What is the Size of the Ceric Ammonium Nitrate Market?

The global ceric ammonium nitrate (CAN) market is projected to grow at a CAGR of 5.8% from 2024 to 2031, rising from US$ 228.3 million in 2024 to US$ 338.8 million by 2031. The market’s growth is largely driven by the expansion of the electronics industry, with CAN being essential in various manufacturing processes. Rising IT spending and demand for multi-functional devices are further boosting its adoption. In particular, the technical grade segment and the electronic components manufacturing sector are expected to see significant growth, with the U.S. leading in North America. Additionally, CAN's use in pharmaceutical synthesis, specialty chemicals, and biotechnology is creating new avenues for growth, while government investments and R&D initiatives continue to expand its applications.