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.
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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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.
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.
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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