The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market of Iodine is expected to grow at a CAGR of over 4% during the forecast period. Major factors driving the market studied are increasing consumption of iodine in X-ray contrast media and growing demand in the catalysts sector. Moreover, the toxicity of iodine and health-related issues, due to excessive consumption of iodine and unfavorable conditions arising due to the COVID-19 outbreak, are major restraints in the market studied.
- Rising demand in the usage of biocides and the growing number of iodine deficiency among people in developing countries are expected to offer various lucrative opportunities for market growth.
- By application, the medical sector is expected to dominate the market, owing to the increase in the usage of iodine to cure diseases, like goiter.
- Europe is dominating the global iodine market, with major consumption coming from countries, such as Germany, the United Kingdom, and France.
Key Market Trends
Increasing Demand from the Medical Sector
- Iodine is a chemical element, which is the heaviest among all stable halogens. It exists as a lustrous, purple-black, non-metallic solid at standard conditions, which sublimes easily with gentle heat.
- It is used to cure goiter and is also used as an antiseptic for disinfecting the skin before surgery or used on wounds that are wet.
- At present, the global iodine market is doing well, due to the increasing need for iodine in X-ray contrast media, because of its low toxicity, high atomic number, and ease of adjunction with organic compounds.
- The development of medical technologies has propelled the demand for iodine in this application. The radiographic contrast media containing iodine enhances the visibility of vascular structures and organs, during radiographic procedures.
- Iodine is used in pharmaceuticals for preparing disinfectants, bactericides, and analgesics, among others (for example: tincture of iodine), which is used in synthesis of sodium iodide, potassium iodide, and iodine solution.
- The radioactive isotopes of iodine can be used in the treatment of thyroid cancer. It is also used in the synthesis of thyroid hormone.
- The iodinated contrast media can cause several risks, like allergic reactions and hyperthyroidism, but the benefits associated with it cannot be neglected.
- The global antiseptics and disinfectants market is expected to witness a CAGR of over 6%, during the forecast period.
- Owing to the above-mentioned factors, the iodine market is expected to grow rapidly, during the forecast period.
Europe to Dominate the Market
- Europe is expected to dominate the market for iodine, during the forecast period. Owing to the increasing awareness regarding iodine deficiency and the implementation of regulations by global organizations, like the World Health Organization (WHO), to make mandatory consumption of iodized salts, the demand for iodine has been increasing in countries, like Germany, France, and the United Kingdom.
- The increasing efforts by governments by spending on healthcare and the increasing number of cancer patients in the region have propelled the demand for iodine in the market studied.
- Regulations imposed by UNICEF and WHO, on making consumption of iodine mandatory, have helped in increasing the market share of iodine in the region.
- In the food industry, it is used for the synthesis of sodium iodide, potassium iodate, and many other food additives, which are widely used in iodized salts, for eliminating of iodine deficiency disorders. The use of iodized salts has proven to be effective, especially for pregnant women and young children, thereby, enhancing the product demand in the food sector.
- As population grow older, there is a greater need of diagnostics to keep them healthier and reduce future hospitalization costs. The increased use of iodine in medical testing of older population with x-ray contrast media may propel the market growth.
- The healthcare market in Europe is projected to witness a CAGR of over 5%, during the forecast period. It is likely to increase the demand for iodine and may stimulate its market, during the forecast period.
- Some of the major companies dominating the market in the region are SQM SA and Algorta Norte SA.
- Therefore, the afore-mentioned factors, along with government support, are contributing to the increasing demand for iodine, during the forecast period.
The iodine market is highly fragmented, with top players accounting for a marginal share of the market studied. Major companies in the market include SQM SA, Iofina PLC, Ise Chemicals Corporation, Iochem Corporation, and Cosayach.
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