Iodine demand is increasing worldwide owing to growing application in x-ray contrast media, polarizing films, and other areas. Growing health concerns among the elderly population along with increasing awareness regarding iodine deficiency will boost the market growth. Effective guidelines introduced by public health organization such as the WHO and government efforts to address the growing burden of iodine deficiency will augment the market demand significantly. This information is presented by Fortune Business Insights™ in its report titled “Iodine Market Report Size, 2024-2032”.
The global iodine market size was valued at USD 1.88 billion in 2023. The market is projected to grow from USD 2.00 billion in 2024 to USD 3.29 billion by 2032 at a CAGR of 6.5% during the forecast period of 2024-2032. Europe dominated the iodine market with a market share of 40.43% in 2023.
Iodine Market Segments:
By Source, Caliche Ore Segment to Experience Robust Growth through 2032
Based on source, the market share is divided into seaweed, underground brine, and caliche ore. The caliche ore segment will dominate the market share through 2032 owing to economic feasibility and effectiveness of iodine extraction.
By Application, X-Ray Contrast Media Segment to Dominate during 2024-2032
In terms of application, the market share is segmented into optical polarizing films, x-ray contrast media, industrial catalysts, pharmaceutical, human nutrition, animal feed, and others. Among these, the x-ray contrast media segment is projected to hold the dominant share of the market till 2032.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Wide Use in X-Ray Contrast Media and Polarizing Films to Propel Growth
Iodine demand is increasing worldwide owing to growing application in x-ray contrast media, polarizing films, and other areas. Growing health concerns among the elderly population along with increasing awareness regarding iodine deficiency will boost the market growth. Effective guidelines introduced by public health organization such as the WHO and government efforts to address the growing burden of iodine deficiency will augment the market demand significantly.
However, toxic effects associated with iodine consumption could hamper market prospects.
Source- https://www.fortunebusinessinsights.com/iodine-market-103889
Regional Insights:
Increasing Healthcare Expenditure to Boost Iodine Demand Across Europe
Europe dominated the iodine market share in 2019 with an annual revenue worth USD 360.19 million. The dominance of this region can be credited to the rising healthcare expenditure by governments and public health organizations.
The market in Asia Pacific is anticipated to rise at the fastest CAGR during the forecast duration, backed by heightened awareness regarding iodine deficiency. Meanwhile, the North American market will gain traction led by heavy demand from the pharmaceutical sector.
Competitive Landscape
Key Players Focus on Partnerships to Gain a Competitive Advantage
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Key Players Profiled in the Iodine Market Report:
Cosayach Compañía De Salitre Y Yodo (Chile)
Nippoh Chemicals Co., Ltd (Japan)
Kanto Natural Gas Development Co., Ltd. (Japan)
Toho Earthtech Co., Ltd. (Japan)
GODO SHIGEN Co., Ltd. (Japan)
SQM S.A. (Chile)
Iofina plc (UK)
ISE CHEMICALS CORPORATION (Japan)
IOCHEM Corporation (USA)
Algorta Norte SA (Chile)