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.
|Base Year:||2020||Market Size in 2021:||US$ 1,485 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||5.4%||2028 Value Projection:||US$ 2072.1 Mn|
Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A
|Restraints & Challenges:||
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:
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.
Iodine is an essential element with the Greek symbol I and atomic number E in its periodic table. It is a volatile liquid in solution at normal temperatures and behaves like a noble gas in cases of high pressure. It exists in nature as a non-fluid, semisolid, semi-precious stone at normal temperature which changes into a silvery gray liquid in cases of high temperature, wherein iodine content increases by up to 10%. Iodine has the symbol iodine on its crystal structure and symbol nicotinate on its ionic lattice. Iodine deficiency is indicated by hair loss and skin problems, hypothyroidism and goiter, thyroid nodules, menses, menopause, menstrual disorders, and cramps.
Growing deficiency of iodine among people is a major factor driving growth of the market. According to the National Center for Biotechnology Information, around 2 billion people suffer of iodine deficiency (ID) of which around 50 million present with clinical manifestations. Moreover, rising demand for iodine as a contrast media in X-ray diagnostic test is again fostering growth of the market.
Unfavorable condition arising owing to Covid-19 pandemic is expected to restrict growth of the Iodine market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.