The global silver Iodide industry generated $257.6 million in 2020, and is anticipated to generate $494.0 million by 2030, witnessing a CAGR of 6.8% from 2021 to 2030.
Prime determinants of growth
Rise in cloud seeding activities by numerous countries around the world and surge in demand for water from farmers drive the growth of the global silver Iodide market. However, availability of alternatives for cloud seeding hinder the market growth. On the other hand, the growth of weather modification market or industry present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic led to the implementation of lockdown, which resulted in temporary closure of the manufacturing units across the world.
- The pandemic has further caused disruptions in the supply chain management, due to which, the manufacturers faced challenges in the transportation of raw materials and finished products, which in turn, hampered sales to some extent.
- Thus, the silver Iodide industry got negatively impacted in workforce at industry level, trade & logistics, demand & supply, especially in the initial period of COVID-19.
The cloud seeding segment to maintain its lead position during the forecast period
Based on application, the cloud seeding segment accounted for the largest share in 2020, contributing to more than two-fifths of the global silver Iodide market, and is projected to maintain its lead position during the forecast period. This is due to rise in demand for voice assistant solution across communication sector. Moreover, the same segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030. Other segments discussed on the report are antiseptic material, photosensitive materials etc.
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Asia-Pacific, followed by North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global silver Iodide market, owing to the availability of prime players paired with rise in adoption of advanced voice assistant solutions across communication sector. The same region is also expected to witness the fastest CAGR of 7.1% during the forecast period. Other provinces discussed on the report are Europe, LAMEA and North America.
Leading Market Players:-
- Otto Chemie Pvt. Ltd.
- Vizag Chemical
- Hanhong Pharmaceutical Technology Co., Ltd.
- ALB Materials Inc
- Colonial Metals, Inc.
- GFS Chemicals, Inc.
- Deepwater Chemicals, Inc.
- Mil-Spec Industries Corporation.
- Wuhan Silworld Chemical Co., Ltd.
- Noah Chemicals
- ESPI metal
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