Global Iodine Market Business Prospects, Growth Opportunities, Regional Analysis ,Statistics and Forecast to 2027
Global Iodine
Market Overview
Components,
with multiple benefits, are rarely widely available. Iodine contradicts the
notion with its widespread usage across industrial verticals, and it is readily
available with a cost-efficient tag on it. The global iodine market can
escalate to a valuation of USD 1,073.7 million by 2023, growing at a high CAGR
during the forecast period (2018-2023).
Iodine’s
proliferation in sectors from nutrition to healthcare and even in imaging
technology has already given it a vast horizon to explore its market potential.
An essential nutritional component, iodine works in X-ray contrast media as a
tracer radioactive and as an anti-thyroid element in pharmaceuticals. Iodine’s
percolation in imaging technology has elaborated the scope of iodine market
further with each passing day experiencing a rise in LCD screen consumption.
What can further cement the iodine market growth is its monopoly; without an
appropriate substitute, iodine can command the market significantly in the near
future.
The iodine market can, on the other hand, can
backtrack a little in its growth trajectory due to its toxicity caused by
over-consumption of the product. It can lead to hyperthyroidism and restrain
the expected market growth during the review period.
Regional
Segmentation:
Geographical mapping of the iodine market covers
namely North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and
the Middle East & Africa (MEA).
Europe is the
current market leader with a projected value of USD 335.4 million by 2023.
Presence of several pharmaceuticals, along with extraordinary infrastructure,
has given the region a headstart in capturing the market. North America has
similar reasons to boast off, and its contribution is quite substantial. The
estimated market value of the region will be USD 214.1 million during the
forecast period. However, it’s the emerging economies such as India and China
that are boosting the regional market and taking the APAC to a new height.
Industrial revamping and revolutionary changes made in the healthcare sector is
giving the region enough reason to enjoy the fastest CAGR of 6.07% during the
time frame. The market valuation could easily climb up to USD 311.2 million
during the review period.
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Segmentation:
Based on type,
the iodine market can be segmented into natural brine, nitrite ore, and others.
Natural brine is expected to lead the market with substantial revenue. It has
72.10% of the market under its dominance and can scale valuation of USD 784.6
million during the forecast period with a moderate growth rate of 5.10%.
Application-wise segmentation of the iodine market
includes X-ray contrast media, biocides, pharmaceuticals, animal nutrition,
human nutrition, catalysts, fluorochemicals, LCD polarizing films, and others.
X-ray contrast media is by far the largest segment with 22.3% of the market
share in its name. A CAGR of 6.12% seems to be easily scalable and with this
sort of a momentum USD 259.88 million valuation can be achieved without
difficulty during the review period.
Industry Trends:
Iodine usage is getting precedence in formation of
fluorine derivatives. Demand for lightweight components in sectors such as
automotive & transportation, construction, and consumer electronics are
bolstering the sale of aluminum, and its smelting requires fluorides.
Furthermore, dental treatments can significantly boost the fluorine market and
as a consequence iodine market can gain favorable winds.
Iodine is an ingredient that is necessary in
formation of povidone-iodine (PVPI). PVPI can work wonder against gram-positive
and gram-negative bacteria, viruses, and fungi which makes it ideal as an
antiseptic. This use can trigger its growth in a new direction in the
pharmaceutical sector.
Competitive Analysis:
The iodine market is experiencing several
strategical implementations such as expansion, collaboration, mergers, and
acquisitions. Relying on these, the market is eyeing for extraordinary growth.
Iofina’s construction of the new IO#7 plant in Oklahoma, U.S. can be considered
exemplary. Itochu Chemical made a strategic investment in SCILEX Pharmaceuticals
Inc., can be considered a tactical move to expand its portfolio.
Key players
involved in the market are Independent Iodine, Calibre Chemicals Pvt. Ltd., Zen
Chemicals, Deepwater Chemicals, Glide Chem Pvt. Ltd., Iochem Chemicals
Corporation, Iofina, Godo Shigen Co. Ltd, ISE Chemical Corporation, and Itochu
Chemical Frontier Corporation.
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