Ammonium Thiocyanate Market Size, Share, Growth, and Industry Analysis, By Type (Solid and Liquid), By Application (Pesticide, Dyes, Chemical Synthesis, and Others), and Regional Forecast to 2032

GLOBAL AMMONIUM THIOCYANATE MARKET OVERVIEW

The global ammonium thiocyanate market size was USD 0.032 billion in 2023and is expected to reach USD 0.60 billion by 2032, at a CAGR of 6.5% during the forecast period.

Ammonium thiocyanate is a highly versatile inorganic chemical compound of the formula NH4SCN. The increasing demand in the worldwide market has been based on the white crystalline form and widespread applications of ammonium thiocyanate in every field. The heightened demand for this compound in agriculture as an active ingredient in pesticides and herbicides will remain one of the most significant growth drivers for the market. The control of weeds and pests through its usage is relatively environmentally friendly compared with some other forms of pesticide, thus making it more readily used in modern farming practices. Apart from the use in agriculture, ammonium thiocyanate has immense application in the textile industry.

GLOBAL CRISIS IMPACTING THE MARKET OF AMMONIUM THIOCYANATECOVID-19 IMPACT

The Ammonium Thiocynate market Had a Mixed Effect Due to supply chain disruption during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market having lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is due to the fact that the market's growth and demand are coming back on track from the pre-pandemic levels.

Initial shocks to the global supply chains and production networks caused short-term shortages and volatile prices. However, the emphasis placed on hygiene and sanitary practices during the pandemic created demand for some chemicals and indirectly impacted the ammonium thiocyanate market. Agriculture is one of the significant consumers of ammonium thiocyanate derivative products and has continued performing relatively well in cushioning some of the immediate shocks. As economies began to recover and adapt to the new normal, the market showed signs of resilience and gradual recovery.

LATEST TREND

"Growing Demand in Electronic Manufacturing to Drive Market Growth"

 A recent trend in the ammonium thiocyanate market is its increasing use in the electronics industry, particularly in the manufacturing of printed circuit boards (PCBs) and semiconductor devices. The use of ammonium thiocyanate is in etching processes and as a particulate additive in some conductive inks to meet the rising demands for miniaturizing electronic devices. The electronics industry is growing rapidly, comprising IoT and other consumer electronic devices such as smartphones. The chemical has the properties that can be used for the production of the sharp and defined circuit pattern, thus enabling the miniaturization and higher performance of electronic devices. electronics industry growth and development will, therefore, lead to a larger consumption market for the highly pure ammonium thiocyanate, creating scope for market expansion and technological applications.

AMMONIUM THIOCYANATE MARKET SEGMENTATION

BY TYPE

Based on types the global market is categorized into  two types: solid and liquid.

•  Solid: This is the most common type of solid used in various industries. This has been more preferred as it provides stability and facilitates ease of handling and storage.
• Viscous Liquid: Liquid ammonium thiocyanate is gaining a lot of popularity in some applications these days as the liquid can be used as ammonium thiocyanate solution without the need for further dissolution.

BY APPLICATION

Based on application the global market is categorized as pesticides, dyes, raw material preparation and other

• Pesticide: Demand for ammonium thiocyanate for pesticides is the major cause for the growth of the market.
• Dyes: Ammonium thiocyanate is considered to play a very crucial role in the textile industry because it is used as a mordant in the processes of dyeing. The compound enhances the colorfastness, brightness, and quality of the dyes.
• Raw Material Preparation: Ammonium thiocyanate is used widely as a reagent in the preparation of chemical. Thiourea, prepared from this compound is further used as a raw material in the broad range of applications in agriculture, pharmaceutical applications and industrial processes.
• Other uses: This also includes many other applications of ammonium thiocyanate, ranging from photochemistry as a fixing agent through to electroplating, analytical reagents, and an extremely broad range of flame retardants.

MARKET DYNAMICS

Market dynamics refers to the driving and restraining forces that involve opportunities and challenges in outlining the market conditions.

DRIVING FACTORS

"Increasing Agricultural Industry Promotes the Market"

 Increasing agricultural industry with the requirement of better crop protection solutions remains a significant growth driver for the Ammonium Thiocynate share . There is a vast demand for better crop yields and quality, which is triggered by increasing food demands because of the rise in population and variations in dietary intake patterns. It protects crops from pests and infestation from weeds. Its effectiveness and relatively lower environmental impact compared to some traditional pesticides open new avenues for modern agricultural practices to consider its use. Further, a trend toward eco-friendly, green agriculture practices supplements this trend; in such trends, ammonium thiocyanate-based products become efficient as the efficacy is maintained in comparison with any environmental consideration.

"Growing demand in the chemical industry"

The growth of the chemical industry primarily in the developing countries leads to the ammonium thiocyanate market growth . The compound is an essential raw material for the production of varied industrial processes mainly because of the flexibility it shows in its chemical synthesis, especially in the production of thiourea and other organic compounds. As industries produce new products and strive to make improvements, it becomes apparent that the demand for ammonium thiocyanate, as a critical chemical intermediate, will increase. Its usage in the recovery of metals and electroplating, besides being a subcategory of speciality chemicals further support the development of the market within the chemical industry.

RESTRAINING FACTOR

"Rising Stringency of Environmental Laws May Hamper Market Growth"

Environmental regulations have engulfed the world. The environmental regulations are likely to restrict the growth of the market related to ammonium thiocyanate. Although ammonium thiocyanate appears to pose less of an ecological risk compared to some other analogues, flippant usage or disposal might indicate some degree of environmental risk. Many national governments have also increased their controls over the use and disposal of chemicals, which could all be factors in the production, transportation, and use of ammonium thiocyanate. It also increases the cost of production and forces producers to spend more on treatments and processes of elimination, which have higher standards of safety.

