Iodine is a rare element found naturally in the earth’s crust and is extracted from brine, seaweed, and caliche ore. It is one of the most important nutrients required to produce thyroid hormones. Iodine plays a key role in human as well as animal nutrition and is used in X-ray contrast media as a tracer radioactive.
The global iodine market was valued at USD 778.8 million in 2017 and is projected to register a steady CAGR of 4.89% to reach USD 1,073.7 million by the end of 2023. In terms of volume, the global market was sized at 33,784.8 tonnes in 2017 and is expected to reach 44,1471.7 tonnes by 2023 at a rate of 4.22% from 2018 to 2023. The growth of the global market is mainly driven by the growing need for X-ray contrast media in the healthcare industry on account of the rising prevalence of cardiac diseases, diabetes, cancer, and psychiatric illnesses. Adiditionally, iodine in its crystal form is used in manufacturing polarizers for liquid crystal displays (LCDs). The high demand for iodine-based polarizers is attributed to the wide use of LCD in modern visual technologies such as digital watches, computer screens, calculators, digital cameras, and television screens. Furthermore, the implementation of various government initiatives such as the National Animal Nutrition Program to eliminate iodine deficiency in humans and animals is expected to drive the global iodine market during the review peirod. However, the toxicity associated with the excessive intake of iodine is likley to hamper the global market growth.
The increasing use of iodine in formulation of povidone-iodine, which is used in antiseptic as well as in productio of nylon 6 and nylon 66 is expected to create a growth opportunity for the players operating in the global market.
The manufacturers are focusing on capacity expansions and recycling of iodine, along with other strategic growth initiatives such as agreements, investments, and joint ventures. For instance, in 2017, Godo Shigen Co. Ltd completed the construction of a new blowing-out tower at the Chiba Works plant of Sumitomo Chemical Co. Ltd for the manufacturing of iodine compounds.
FIGURE 1 Global Iodine Market, by Application, 2018 (%)
Source: MRFR Analysis
The global iodine market, by region, is spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Europe accounted for a major market share of 31.9% in 2018. The growth of the regional market is attributed to the high expenditure on pharmaceuticals industry as well as the high production and sale of electronic devices such as smart phones, laptops, and digital cameras, which use iodine polarizers. It is expected to reach a value of USD 335.4 million by the end of 2023 at a CAGR of 4.48%.
Asia-Pacific emerged as the fastest growing region, registering the highest CAGR of 6.07% during the review period. It was valued at USD 231.8 million in 2018. The growth is highly attributed to the rising geriatric population coupled with the increasing prevalance of various diseases, requiring X-rays. Moreover, the growth of the elecrtonics industry on account of the high disposable income of the consumers is likely to fuel the demand for iodine in the manufacturing of LCDs, smartphones, and digital cameras.
The market has been segmented on the basis of type, application, and region.
Based on the type, the global market has been segmented into natural brines, nitrite ores, and others. The natural brines accounted for 72.4% of the global market share in 2018 as it offers a high degree of recovery, nearly providing more than 70% of iodine extraction. The segment accounted for USD 611.9 million in 2018 and is expected to reach USD 784.6 million at a CAGR of 5.10%.
By application, the global market has been segmented into X-ray contrast media, biocides, pharmaceuticals, animal nutrition, human nutrition, catalysts, fluoro polarizing, LCD polarizing films, and others. Among these, the X-ray contrats media segment dominated the global market in 2018, accounting for 22.8% share. The rising demand for x-ray radiography in diagnosis of various health problems such as bone fractures, digestive problems, and internal body inflammation is expected to the drive the demand for iodine as a tracer for x-rays.
Some of the key players operating in the global iodine market are Independent Idoine (Belgium), Calibre Chemicals Pvt. Ltd (India), Zen Chemicals (India), Cosayach (Chile), Deepwater Chemicals (US), Eskay Iodine Private Limited (India), Glide Chem Private Limited (India), GODO SHIGEN Co. Ltd (Japan), ISE CHEMICALS CORPORATION (Japan), ISR HOLDING (Azerbaijan), Iochem Corporation (US), Iofina (US), ITOCHU CHEMICAL FRONTIER Corporation (Japan), and JSC Isotope (Russia).
The report covers a brief analysis of geographies including:
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East and Africa
The global iodine market was valued at USD 778.8 million in 2017 and is projected to reach USD 1,073.7 million at CAGR of 4.89% by the end of 2023. The natural brine segment accounted for a major market share in 2018 with a value of USD 611.9 million. It is projected to register a CAGR of 5.10% during the forecast period. X-ray media contrast is the leading application with a value of USD 193.14 million in 2018; it is expected to reach USD 259.88 million by the end of 2023.
Asia-Pacific emerged as the fastest growing market with a CAGR of 6.07% and is projected to reach USD 311.2 million by 2023. Godo Shigen Co. Ltd is the leading producer of iodine.
• Iodine Manufacturers
• Traders and Distributors of Iodine
• Potential Investors
• Raw Material Suppliers
DC – Description