Silver Iodide Market Developments and Growth Opportunities till 2030
Allied Market Research published a report, titled, “Silver Iodide Market by Application (Cloud Seeding, Antiseptic Material, Photosensitive Material, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, 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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Covid-19 Scenario
·
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.
- Anward
- ChemScence
- MolCore
- 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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