Ceric ammonium nitrate is a water-soluble, inorganic compound prepared by electrolytic oxidation of cerous nitrate in nitric acid followed by treatment with ammonium nitrate solution. It acts as a catalyst in the polymerization of olefins and is used in the organic oxidation reaction of electrophilic radicals to alkenes, secondary alcohols into ketones, and benzylic alcohols into aldehydes. It is also utilized in the production of chrome etchant, which is a vital component of electronic items.
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 presently finds application as a vital feedstock in different end use industries worldwide. This represents one of the key factors impelling the market growth. Apart from this, the expanding usage of oxo-alcohols in the manufacturing of polyvinyl chloride (PVC) products, printing inks, paints, coatings, adhesives, lubricants, diesel additives, and drugs is contributing to the market growth. Moreover, catalytic amounts of aqueous ceric ammonium nitrate are used in tap water to synthesize various quinoxaline derivates efficiently. In addition, as the synthesis of quinoxaline derivates has many disadvantages, ceric ammonium nitrate is gaining traction as an inexpensive and non-toxic solution around the world.
Besides this, the escalating demand for LCDs in portable electronic games, digital cameras and camcorders, video projection systems, electronic billboards, computers, and flat-panel televisions (TVs) is creating a favorable outlook for the market. Furthermore, the growing popularity of smart homes and miniature electronics is driving the utilization of photomasks, which, in turn, is catalyzing the demand for ceric ammonium nitrate across the globe. The leading market players are also developing high-grade, reliable products that can be used to produce ceramics, glass, pharma items, pigments, textiles, paper, and specialty and fine chemicals, which is projected to influence the market positively.