The global ceric ammonium nitrate market is expected to reach USD 190.1 million by 2022, according to a new report by Grand View Research, Inc. Global ceric ammonium nitrate market is still at its developing stage and is expected to witness significant growth in research labs, educational institutions and medical applications. Increasing healthcare expenditure coupled with growth of electronics industry particularly in emerging markets of Asia Pacific and Latin America is expected to drive its demand over the forecast period.

Stringent regulations particularly in the U.S. and Europe are expected to remain a key challenge for industry participants. Ceric ammonium nitrate (CAN) is considered as an oxidizing agent and irritant under Dangerous Substances Directive (67/548/EEC) by the European Union.

Further key findings from the report suggest:

Global ceric ammonium nitrate market volume was 3,335.2 tons in 2014 and is expected to reach 5,206.1 tons by 2022 growing at a CAGR of 5.8% from 2015 to 2022.

Asia Pacific was the leading regional market with demand share exceeding 40% in 2014. The region is also expected to witness the highest growth of 6.2% from 2015 to 2022. Rapidly expanding electronics industry particularly in China, India and Taiwan is expected to drive the regional market over the forecast period.

North America is also expected to witness brisk growth in its market size account of technological advancements particularly in the U.S.

Global ceric ammonium nitrate industry is consolidated in nature with limited companies operating in the market. Some key industry participants include Uranus Chemicals Co. Ltd, Henan CoreyChem Co. Ltd, Chuan Yan Technology Co. Ltd, Treibacher, American Elements, ProChem and Blue Line Corporation. Some companies have integrated their operations in order to maximize their profits.