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The global iodine market size is projected to reach USD 1,283.0 million by the end of 2027. The presence of several large scale companies operating across the globe will have a direct impact on market growth. The increasing applications of the product will bode well for market growth. According to a report published by Fortune Business Insights, titled “Iodine Market Size, Share & COVID-19 Impact Analysis, By Source (Caliche Ore, Underground Brines, and Seaweed), By Application (X-Ray Contrast Media, Pharmaceuticals, Optical Polarization Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides and Others), and Regional Forecast, 2020-2027, the market was worth USD 915.9 million and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
Iodine is a type of mineral that is naturally found in the earth's surface specifically in soil and water bodies. Several salt water foods and plant-based substances are inclusive of Iodine. The substance is categorized as an essential mineral for the human body as it regulates several aspects such as hormonal and fetal development. The ease of availability across the world has given the platform for companies operating in the global market. Subsequently, the presence of several large scale companies will have a positive impact on the growth of the market in the coming years. The favorable properties of iodine make it suitable for use for several purposes. The massive investments in the extraction process associated with Iodine will bode well for the growth of the overall market in the foreseeable future.
Increasing Investments in product R&D will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the global iodine market in recent years. The increasing applications of the product will encourage companies to invest more in research and development. Subsequently, the growth and investments have yielded a wider application scope. The report also discusses the industries where Iodine finds the most applications and how companies are adopting various strategies to maximize on this. Commercial applications include used in disinfectants, inks and dyes, photography chemicals, pharmaceuticals, and animal feed supplements. The product is also used as a sterilizing agent and wound cleansing solution. The healthcare applications, however, are highlighted the most, given the ability of the product to easily cater to several treatment procedures.
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Increasing Awareness Regarding Excessive Consumption will Emerge in Favor of Market Growth
Although iodine is beneficial to health, excessive consumption can cause severe damage. The high consumption can result in several diseases and expose humans to critical conditions. As a result, there is an increasing awareness regarding the controlled and specified consumption of iodine as well as alterations in dietary habits to minimize the intake. The aforementioned factors will have a positive impact on the growth of the global market in the foreseeable future.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Million) and Volume (KT)