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The global Iodine market size was USD 915.9 million in 2019 and is projected to reach USD 1,283.0 million by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Iodine is an element with lustrous purple-black color. It is a stable halogen that has applications ranging from a catalyst in polymer manufacturing to an additive in animal feed. Iodine is witnessing a massive global demand accounting for its applications such as polarizing films, and X-ray contrast media. The increasing health concerns in the geriatric population coupled with rising awareness regarding the deficiency of iodine are primary market drivers. Initiatives by non-government organizations and guidelines issued by the WHO to minimize the deficiency in people in economically backward countries is further supporting the growth of the market.
Lack of Labor and Workforce to Slow Down Mining and Extraction Activities during the Covid-19 Pandemic
The rapid spread of the coronavirus will have a drastic covid-19 impact on the market due to the slowdown in the mining and manufacturing activities. The contagiousness of coronavirus has forced the major players to temporarily shut down their activities. The decline in demand for polarization films from consumer electronics manufacturers has led to a decrease in demand. The shut-downs in the manufacturing sectors have minimized the consumption for applications such as catalysts, and production of chemicals, thereby contributing to a decline in the production.
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Rising Investments in Iodine Recycling Facilities Due to its Limited Availability
Major companies such as IOCHEM and Godo Shigen are investing heavily to establish recycling facilities. Recycling is being termed as important due to the scarcity and limited available sources. Industries such as pharmaceuticals, pesticides, salt, and specialty chemicals are the major sources generating waste streams. The byproducts and used materials containing iodine are processed to obtain the purity of more than 99.3%. The recycling of this product is environmentally and economically essential as it increases the availability of rare and finite resources.
Rising Awareness Amongst Consumers Regarding the Deficiency of Iodine will Lead to a Wider Product Consumption
Rising awareness among consumers in developing countries regarding the deficiency will have a positive impact on the market. It regulates the hormone levels in humans and is responsible for the healthy functioning of thyroid gland. It also plays a vital role in the neurodevelopment of the fetus. The growing attentiveness towards human health in the developing countries will lead to market growth and forecasts. Additionally, the initiatives taken by the government and non-government organizations to make it a part of the diet for economically weaker sections of society will support the growth of the market. Furthermore, increasing use in optical polarizing film for applications in LCD will contribute to the growing demand.
Toxic Effects Associated with the Consumption of Iodine to Impede Growth
Consuming iodine over the specified levels can lead to poisoning. The detrimental effects of the poisoning include diarrhea, nausea, swelling of airways, cyanosis, and weakening of pulse. The intake of excessive iodine can also induce hyperthyroidism which is dangerous, especially for a person with severe heart conditions. The aforementioned factors along with low awareness among consumers act as a restraint for the market.
Caliche Ore Segment Dominated the Market in 2019
On the basis of source, the market is segmented into caliche ore, underground brine, and seaweed. The caliche ore segment held a dominant share of the market in 2019. Caliche ores located in the Atacama Desert of Chile are the largest exploited source in the world. The economic feasibility and effectiveness of extraction of iodine from this source are attributable to the dominance of caliche ore in this market.
The underground brine segment is projected to grow at a significant rate during the forecast period. Countries such as the U.S., Japan, Azerbaijan, Indonesia, and Turkmenistan are major producers of iodine from underground brines.
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X-Ray Contrast Media Segment Grow at a Rapid Pace during 2020-2027
Based on application, the market is segmented into x-ray contrast media, pharmaceutical, optical polarizing films, industrial catalysts, animal feed, fluorochemicals, iodophors, human nutrition, biocides, and others. The x-Ray contrast media segment accounted for the largest iodine market share in terms of application. Techniques of diagnosis such as CT scan, angiography, and X-ray use contrast media for effective performance. Recent advances in the technologies pertaining to the medical industry, combined with developments in nuclear medical techniques are boosting the demand for iodine in this application.
The human nutrition segment is expected to grow at a substantial CAGR during the forecast period. Increasing awareness regarding the deficiency amongst the people will create a massive demand for iodized salts, thereby contributing to the growth of the market.
Europe Iodine Market Size, 2019 (USD Million)
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The market size in Europe stood at USD 360.9 million in 2019. Europe is the major contributor to the global iodine market growth. Increasing expenditure on healthcare systems by the governments has contributed to the growing demand. The product is widely used in applications such as X-ray contrast media, and pharmaceuticals. Asia Pacific is the fastest-growing region during the forecast period. Factors such as rising awareness regarding the iodine deficiency, coupled with high demand from applications including animal feed, fluorochemicals, and optical polarizing films are leading to market growth.
The market in North America is characterized by high product demand from the pharmaceutical industry. Additionally, the increasing consumption to manufacture disinfectants will aid market growth. In South America and the Middle East & Africa, applications such as industrial catalysts, optical polarizing films, and human nutrition are the factors accountable for the growth of the market in these regions.
Key Players in the Global Market to Maintain Dominance by Offering Iodine for Various Applications
The global iodine market is fragmented. Key players are investing in research and development activities to serve numerous markets. These companies are focusing on offering the product in various forms and high purity for a wide range of applications.
An Infographic Representation of Iodine Market
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The market research report provides a detailed analysis of the market opportunities and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the recent years.
Value (USD Million) and Volume (Kilo Tons)
Fortune Business Insights says that the global market size was USD 915.9 million in 2019 and is projected to reach USD 1,283.0 million by 2027.
In 2019, the Europe market value stood at USD 360.9 million.
Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027).
X-ray contrast media segment is expected to be the leading segment in this market during the forecast period.
Rising demand awareness amongst consumers regarding the deficiency is the key factor driving the market.
Cosayach Compania De Salitre Y Yodo, Nippoh Chemicals Co., Ltd, and Kanto Natural Gas Development Co., Ltd. are major players of the global market.
Europe dominated the market share in 2019.
Rising investments in healthcare systems and increasing health issues in geriatric population is expected to drive the adoption.
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