Silver Iodide Market Expected to Reach $494.0 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research titled, “Silver Iodide Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

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 which is exceptionally photosensitive. It is also referred as iodargyrite. It is insoluble in organic solvents and water, and dissolves in basic solutions such as ammonium hydroxide, sodium chloride, and others.

There is an increase in the demand for silver iodide owing to increased market penetration in the weather modification industry specifically for cloud seeding application. Weather modification programs are expected to increase in numerous countries owing to rise in forest fires problems, drought, and others. However, stringent regulatory rules are projected to be a one of the barriers for silver iodide market growth. This is attributed to its toxicity. In addition, presence of alternative chemicals for cloud seeding applications is expected to hinder the silver iodide market growth. On the contrary, widespread research and development to use silver iodide in cloud seeding in countries such as India likely to expand the market's possibilities during the forecast period.

The silver iodide market is segmented into application. On the basis of application, the silver iodide market is categorized 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.

On the basis of application, the cloud seeding segment is expected to grow at CAGR of 7.0% during the forecast period. This is attributed to increase in weather modification programs in numerous countries around the world.

On the basis of region, the Asia-Pacific silver iodide market is expected to grow a CAGR of 7.1% during the forecast period. This is attributed to numerous factors such as presence of key industrial participants in countries such as China and India. In addition, the increase in weather modification programs in China is expected to offer lucrative opportunities to the key industrial participants.

Some of the key players operating in the silver iodide market are 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 silver iodide market are 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.

Key findings of the study

• 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.
• On the basis of region, Europe silver iodide market garnered share of 13.5% in 2020 in terms of revenue.
• On the basis of application, antiseptic material segment garnered market share of 21.2% in 2020 in terms of revenue.
• The report also covers the impact of COVID-19 on the silver iodide market.

Impact of COVID-19 on the silver iodide market

• Manufacturing as well as the supply regions witnessed economic slowdown owing to lockdown.
• Raw material procurement was a challenge owing to disturbed transportation services.
• Research and developments programs on silver iodide in cloud seeding and pilot scale government funded weather modification programs were hindered owing to spread of COVID-19 in several countries. This was attributed to reduction in government’s revenue due to COVID-19 in numerous countries.