Ammonium Thiocyanate Market Recent Trends and Regional Forecast to 2031

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Ammonium Thiocyanate Market: Overview

• Ammonium thiocyanate is an inorganic compound with the formula NH4SCN. It is a colorless solid, which can absorb moisture from the air and become liquid.
• The industrial manufacturing process of ammonium thiocyanate includes boiling aqueous solution of ammonium cyanide with sulfur or polysulfide, or through the reaction of ammonia and carbon disulfide
• Ammonium thiocyanate is a hazardous substance, according to the U.S. Department of Transportation (DOT) and the Environmental Protection Agency (EPA). Prolonged exposure of ammonium thiocyanate to humans can cause confusion, dizziness, convulsions, anxiety, unconsciousness, and even death. However, it is used widely in chemical manufacturing, photography, and other applications.

Key Drivers and Restraints of Ammonium Thiocyanate Market

• Demand for food and beverages is expected to rise significantly, considering the global population forecast of 2050 that estimates a number of 9.7 Bn individuals. Agronomists around the world are researching on maintaining a balanced food supply to ensure availability of grains and increase in agricultural production at the same time. This has led to use of pesticides, herbicides, and fertilizers for increasing yield. In turn, this is driving the ammonium thiocyanate market.
• Demand for textile printing has increased owing to the rise in demand for customized and personalized garments across the globe, especially in developing countries. Advancements in technologies such as digital textile printing equipment have boosted industrial-scale production of printed clothes. This is driving the ammonium thiocyanate market.
• Fluctuation in prices of raw materials is projected to hamper the global ammonium thiocyanate market during the forecast period

Global Ammonium Thiocyanate Market: Segmentation

• The global ammonium thiocyanate market can be segmented based on form, purity grade, and application
• In terms of form, the global ammonium thiocyanate market can be divided into solid and liquid. The solid segment is expected to expand at a high CAGR during the forecast period, due to larger number of application areas than that for the liquid form of ammonium thiocyanate.
• In terms of purity grade, the global ammonium thiocyanate market can be segregated into less than 95%, 95% to 98%, and higher than 98%. The higher than 98% segment is expected to expand at a high CAGR during the forecast period, due to rise in usage of high purity ammonium thiocyanate in printing applications.
• In terms of application, the global ammonium thiocyanate market can be classified into chemical raw materials, printing, dyeing, and others. The chemical raw materials segment is estimated to expand at a rapid pace during the forecast period.

Global Ammonium Thiocyanate Market: Regional Segmentation

• In terms of region, the global ammonium thiocyanate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• The market in Asia Pacific is estimated to expand at a significant pace during the forecast period. The market in China and India is anticipated to expand significantly in the next few years owing to the rise in need of pesticides, herbicides, and fertilizers for agricultural crops in the region. Ammonium thiocyanate is extensively used in the manufacture of pesticides, herbicides, and fertilizers.
• Middle East & Africa is expected to be a vital region of the global ammonium thiocyanate market in the near future. Changing consumer preferences in Africa from plain solid clothing to printed clothing is driving the market in the region.
• Europe is a lucrative region of the global ammonium thiocyanate market owing to the rapidly growing fashion industry in France, Italy, the U.K., and Germany. Increase in number of upcoming apparel companies and fashion designers in the region is also boosting the printing and dyeing industry in these countries. In turn, this is propelling the demand for ammonium thiocyanate in Europe.

COVID-19 Impact on Global Ammonium Thiocyanate Market

• The COVID-19 pandemic has adversely affected the global ammonium thiocyanate industry. Manufacturers have suffered closures owing to the lockdown measures implemented by various countries to curb the spread of the disease along with disruption of the supply chain. Thus, demand for ammonium thiocyanate has declined significantly. However, easing of lockdowns offers opportunities for the ammonium thiocyanate market. The market is expected to expand steadily in the long run.