Iodine Market Growth, Study with Growth By Industry Demands, Key Player Analysis and Forecast Research
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 (2022-2030).
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 Market Growth 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 growth 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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