Silver iodide is a highly insoluble inorganic chemical compound used in photography, medicines, and cloud seeding methods. This fast ion conductor is also considered neosilvol and silver mono iodide. The applications of silver iodide make it suitable for its use as an antiseptic in medicines. Moreover, the formulation of the compound is similar to ice, which makes it convenient for cloud seeding activities (the method of creating false rain by injecting the compound into the clouds)
The global silver iodide market is gaining traction due to the elevating cloud seeding activities in various nations. The application of silver iodide in cloud seeding procedures is gaining high demand around the globe. There is an immense increase in the adoption of cloud seeding programs, owing to the delay in rains, growing demand for water in farming, and the slump in the rainfall rate across the globe.
However, the demand for silver iodide is expected to slow down due to the presence of various alternatives in the market. Apart from that, silver iodide is poisonous for aquatic animals. The harmful effects of silver iodide-based cloud seeding methods can lead to pollution. This, in turn, is expected to hamper the growth of the market.
Regional Analysis
Globally, the Asia-Pacific region is anticipated to present maximum contribution to the growth of the global silver iodide market. The presence of prominent companies in China and India is expected to surge the growth of the overall market. Moreover, the region is witnessing growing cloud seeding programs and government initiatives that would spur the demand of the compound during the forecast period. Silver iodide is inserted into the clouds to modify weather. These programs are progressing in Asia-pacific countries to benefit agricultural activities.
COVID-19 Impact Analysis
The COVID-19 outbreak began with China and impacted several nations around the globe. The halt in activities suddenly slowed down the growth of the global silver iodide market. The government of China and India has taken various initiatives to create false rain, which would help in farming activities. However, the stoppage on these activities during the pandemic severely impacted the growth of the global silver iodide market.
The abrupt decrease in global chemical production activities significantly restrained the growth of the global market. This was attributed to a decline in the workforce and shortage of raw material, disruption in the supply chain, and the government implemented lockdown.
Moreover, the government-imposed lockdown also made it challenging for manufacturers to procure the raw material. There were travel restrictions in many countries which hindered the import and export activities throughout COVID-19 impacted countries.
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