Silver Cyanide Market Trends

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