The silver iodide market was valued at $257.6 million in 2020, and is projected to reach $494.0 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030.
Silver iodide is an inorganic chemical compound which is highly insoluble in water and is a fast ion conductor. It is also known as silver mono iodide, neosilvol, and neosiluol. Silver iodide is widely utilized in photography, antiseptic in medicine, and others. Its formulation is homogeneous to that of ice, which enables it to induce freezing in cloud seeding for rainmaking motive. The crystalline structure of silver iodide changes with temperature.
The silver iodide market is driven by factors such as increased cloud seeding activities by numerous countries around the world. This is consequently increasing the demand for silver iodide, as it is used in cloud seeding application. There is an increase in the cloud seeding programs because of numerous factors such as delay in rains in many countries, increased demand for water from farmers, decline in rainfall rate across the globe, and others. However, the market is hindered by the factors such as availability of alternatives for cloud seeding (potassium chloride and dry ice). On the contrary, the developments in weather modification market or industry is anticipated to offer lucrative opportunity during the forecast period.
The silver iodide market is segmented on the basis of application, and region. On the basis of application, the silver iodide market is segregated into cloud seeding, antiseptic material, photosensitive material, and others. Region-wise, the silver iodide market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The silver iodide market analysis covers in-depth information of the major industry participants. Some of the major players in the silver iodide market include Infinium Pharmachem Pvt. Ltd. (Infinium Pharmachem), Micron Platers, Alfa Aesar, American Elements, Finetech Industry Limited (Finetech), BOC Sciences (BOCSCI Inc.), abcr GmbH, Achemtek, Alfa Chemistry, and Iofina plc (Iofina).
Other players in the value chain of the silver iodide market include Otto Chemie Pvt. Ltd. (Otto Chemie), Vizag Chemical, Hanhong Pharmaceutical Technology Co., Ltd. (Hanhong Pharmaceutical), Anward, ChemScence, MolCore (Hangzhou MolCore BioPharmatech Co.,Ltd.), ALB Materials Inc (ALB Materials), Colonial Metals, Inc. (Colonial Metals), GFS Chemicals, Inc. (GFS Chemicals), Deepwater Chemicals, Inc. (Deepwater Chemicals), Mil-Spec Industries Corporation. (Mil-Spec), Wuhan Silworld Chemical Co., Ltd. (Silworld Chemical), Noah Chemicals (Noah), ESPI metal (ESPI), and others.
Silver Iodide Market, by Application
By application, the cloud seeding segment garnered market share of 43.2% in 2020, in terms of revenue. This is attributed to rise in awareness regarding the utilization of cloud seeding process in numerous countries such as China, U.S., UAE, and others. China has expanded its weather modification program. The aim of the weather modification program is to cover 5.5 million sq km, while over 580,000 sq km (224,000 sq miles) by artificial snowfall or rain or in the next five years. The motive behind weather modification program is to help agricultural production, disaster relief, urgent responses to forest fires, and others. China is expected to become a top global player in the weather modification or cloud seeding industry by 2035. Furthermore, the UAE is also conducting weather modification program by using cloud seeding. This consequently increases the demand for silver iodide. Moreover, there are increased research and development activities for cloud seeding from countries such as India which might increase the demand for silver iodide during the forecast period.
Cloud Seeding is projected as the most lucrative segment.
Silver Iodide Market, by Region
Region-wise, Asia-Pacific is expected to grow at a CAGR of 7.1%, during the forecast period. This is attributed to presence of key silver iodide industrial participants in China, and India. In addition, the rising cloud seeding programs in Asia is also boosting the demand for silver iodide. As silver iodide is injected in the clouds for artificial rain and snow. The weather modification programs are increasing from governments of numerous countries such as China and India owing to presence of huge agriculture industry in China, India, and others.
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key benefits for stakeholders
- The report outlines the current silver iodide market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The silver iodide market size is provided in terms of revenue.
- The report provides an in-depth analysis of the silver iodide market along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the silver Iodide market along with impact analysis during the forecast period.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- The study provides a comprehensive analysis of the factors that drive and restrain the silver iodide market growth.
Impact of COVID-19 on the Silver Iodide Market
- The outbreak of COVID-19 in China and it’s spread across numerous countries around the world halted the manufacturing activities of industrial sectors which correspondingly hampered silver iodide manufacturing as well.
- Global chemical production decreased by approximately 3% in March in 2020. This was attributed to labor and raw material shortages as well as government-implemented plant shutdowns.
- The raw material procurement was also challenged owing to outbreak of COVID-19.
- Chemical companies have been witnessing oversupply situation owing to decreased demand from halted industrial activities
- The revenue streams of government of numerous countries were halted which correspondingly hindered the government funded cloud seeding programs. This consequently decreased the demand for cloud seeding programs.
- It is expected that as economies of numerous countries are recovering the government funded cloud seeding programs might resume as soon as possible. Which might increase the demand for silver iodide.
Key Market Segments
- Cloud Seeding
- Antiseptic Material
- Photosensitive Material
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Silver Iodide Market Report Highlights
Key Market Players
Micron Platers, Iofina plc, Alfa Chemistry, Finetech Industry Limited, abcr GmbH, Achemtek Inc, American Elements, BOC Sciences (BOCSCI Inc.), Infinium Pharmachem Pvt. Ltd., Alfa Aesar
As per prospective of CXO’s of key industrial participants the factors that drive the market growth include increased demand for silver iodide for cloud seeding application. This is attributed to the increased government funding and support for weather modification programs. The aim behind increased weather modification program is solving farmers drought problem. In addition, the rise in forest fire incidents has also surged the demand for artificial rains. However, the silver iodide’s toxicity is one of the concerns for cloud seeding process owing to which there are numerous research and development activities in numerous countries. In addition, the presence of alternatives chemicals for cloud seeding process might hinder the demand for silver iodide. On the contrary, the antiseptic properties of silver are projected to increase the demand for medical applications.