Iodine is a key micronutrient used in several applications across healthcare, electronics, optics, and agriculture industries. Iodine is commonly used as a disinfectant in medical procedures and aids in sterilization of medical equipment. It plays a vital role in production of iodized salt which works as a preventive measure against thyroid-related disorders. Iodine is also utilized in the production of X-ray contrast media for diagnostic imaging tests.
The global iodine market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The key driver from the heading, increasing demand for iodized salt in healthcare sector is leading to growth of iodine market. Iodine is used for production of iodized salt which is widely consumed globally for prevention of iodine deficiency disorders such as goiter and impaired cognitive function. According to WHO, nearly 2 billion people globally are at risk of iodine deficiency and consumption of iodized salt can aid in tackling this public health issue. Furthermore, growing healthcare expenditure and increasing demand for diagnostic imaging procedures is also contributing to growth of iodine market. Iodine is used as contrast media which helps enhance clarity in medical scans like MRI, CT etc. Rising cases of chronic diseases requiring diagnostic scans will augment demand for iodine over the forecast period.
SWOT Analysis
Strength: Iodine is an essential element required by the human body in small amounts to produce hormones. There is growing global awareness about iodine deficiency disorders which is boosting demand. It has widespread applications in various end use industries like healthcare and electronics.
Weakness: Fluctuating raw material prices can squeeze margins for manufacturers. Dependency on limited number of countries for raw material supplies can cause supply chain disruptions.
Opportunity: Growing healthcare sector and increasing healthcare expenditure in developing economies provide new opportunities. Rising demand from Animal feed industry due to surging consumption of seafood and meat products. Shift towards more environment friendly iodine production techniques present opportunities.
Threats: Stringent regulations associated with iodine production and disposal of byproducts pose challenges. Threat from substitute products in applications like X-ray contrast media and biocides. Emerging geopolitical tensions can threaten stable supply sources.
Key Takeaways
The Global Iodine Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising healthcare expenditure and increasing cognizance about preventing iodine deficiency. The market size is projected to reach US$ 1641.17 Mn by 2023 growing at a CAGR of 4.1% over the period.
Regional analysis: Asia Pacific region currently dominates the global iodine market and is expected to maintain its lead through 2030. This can be attributed to large population base, growing middle class and rising healthcare expenditure in counties like India and China. Other high growth regions include North America and Europe driven by increasing demand from medical applications and electronics sector.
Key players: Key players operating in the Iodine market are Alpha Omega, Inc., GE Healthcare, Nihon Kessho Kogaku Co. Ltd., Sociedad Quimica Y Minera De Chile (SQM), ISE Chemicals Corporation, Iofina PLC and others. These players are focusing on expanding production capacities and investing in new technologies to cater to the increasing demand.
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