Iodine Market Share, Global Industry Forecast 2023
Iodine Market Analysis
The global iodine market is anticipated to touch USD 1,073.7 million at a 4.89% CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. Iodine or iodide is a form of a mineral that is found naturally in the ocean waters and the earth’s soil. This chemical element plays a pivotal role in human and animal nutrition for its capacity for sustaining the functioning of the thyroid hormone. Most saltwater, as well as plant-based foods, have iodine and are widely accessible in iodized salt. Iodine has versatile applications covering almost every industry, from water disinfection, electronics, nutrition, to medicine and more.
Various factors are propelling the iodine market growth. Such factors, according to the latest Market Research Future report, include increasing incidence of iodine deficiency, especially in developing countries, increasing use in biocides, burgeoning demand in the catalyst sector, technological advancements in iodine extraction from caliche ores and seaweed, and initiatives undertaken by the government to increase the usage of iodine in animal feed additives and human nutrition. Moreover, increasing use of iodine in various applications such as LCD applications, photography, fluorinated derivatives, X-ray contrast media, biocides, agricultural fungicides, and digital imaging, among others, is also adding to the growth of the iodine industry.
On the contrary, stringent government regulations, fluctuating costs of iodine owing to the demand-supply gap, and toxicity related to consumption of iodine as well as its derivatives are factors that may impede the iodine market growth during the forecast period.
Iodine Market Segmentation
The Market Research Future report offers a complete segmental analysis of the iodine industry based on type and application.
By type, the iodine market trends is segmented into nitrite ore, natural brine, and others. Of these, the natural brine segment will dominate the market during the forecast period. It is anticipated to touch USD 784.6 million and at a 5.10% CAGR.
By application, the iodine market analysis is segmented into LCD polarizing films, fluorochemicals, catalysts, human nutrition, animal nutrition, pharmaceuticals, biocides, X-ray contrast media, and others. Of these, the x-ray contrast media segment will have the maximum share in the market during the forecast period. It is anticipated to touch USD 259.88 million at a 6.12% CAGR.
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Iodine Regional Analysis
By region, the iodine market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Of these, Europe will lead the market during the forecast period. It is anticipated to touch USD 335.4 million by 2023. Various factors are propelling the growth of the iodine market in the region, such as the presence of numerous pharmaceuticals, extraordinary infrastructure, mandatory intake of iodized salts, awareness campaigns about iodine deficiency, and advancements in medical diagnostic techniques.
The iodine market in North America will have substantial growth during the forecast period, and the reasons behind its growth are similar to that of Europe. It is anticipated to touch USD 214.1 million by 2023.
The iodine market in the APAC region will grow at the fastest pace during the forecast period. Various factors are propelling the growth of the iodine market in the region, such as revolutionary changes, industrial revamping in the region’s healthcare sector, and growing awareness about iodine deficiency. It is anticipated to touch USD 311.2 million by 2023.
The iodine market in the Middle East and Africa will have steady growth during the forecast period.
Key Players
Notable players profiled in the iodine market report include Itochu Chemical Frontier Corporation, ISE Chemical Corporation, Godo Shigen Co. Ltd, Iofina, Iochem Chemicals Corporation, Glide Chem Pvt. Ltd., Deepwater Chemicals, Zen Chemicals, Calibre Chemicals Pvt. Ltd., and Independent Iodine. Key players have incorporated specific strategies to create a niche in the market and also cater to the growing needs of the customers, such as mergers, partnerships, acquisitions, collaborations, and more.
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