According to the latest report by IMARC Group, titled, “Ceric Ammonium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global ceric ammonium nitrate market reached a value of US$ 164.2 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 239.66 Million by 2027 exhibiting a CAGR of 6.20% during 2022-2027.
Ceric ammonium nitrate, or CAN, is an inorganic compound that appears as orange-red, water-soluble crystals. It is prepared through electrolytic oxidation of cerous nitrate in nitric acid, followed by treatment with ammonium nitrate. CAN is widely used as an oxidizing agent and as a catalyst in the polymerization of olefins.
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The global ceric ammonium nitrate market is primarily driven by its emerging applications in the chemical and medical industries. Additionally, the widespread adoption of CAN in polyvinyl chloride (PVC) products, drugs, paints, coatings, printing inks, adhesives, lubricants, and diesel additives has augmented the product demand. Furthermore, the growing usage of photomasks due to the escalating demand for smart homes and the rising trend of electronics miniaturization has accelerated the product adoption rate. Other factors, including the various technological advancements, ongoing research and development (RD) activities, and product innovations, are also anticipated to propel the market growth in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on type, product and application.
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