Global Iodate Market: Introduction
Iodate, a soluble byproduct of the oxidation process is considered as a stable class of iodine species which is converted to the vaporized phase and is a prominent form of inorganic iodine in prescription. Iodate is a chemical compound having molecular formulae- IO3-. Iodate and iodine are two prominent species of iodine, which are mainly added in salts. Iodate is also referred to as iodate ion, trioxidoiodate, iodic acid anion, etc.
In term of physical properties, iodate is white crystal compound available in powder form having better solubility and molecular weight. On the basis of the secondary group attached to iodate component, it is classified into various types, such as potassium iodate, sodium iodate, and calcium iodate, among others. The primary applications of iodate are- mainly utilized in bakery food, animal husbandry, as a chemical intermediate, pharmaceutical processing, many more. Moreover, iodate also finds a wide range of applications due to its superior properties in the end-use industry including agricultural, pharmaceutical, chemical, food & beverages and more.
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Global Iodate Market: Dynamic
In the recent past, a large share of global iodate market has been contributed by the chemical and pharmaceutical industries. The rapid growth in the global and regional manufacturing sector of chemicals and pharmaceuticals, has necessitated the use of iodate as a raw material. Furthermore, lack of iodine can negatively impact on the health, such as it causes mental retardation, childhood mortality, goiter, and cretinism, among others. Thus, insufficiency of iodate is not only a nutrition concern; but also it is considered to be a major issue to human resources welfare and healthcare development of a nation. These factors are projected to fueling the global iodate market towards the end of the forecast period
Moreover, the growing world population associated by aging individuals and rising demand from the end-user applications will witness the global iodate market at a significant position. Iodate is also an important raw material in the production of animal’s food; hence, the growth in the consumption of animal feed additives across the world is expected to further drive the global iodate market.
However, relatively higher consumption of iodate causes side effects such as thyroid disease, thyroid cancer, and reduction in sperm count. As a result, these will be estimated as a restraining factor for the global iodate market during the forecast period.
Global Iodate Market: Market Segmentation
Global Iodate market is segmented on the basis of products types, grade, end-use industry, and regions as given below. On the basis of product type, global iodate market can be segmented as mentioned below:
- Sodium Iodate
- Potassium Iodate
- Calcium Iodate
On the basis of grade, global iodate market can be segmented as mentioned below:
- Pharma Grade
- Industrial Grade
On the basis of end-use industry, global iodate market can be segmented as mentioned below:
- Chemical Industry
- Agricultural Industry
- Pharmaceutical Industry
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Global Iodate Market: Regional outlook
On the basis of geography, global iodate market can be segmented into seven key regions including Middle East & Africa, Latin America, North America, Eastern Europe, Western Europe, Japan, and South East Asia Pacific. South East Asia Pacific iodate market is estimated to witness the relatively high market share owing to the industrialization and more population. Moreover, regulations formulated by agencies such as the European Commission and EPA (Regulation (EU) 2015/861) categorically concerning the authorization of iodate, which in turn, Europe iodate market estimated to achieve the new highlights throughout the forecast period.
The US Pharmacopeia specifies iodine (iodate) content of is not less than 99.8% in a human body. Emphasizing on this aspect, North America is estimated to be moderate growth rate followed by Europe region in the global market, during the forecast period
Global Iodate Market: Key Players
The global iodate market projected to be fragmented due to the medium to high presence of local and international market players.
Some of the key players are identified across the value chain of global iodate market which is as-
- Morton Salt, Inc.
- Salins Group
- Compass Minerals
- China Salt
- Jindian Chemical
- Boyuan Pharmaceutical & Chemical
- Hanwei Chemical
- China Salt
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