The silver iodide market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the silver iodide market growth. Additionally, the database analyzes and estimates the silver iodide market both globally and regionally.
The silver iodide market was calculated at around US$256.6 million in 2020 and is projected to register a CAGR of 6.6% during the forecast period from 2021 to 2027.
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Silver iodide is an ion conductor which is highly insoluble in water. Silver mono iodide, neosilvol, and neosiluol are a few of the basic Silver Iodide. Silver iodide is used in a variety of applications, including photography, antiseptics, and medicine. Silver iodide’s crystalline structure changes with temperature. Its formulation is similar to that of ice, allowing it to cause freezing in cloud seeding for the purpose of rainmaking.
Increased cloud seeding efforts by several countries throughout the world are driving the silver iodide industry. As a result, demand for silver iodide, which is utilized in cloud seeding applications, is rising. Cloud seeding systems are becoming more popular owing to a variety of issues. The rain delays in many nations are growing the demand for water from farmers. The decrease in global rainfall rates is driving the growth of substantial solutions related to the use of silver iodide. It will positively impact the growth of the global silver iodide market.
However, the market is hampered by issues like the lack of alternate cloud seeding options (potassium chloride and dry ice). The weather modification market is expected to offer a lucrative potential during the analysis period.
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Regional Analysis
Asia-Pacific is forecast to register the highest CAGR during the analysis period. It is due to the fact that China and India have significant silver iodide producers. Furthermore, the burgeoning cloud seeding initiatives in Asia are increasing the demand for silver iodide. Silver iodide is injected into the sky to produce artificial rain and snow. Governments are progressively implementing weather modification programs due to the existence of significant agriculture corporations in China, India, and other countries.Hence, Asia-Pacific is anticipated to hold dominance in the global silver iodide market during the forecast period.
COVID-19 Impact
The spread of COVID-19 in China has disrupted the manufacturing industry. In early 2020, global chemical production fell by around 3%. Labor and raw material shortages, as well as government-mandated plant shutdowns, were a few of the many reasons that halted the overall growth of the global silver iodide market.
Chemical companies have been encountering an excess problem, owing to the declining demand and halt in industrial activities. The stoppage of government money streams in various nations has put an end to government-funded cloud seeding programs. As a result, there is a deceleration in the demand for cloud seeding projects.
The economy of many countries is expected to recover after the COVID-19 vaccination began. The government-funded cloud seeding initiatives are anticipated to resume. This could lead to an increase in the demand for silver iodide. Thus, it will positively impact the growth of the global silver iodide market.
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Key Market Segments
By Application
Cloud Seeding
Antiseptic Material
Photosensitive Material
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key Players
abcr GmbH
AchemtekInc
Alfa Chemistry
Alfa Aesar
American Elements
BOC Sciences (BOCSCI Inc.)
Finetech Industry Limited
Iofina plc
InfiniumPharmachem Pvt. Ltd.
.Micron Platers
Other prominent players
Key questions answered in the global chemical market report are:
· How does a global company acquire markets?
· What are its core strategies and policies?
· What factors will influence the chemical market over the forecast period?
· What are the factors driving and restraining the market for chemicals?
· What are the leading competitors in the global market?
· Which region is growing at a higher pace in the global market?
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