Silver Cyanide Market size was over USD 1.07 Billion in 2023 and is poised to cross USD 2.49 Billion by 2036, witnessing more than 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of silver cyanide is estimated at USD 1.14 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 1.07 Billion |
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Forecast Year Market Size (2036) |
USD 2.49 Billion |
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Regional Scope |
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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 2036, 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:
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By Purity |
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By Form |
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By Application |
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APAC Market Statistics
The market in Asia Pacific is projected to hold the largest market share by the end of 2036. 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 2036. 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.
Author Credits: Rajrani Baghel
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