The global Iodine Market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine is a chemical element with the symbol I. It is used in several applications such as X-ray contrast media, catalysts in organic synthesis, optical polarizing films and other optical films, biocides, human and animal nutrition, and as intermediates in chemical synthesis. The growing demand for iodine from end use industries such as healthcare, electronics, and pharmaceutical is driving the growth of the market.
Market key trends:
One of the key trends in the iodine market is the growing demand from the video streaming segment. With increasing digitalization and penetration of smartphones and internet globally, the demand for high-quality video streaming services has increased tremendously over the past few years. Iodine is used as a key component in the optical polarizing films used in LCD and LED displays. As video streaming requires high-resolution displays for enhanced viewing experience, the demand for iodine from the display industry is surging. Currently, over 75% of internet traffic is due to video and this segment is expected to grow at over 20% annually in the coming years. This will correspondingly drive the demand for iodine in the display industry and fuel the growth of the overall iodine market during the forecast period.
Segment Analysis
The global iodine market is segmented into Salts & Derivatives, Organics, Inorganics and other forms. Among these, salts & derivatives segment dominates the market and accounts for over 35% of the global iodine market share. This is because iodine salts such as potassium iodate and potassium iodide are widely used as an antiseptic in various household applications. Organic segment is expected to witness fastest growth during the forecast period owing to rising adoption of organic food and personal care products.
Key Takeaways
The Global Iodine Market Demand is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from medical applications.
Regional analysis:
Asia Pacific dominates the global iodine market and is expected to maintain its dominance during the forecast period. This is attributed to presence of major iodine producers such as China and Japan in the region. Furthermore, growing medical sector in emerging economies such as India is also fueling the regional market growth.
Key players:
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Iofina Chemical, Inc. specializes in exploration and production of iodine and iodine specialty chemical derivatives. It is one of the leading producers of iodine and is well-recognized globally.
For more insights, read- https://www.marketwebjournal.com/iodine-market-share-demand-analysis-size-and-growth-forecast/
