth of this market can be attributed owing to the growing demand for silver cyanide in the pharmaceutical and medical industries in this region. Additionally, the demand for silver cyanide in the industrial application is also expected to offer lucrative growth opportunities for the market in the North American region in the forecast period. Developed nations such as the United States and Canada are receiving strong demand for silver plating from across various industries this in turn is expected to propel the growth of the market in this region. As the disposable income of people is growing along with changing lifestyle patterns people in the region especially women are spending more on silver-coated ornaments and kitchen utensils, this further is giving rise to the demand for the silver cyanide market in this region.

Europe Market Forecast

The market in Europe region is estimated to witness noteworthy market growth in the forecast period. The growth of this market can be attributed owing to the growing demand for silver cyanide in multiple end-user industries such as automotive, aerospace, pharmaceuticals, medical, and others. Similarly, increasing demand for silver cyanide in the ornaments and home accessories industry is estimated to drive the growth of this market in the European region in the forecast period.

Research Nester
Silver Cyanide Market Size
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Companies Dominating the Global Silver Cyanide Landscape

top-features-companies
    • American Elements
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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

In the News

  • Thermo Fisher Scientific enters into a partnership with biotech incubator LabShares Newton to provide support to the biotech ecosystem in Boston. Through the collaboration, the partners will provide instruments, lab equipment, and consumables to help early-stage life sciences companies. 
  • DuPont and Dow inaugurated the new DuPont Liveo Healthcare Solutions. This new facility is expected to expand the capacity for biopharmaceutical tubing extrusion to meet increased demand from Liveo customers.

Author Credits:  Rajrani Baghel


  • Report ID: 4293
  • Published Date: Apr 30, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increased utilization of silver cyanide in various end-user industries is one of the important factors responsible for the growth of this market.

The market size of silver cyanide is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023-2035.

The highly toxic nature of the chemical along with the increased health risks are some of the factors that may hamper the market growth.

Asia Pacific is estimated to create notable growth opportunities for market growth over the forecast period.

The major players in the market are Umicore, Mahavir Expochem Ltd., Thermo Fisher Scientific, SAXONIA Edelmetallie GmbH, TANAKA Holdings Co., Ltd., and Others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, purity, form, and by region.

The silver-plating segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Silver Cyanide Market Report Scope
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