Iodine is a chemical compound that occurs naturally in the earth and is important for the production of thyroid hormone. As the body does not produce iodine so it is a very important part of diet because deficiency of iodine can leads to enlargement of the thyroid and intellectual disabilities in the children and infants. Thus, iodine is very important for preventing and treating various iodine deficiencies in the body. Moreover, adequate intake of iodine also regulates the overactive thyroid gland where it destroys the extra thyroid cells in order to reduce the excessive amount of thyroid hormone. Moreover, iodine is also beneficial for the neurodevelopment of the fetus during pregnancy.
The global Iodine market is expected to surpass US$ 2,072.1 Mn in terms of value by the end of 2028.
The rising prevalence of thyroid disorders among the geriatric population is expected to drive the market growth of iodine. Iodine is a mineral that plays a very important role in the production of thyroid hormone and prevents the deficiency associated with the lack of iodine such as enlargement of goiter and mental retardation in children &infants. Moreover, iodine deficiency in adult can lead to thyroid problems such as hyperthyroidism, thyroid nodules, hypothyroidism, and thyroid cancer. Thus, the growing prevalence of thyroid disorder is expected to fuel market growth.
Growing government initiatives for spreading awareness regarding the benefits of iodine through campaigns and advertisements is expected to boost the market growth of iodine. Additionally, rising demand for iodine in animal feed application and human nutrition is also projected to propel the market growth of iodine. Moreover, growth in the GDP of various developing countries is contributing to the increase in the production of iodine which is again augmenting the market growth of iodine.
Global General Iodine Market: Recent Developments
On 27th August 2020, Sociedad Química y Minera (SQM) made an announcement to increase the company’s iodine production capacity from 11ktpy to 23ktpy.
In December 2020, Sociedad Química y Minera (SQM) raised a fund of US$ 440 million for expanding company's nitrate and iodine operations in northern Chile.
In October 2019, the USDA (U.S. Department of Agriculture) published an article titled ‘Dietary Guidelines for Americans 2020-2025’ that prescribed iodine consumption of atleast 220 mcg for age group of 14-18 years.
Fluctuating prices of iodine due to its shortage is expected to restrict the market growth of iodine. Lack of skilled professionals for the production of iodine coupled with the high capital requirement for the production process is also expected to hamper the market growth of iodine over the forecast period.
Global Iodine Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on iodine market. Moreover, the lack of laborers has bring mining and extraction activities to a halt.
The growing demand for iodine from the pharmaceutical industry in the formulation of various drugs is projected to augment the market growth of iodine. Moreover, increasing use of iodine in LED/LCD polarizing films is further anticipated to augment the market growth iodine over the forecast timeframe. Also, growth in the chemical industry is another major factor contributing to growth of the iodine market over the forecast period.
Growing advancement in the medical technology for diagnosis of disease and the rise in the nuclear medicinal techniques has raised the demand for iodine in the last few years. Growing cases of cancer have increased the consumption of iodine in X-ray contrast media and the pharmaceutical industry. Such factors are expected to augment market growth of iodine over the forecast timeframe.