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Innovation to leave an indelible mark on the Iodine Market at a CAGR of 4.1% between 2021 and 2031
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In this report, the global iodine market has been segmented on the basis of regions. By 2031, the market in North America is expected to register a CAGR of 3.6% in terms of value.
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Due to increasing prevalence of thyroid disorders among the aging population, especially in developing regions such as APAC, the iodine market in the region is projected to expand at a higher than average CAGR. The market in MEA is expected to be driven by increasing use of iodine as catalysts in industries in the region. The iodine market in Latin America is estimated to register an average increase in revenue due to lower GDP growth in the region.
The global iodine market has also been segmented on the basis of various applications. Catalysts segment in the global iodine market is expected to expand at a lower than average CAGR in terms of volume over 2021-2031, while X-ray contrast media segment is expected to expand at a CAGR of around 4% over the same period. Extraction of iodine from nitrite ores is expected to be the highest in APAC due to abundance of caliche ores in the region. Extraction of iodine from natural brines in North America is expected to increase at a steady CAGR in terms of value during the forecast period.
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Increase in GDP output is one of the major factors driving the iodine market. The market in APAC, which is expected to register exponential increase in GDP among various developing economies in the region, is expected to witness high revenue growth during the forecast period.
Meanwhile, the market in developed economies is expected to decline in the near future due to lower GDP growth, thereby implying lower consumption compared to other economies.
Market Segmentation:
By Source
Natural Brines
Nitrite Ores
Others (Seaweed)
By Application
X-Ray Contrast Media
Catalysts
Biocides
LED/LCD Polarizing Films
Feed Additives
Human Nutrition
Others
By Region
North America
Latin America
Europe
APAC
MEA
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