Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
Iodine is a naturally occurring mineral that is found in the earth's soil and oceans. Plants-based food and saltwater contain iodine and this mineral is available in the iodized form. It is considered as important minerals for human bodies especially during growing phase or during pregnancy to support the proper development of the fetus. Moreover, iodine players a very crucial role in maintaining the health of the thyroid. The thyroid helps in regulating and production of a hormone that controls the various function of bodies such as metabolism, heart health, and many more. Hence, an adequate level of iodine is very important for regulating the various functions of the body and maintaining better health.
The global Iodine market is estimated to be valued at US$ 1,485 million in 2021 and is expected to exhibit a CAGR of 5.4 % over the forecast period (2021-2028).
In July 2021, Iofina Chemical Inc. reported higher iodine prices and stronger sales for spot iodine.
In September 2020, Researchers from Norway’s Institute of Marine Research came up with a study that iodine supplements are needed for women post their pregnancy.
In February 2020, Iofina Chemical Inc. made an announcement to start a new iodine manufacturing facility in Oklahoma in April 2020.
Europe held dominant position in the global Iodine market in 2020, accounting for 34.5% share in terms of volume, followed by Asia Pacific and North America, respectively.
Figure 1. Global Iodine Market Volume (Tons), by Region, 2020
Increasing use of iodine as a contrast agent for the development of radiographic modalities is expected to propel the market growth of iodine. Iodinated contrast agents are basically injected into a blood vessel for clear imaging purposes. Iodine is gaining huge demand from the healthcare sector for medical imaging purposes. Therefore, the rising demand for iodine as a contrast agent from the healthcare industry is projected to propel the market growth of iodine.
Growing demand for iodine as a chemical catalyst in the production of ketone and esterification of acids is expected to augment the market growth iodine. Moreover, it is also used as a catalyst in the acylation of alcohols, oxidization of benzylic alcohols, and cycloaddition reactions. Therefore, the rising demand for ketones and other organic acids around the globe for various industrial applications is expected to accelerate the market growth of iodine.
Recycling of iodine is assumed to serve as a major growth opportunity to the market of iodine over the forecast timeframe. According to the World Iodine Association, around 6,000 metric tons of iodine are recycled annually, accounting for approximately 18% of the world's iodine demand. Various manufacturers are adopting the recycling iodine process in order to meet the rising demand for iodine around the globe.
The growing use of iodine as a sterilizing agent due to its high affinity for protoplasm is expected to provide potential growth opportunities to the market of iodine. Due to this functionality of iodine, it is considered as a potent germicide and kill bacteria in one minute thus fueling its demand across the various industrial application as a sterilizing agent. Moreover, growing government rules and regulations is further expected to fuel demand for iodine as a disinfectant and cleaning agent.
Iodine Market Report Coverage
||Market Size in 2021:
||US$ 1,485 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 2072.1 Mn
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Chile, Rest of Latin America)
- Europe (U.K., France, Spain, Italy, Germany, Poland, Russia, Rest of Europe)
- Asia Pacific (China, India, Japan, Indonesia, ASEAN, Rest of Asia Pacific)
- Middle East & Africa (GCC, North Africa, South Africa, Rest of MEA)
- By Source: Natural Brines, Nitrite Ores, and Others
- By Applications: X-Ray Contrast Media, Catalyst, Biocides, LED/ LCD Polarizing Films, Feed Additives, Human Nutrition, and Others
Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A
- Growing demand from healthcare sector
- Increasing application as chemical catalyst
|Restraints & Challenges:
- Lack of awareness regarding Iodine
- Side-effects associated with excessive consumption of Iodine
The increasing focus of manufacturers to introduce advanced technology for the extraction of iodine and its derivatives from seaweed and caliche ores is projected to be a major trend in the market. The extraction of iodine from caliche ores is highly effective as compared to other sources. Moreover, the rising application of iodine across photography and the manufacturing of fluorinated derivatives is expected to augment the market growth of iodine.
Growth in the end-user industries coupled with the increasing population around the globe has increased the consumption of iodine. Various manufacturers are adopting strategic alliances for increasing production of iodine in order to meet the global demand as well as expand their presence in the market. All these factors are expected to propel the market growth of iodine over the forecast period.
Figure 2. Global Iodine Market, By Value (US$ Mn), By Source, 2020
Key Takeaways of the Graph:
- The Natural Brines (Segment) held dominant position in the market and accounted for 58.9% share in the global Iodine market in 2020. The segment is expected to reach US$ 1222.16 million in 2028.
- Cost effective nature of natural brines coupled with their ample availability across the globe is expected to drive the market growth for this segment.
Lack of awareness regarding the importance of the iodine among consumers especially across rural areas is expected to hinder the market growth of the iodine.
Side-effects associated with the high intake of iodine and derivatives are expected to restrict the use of iodine. This factor is projected to hamper market growth over the forecast period.
- Iofina Chemical, Inc.
- Sociedad Química y Minera (SQM)
- IOCHEM Corporation
- ISR Holding
- Qingdao Bright Moon Seaweed Group Co. Ltd.
- Algorta Norte S.A