Ammonium thiocyanate is a colorless lustrous, monoclinic flaky or columnar crystal with high water solubility. According to BlueQuark Research & Consulting, the global ammonium thiocyanate market is expected to witness a significant CAGR growth rate during the forecast period. Factors such as the rise in consumption of herbicides due to increasing demand for food, customized printing in the textile industry, and the demand for Covid-19 test kits drive the global ammonium thiocyanate consumption. Furthermore, its use in steel and metal industry production is expected to increase over the coming years. However, its toxic nature, fluctuating raw material prices, and the unscheduled temporary shutdown of many ammonia plants globally in Q1 2021 due to losses could restrain its growth. Ammonium thiocyanate is produced in solid and liquid form to manufacture herbicides, transparent artificial resins, matches, as a stabilizing agent in photography, in rustproofing compositions serving various end-users like textile and agricultural industry. Due to the presence of ammonium ions, ammonium thiocyanate is weakly acidic, and it reacts with alkali hydroxides includes sodium hydroxide/ potassium hydroxide, to form sodium thiocyanate or potassium thiocyanate, along with water and ammonia. The global sodium thiocyanate market is estimated to grow at a significant growth with growing demand for pharma, rubber, and printing industries.
According to the World Health Organization (WHO), the world population is expected to surpass 8.2 billion by 2026, increasing the food demand globally at a rapid pace. The herbicides consumption reached over 1.2 million tons in 2018, thus driving the demand for ammonium thiocyanate consumption. The increasing annual income and rising health awareness among people are further propelling the food industry's growth. The Americas makes up more than one-third of the global herbicide market, making it a great future market prospect for ammonium thiocyanate. Since the Covid-19 has affected the entire global population directly or indirectly, its prevention and detection in highly essential. For this, countries are manufacturing Covid-19 test kits to test their citizens. One of the essential raw materials in its manufacturing process includes ammonium thiocyanate. The testing procedure has now become a standard practice for tourists. It is expected to be the same for a few years, and thus the demand trend for ammonium thiocyanate is expected to surge in the coming years.
The Asia-Pacific region is expected to be the leader in the production of Ammonium Thiocyanate, with most companies located in China. The Asia-Pacific region is home to over 60% of the world's population. This growing population's food demand has been increasing since the last decade. To meet the demands, pesticides and herbicides are utilized to maximize food output. This could be beneficial for the ammonium thiocyanate market as it is an essential ingredient in manufacturing herbicides. This increasing population also drives the textile industry, with its customization playing a pivotal role in sales. As dyeing and printing require ammonium thiocyanate, its demand is expected to surge. The region's large population, mainly consisting of countries like China, India, Malaysia, Japan, Vietnam, and Australia, consumes a lot of canned soda and soft drinks. Due to the various regulations enforced by the government on the ingredients of soft drinks, the company has to monitor different nutrient content constantly. As Ammonium thiocyanate is used in the soft drink industry to determine the iron content by calorimetry, the demand could increase with increasing sales of soft drinks in the region.
Nouryon had announced in 2020 to increase its manufacturing capabilities to meet the rising demand for global ammonium thiocyanate for producing Covid-19 test kits.
Developments are also being made in making ammonium thiocyanate as a modified geo-polymeric coating for flame-retarding plywood. This invention could turn out to be a life-saving one as it is capable of withstanding flames. With its introduction, the wood furniture industry could be benefited. This development could fuel the global ammonium thiocyanate market for years.
The global ammonium thiocyanate market was found to be consolidated. Some of the leading ammonium thiocyanate market players are Tianshui Chemical, Liaoyuan Chemical, East India Chemicals International, and Sae Manufacturing Specialties Corp., among others.
Global Ammonium thiocyanate Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Ammonium thiocyanate industry by segmenting based on the Form (Solid, Liquid), Grade (Top Grade, Industrial Grade), End-User Industry (Dyeing and Printing, Herbicides, Chemical raw Material, Others) market segment, and Key Regions (Asia-Pacific (includes southeast Asia), North America, Europe, South America, and Middle-East and Africa). The report examines the global ammonium thiocyanate revenue share analysis, global ammonium thiocyanate market forecast, market dynamics, and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trend, developments, opportunities, and challenges in the industry. This global market research report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market share, market analysis, key players' financials, and projects.