OPPORTUNITY

"Innovations in Green Chemistry To Create Opportunity for the Product in the Market"

The intensified interest in green and environmentally friendly chemical process offerings open a significant opportunity to the market for ammonium thiocyanate . It is so because more care is being taken nowadays on greener alternatives with more effective chemical processes; ammonium thiocyanate can stand well with that place because of its variety of uses and lower relative environmental impact when compared to traditional chemicals. New products and formulations may be developed, which are an environmentally friendly way of being based on the properties of ammonium thiocyanate. For instance, research into greener pesticide formulations or ecological processes of dyeing textiles may open new avenues for expansion of market demand. In addition, it is linked to the aspects of metal recycling, which explains hand in hand with rising expectations regarding recyclability and material efficiency. The rising demand for the same will therefore increase usage within the development programs on circular economy.

CHALLENGES

"Variation of the raw material cost can be a concern for producers"

Raw material price volatility is another significant issue the ammonium thiocyanate market has been facing. Ammonium thiocyanate production involves several chemical inputs, such as ammonia and carbon disulfide, where prices tend to be sticky, since they are related to the cycle of oil price volatility, supply chain disruption, and geopolitical events. Fluctuations in prices may affect the cost of production of ammonium thiocyanate and further dampen the profits accruing to the manufacturers or bring unstable prices into the market, and hence the businesses cannot have any strategy on long-run or stable pricing, which may portray on the growth and stability of the market. Moreover, any shortage or supply chain that arises from these raw materials would mean there is a lost time in production or a shortage of ammonium thiocyanate, making it difficult to care for the dynamics in the market.

REGIONAL INSIGHTS OFTHE AMMONIUM THIOCYANATE MARKET

• NORTH AMERICA

This is a very important for united states ammonium thiocyanate market as the region has a strongly developed agricultural sector and chemical industry. Demand is further fueled by their stress on innovative farming practices and crop protection solutions. Emphasis also lies on the development of more environmentally friendly pesticides and herbicides, a focus that is fitting for this compound. In addition, the ongoing R&D work by the U.S. chemical industry is also in speciality chemicals and material science, wherein driving the demand for ammonium thiocyanate in many applications.

• EUROPE

The ammonium thiocyanate market of Europe is mainly driven by tight regulatory standards and emphasis placed on sustainable chemical processes. The region encourages eliminating the agricultural practices that prove to be harmful to the environment. The above factors thus create more interest for more environmentally friendly formulations of pesticides, which might facilitate the use of ammonium thiocyanate-based products. An existing textile and dye industry in Europe will also enhance demand for ammonium thiocyanate in the dyeing process. Increased environmental stringency in regulations that affect usage patterns and drive innovation into product formulations and applications are challenges that oppose the market.

• ASIA

Asia, and more so China and India constitutes fast-growing market for ammonium thiocyanate. The overall growth of agriculture in the region, resulting from an increasing population and thus, an increased demand for food, forms the key driver in the growth in the market. Industry reports indicate that china forms the significant majority of the worldwide production and consumption of ammonium thiocyanate. The chemical industry of the booming Asian nations besides its speedy industrialization and urbanization, would further fuel the demand for ammonium thiocyanate for chemical synthesis, industrial usage, and further expansion in the agricultural and chemical manufacturing industries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

 The key players in the industry are working strategically and on different initiatives to enhance their market position further and achieve growth. Most of them are investing in R&D to develop new applications as well as upgrade existing ones. Most of them are expanding production following this growing demand of the world, particularly across emerging markets. In addition, these manufacturers apply environment-friendly practices in their production for international protection requirements. Formulation development is accompanied with the market trends involving joint ventures with agricultural research organizations and chemical companies. Ammonium thiocyanate market is molded by such market giants through product line diversification and new geographic locations.

LIST OF TOP AMMONIUM THIOCYANATE COMPANIES

• Honeywell International Inc. (U.S.)
• Merck KGaA (Germany)
• Thermo Fisher Scientific Inc. (USA)
• Tokyo Chemical Industry Co., Ltd. (Japan)
• Henan Tianfu Chemical Co., Ltd. (China)
• Shandong Huiyang Chemical Co., Ltd. (China)
• Jiangsu Liaoyuan Environmental Protection Technology Co., Ltd. (China)
• Central Drug House (India)
• Alfa Aesar (USA)
• Acros Organics (Belgium)
• Spectrum Chemical Mfg. Corp. (USA)

KEY INDUSTRY DEVELOPMENT

March 2023- Honeywell International Inc. announced it is increasing its capacity for ammonium thiocyanate at its Geismar, Louisiana facility. Additional capacities to be invested in further production will enable the firm to meet and therefore satisfy the growing requirements for ammonium thiocyanate in agrochemical and chemical synthesis markets. The new investment in further production capacities means further establishing Honeywell's status within the global ammonium thiocyanate market, catering for the emerging needs of its customers in a range of end-use industries.

REPORTCOVERAGE

Based on demand in agriculture, chemical synthesis, and industrial applications, it looks promising for this market of ammonium thiocyanate. Future growth factors would include improving food demand, manufacturing of chemicals improvement, and moving towards more sustainability. However, pressures through regulations, raw material price volatility, and the challenges that come with that would call for innovation as well as sustainability in addressing these. Global industries will increasingly seek environmentally conscious and efficient alternatives in order to maximize the value of ammonium thiocyanate as widely as possible, and then ensure further short-term growth and open new areas of applications for the future.