by The global Iodine Market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine is a halogen element found naturally in soil and seawater. It plays an important role in producing thyroid hormones which helps regulate many essential body functions such as growth and metabolism. Iodine deficiency can lead to goiter, hypothyroidism and impaired intellectual development in children.
Market key trends:
One of the key trends driving the growth of the iodine market is the increasing demand from the pharmaceutical industry. Iodine is used to manufacture various drugs, disinfectants and pharmaceutical compounds. It acts as an antiseptic and disinfectant. The rising incidence of diseases globally is driving the demand for pharmaceutical products, thereby augmenting the consumption of iodine. Furthermore, iodine is used in the manufacture of X-ray contrast media which are used in medical imaging procedures. The increasing healthcare spending and growth of the medical devices industry are fueling the use of iodine in this application.
SWOT Analysis
Strength: Iodine has applications in various industries like healthcare, fertilizers, catalysts, polymers etc. Due to wide applications, demand for iodine remains stable.
Weakness: Iodine production is limited to certain geographies and dependent on natural resource availability. Fluctuating prices of iodine is a concern.
Opportunity: Growing demand for iodine from pharmaceutical sector for developing iodized salts and contrast media offers lucrative growth opportunities. Increasing demand for molecular iodine and iodine derivatives from various end use industries also presents potential opportunities.
Threats: Presence of substitute materials like bromine pose threat to iodine market. Stringent regulations pertaining to iodine production can hamper the market growth.
Key Takeaways
The Global Iodine Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for iodine-based disinfectants, reagents and catalysts across various end use industries. The iodine market size for 2023 is estimated to be US$ 1641.17 Mn.
Regional analysis: Asia Pacific holds the major share in the global iodine market and is expected to continue dominating the market during the forecast period. Rapidly growing end use industries such as healthcare and fertilizers in APAC create huge demand for iodine. Latin America and MEA regions are also projected to offer lucrative opportunities owing to rising consumer base.
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Strategic partnerships, acquisitions and expansion of production facilities are some of the key strategies adopted by the leading players to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
