Sodium Iodate Market size and forecast, 2016 - 2024

Sodium iodate is the sodium salt of iodic acid which is used as an oxidizing agent. Sodium iodate is a colorless, rhombic crystal and is used as the catalyst in bis-indole synthesis. Sodium iodate is formed by the chemical reaction between a salt base and acid. Sodium iodate may decompose on exposure to light, air, or moisture and is heat and shock sensitive. The reaction between a concentrated solution of sodium hydroxide and iodine can also lead to the formation of sodium iodate. Sodium iodate is used as a source of iodine supplement and also as analytic reagent.

The key factor which drives the global sodium iodate market is the salt industry in which the demand for iodized salt keeps on increasing. The growing baking industry is another significant market driver of sodium iodate as sodium iodate in trace amounts is used as disinfectant against bacteria. Recent advancements in the pharmaceutical and healthcare industry is acting as a driver of sodium iodate as it is used as an analytic reagent. Growing technical developments in the field of cell biology is also acting as a significant market driver of sodium iodate. The analytical reagent market is a driver of sodium iodate due to the ability of sodium iodate to quickly detect morphine and heroin.

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The global sodium iodate market is segmented on the basis of product grade as medicine grade, food grade, feed grade, reagent grade, cosmetic grade, industrial grade, and agriculture grade. Based on product categories, sodium iodate is segmented as inorganic compounds, inorganic salts, synthetic reagents, analytical reagent and Puriss p.a. On the basis of raw materials, sodium iodate is segmented as iodine and sodium hydroxide. In terms of application, the market is classified as iodine supplement, disinfectant, preservative, medical disinfectant, ordinary and chromatographic analytic reagent, and feed additive.

The global sodium iodate market witnessed decent growth in 2015 and the same trend is expected to follow during the forecast period (2016-2024). In terms of region, the global sodium iodate market has been segmented into Asia Pacific, North America, and Europe. In the Asia Pacific region, China is the major player due to the growing pharmaceutical industries in the country. North America and Europe are the significant players in the sodium iodate market due to the rising demand for analytical reagents. Middle East and Latin America are growing markets for sodium iodate owing to recent developments in the pharmaceutical sector in these regions.

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Key players of the global sodium iodate market include Iofina, Ajay-SQM, Hanwei Chemical, Shandong Boyuan Pharmaceutical Co. Ltd, Chemos GmbH, Hangzhou Dayangchem Co. Ltd, Charkit Chemical Corporation, Barentz N.V,CG Chemikalien GmbH & Co. KG, BKM Resources Inc., Kinbester Co., Ltd, Jin Dian Chemical Co., Ltd., and Simagchem Corporation.

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