Global Iodine Market Comprehensive research study 2019 size share trend global demand industry statistics and current scenario by 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.
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.
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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.
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.
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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