Iodine Market Analysis and Forecast (2023-2032): Growth Rate 5.7%, Trends, and Opportunities

Newly-released data on the iodine market reveals that global sales are expected to reach around US$ 1.43 Bn in 2022, registering Y-o-Y growth of approximately 5.7%. The market for iodine is projected to exhibit a CAGR of 4% over the period of 2022 and 2032 on a volume basis.

Global Industry Analysis

Iodine is an essential chemical element used for various industrial and medical purposes. It is primarily used in the production of iodine derivatives, such as potassium iodide, sodium iodide, and methyl iodide. Iodine also finds application in the production of disinfectants, water treatment, and as a catalyst in the production of acetic acid. The global iodine market is highly competitive, with key players vying for market share. This report provides an overview of the iodine market, including its growth prospects, trends, and key players.

Iodine is a halogen element of the seventh group of the periodic table with the atomic number 53; it has a bluish-black color and a brilliant luster. Iodine and its derivatives are widely used as intermediates in industrial chemicals and for human nutrition.

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The element is derived from bodies of water such as oceans and pools of water, as well as algae. Iodine deficiency leads to various health problems in humans, such as goiter, intellectual disability, heart disease and vision problems.

To understand and assess the opportunities in this market, the report is categorically divided into three main market analysis sections i.e. by Source, by Application and by Region. The report analyzes the global iodine market in terms of market value (US$ Mn) and volume (Tons).

The report begins with an overview of the global Iodine Market, evaluating the performance of the market in terms of revenue and volume followed by Persistence Market Research's analysis of the key trends, drivers and restraints affecting the global Iodine Market. . The impact analysis of the key growth drivers and restraints based on the weighted average model is also included in the report to provide the client with clear insights for decision making.

To calculate the market size, the report considers several aspects based on secondary research. Furthermore, data points such as split by region and market split by application have been included along with qualitative inputs from top respondents to arrive at sensible market estimates.

The forecasts presented in the report evaluate the total revenue of the global iodine market from 2021 to 2031. When developing the market forecast, the starting point begins with the size of the current market, which forms the basis for forecasting the expected development of the market shape in the near future.

Drivers, Restraints, and Challenges:

Drivers:

• Growing demand for iodine in the healthcare industry: Iodine is used in various medical applications such as disinfectants, contrast agents, and thyroid hormones, which are important for the treatment of thyroid diseases. The increasing prevalence of thyroid diseases, along with the rising demand for disinfectants and contrast agents, is driving the demand for iodine in the healthcare industry.
• Increasing use of iodine in food industry: Iodine is an essential nutrient required for the proper functioning of the human body. It is added to salt, which is widely used in food processing, to prevent iodine deficiency disorders (IDDs). The increasing awareness of the benefits of iodized salt and the rising demand for processed food products are driving the growth of the iodine market in the food industry.
• Growing demand for LCD displays: Iodine is used as a polarizing agent in the production of LCD displays. The increasing demand for LCD displays in various electronic devices such as smartphones, laptops, and televisions is driving the demand for iodine in the electronics industry.

Restraints:

• Volatility in iodine prices: The prices of iodine are highly volatile due to its limited availability and the high concentration of iodine reserves in a few countries. The fluctuations in the prices of iodine can negatively affect the growth of the market.
• Health concerns associated with excessive iodine intake: Excessive intake of iodine can lead to adverse health effects such as thyroid dysfunction, skin rashes, and gastrointestinal problems. This can act as a restraint for the growth of the iodine market, particularly in the food industry.
• Stringent regulations: The production and use of iodine are subject to stringent regulations, which can increase the compliance costs for manufacturers and limit the growth of the market.

Challenges:

• Limited availability of iodine reserves: Iodine reserves are limited and concentrated in a few countries such as Chile and Japan. This can pose a challenge for the growth of the iodine market, particularly in regions that are not self-sufficient in iodine.
• Technological advancements: The iodine market is subject to technological advancements, which can make existing applications obsolete and create new applications. This can pose a challenge for manufacturers to keep up with the changing market trends and stay competitive.
• Environmental concerns: The production and use of iodine can have negative environmental impacts, such as water pollution and land degradation. This can pose a challenge for the growth of the iodine market, particularly in regions where environmental regulations are stringent.

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Segmentation:

By Source:

• Natural Brines
• Nitrite Ores
• Others

By Application:

• X-Ray Contrast Media
• Catalysts
• Biocide
• LED/LCD Polarizing Films
• Feed Additives
• Human Nutrition
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

Key Companies:

• Iofina Chemical, Plc.
• Sociedad Química y Minera (SQM)
• IOCHEM Corporation
• ISR holdings
• Qingdao Bright Moon Seaweed Group Co. Ltd.
• ISE Chemicals Corporation
• Godo Shigen Co., Ltd
• Nippoh Chemicals Co., Ltd
• Deep Water Chemicals
• ACF Minera S.A
• Kanto Natural Gas Development Co., Ltd
• COSAYACH Compañía de Salitre y Yodo

This report covers a thorough analysis of:

• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain

Regional analysis includes:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)

Report highlights:

• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint

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