The Global Market for Iodine is Projected to Reach 44 Thousand Metric Tons by 2024
Human Health and Industrial
Applications to Drive the Global Iodine Market, According to a New Report by Global
Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Iodine market. The global market
for Iodine is projected to reach 44 thousand metric tons by 2024, driven by the sustained
growth in human health against the backdrop of widespread incidence of iodine
deficiency disorders, coupled with rapid growth in industrial applications.
Iodine
is a highly reactive substance, and is used to form various compounds, which
are utilized across medical and industrial applications. It is used as a
catalyst in chemical reactions, soil fumigation, colorants, as a stabilizer of
organic compounds and as an analytical reagent. Iodine is also used as a
disinfectant, germicide, fungicide, bactericide, an additive for animal feed,
in dyes, in the refining of rare metals, and as a chemical by the agricultural
sector. Iodine that has been artificially rendered radioactive is put to
various uses in medicine and biotechnology. Radioactive Iodine is used as an
aid in diagnosis and medical treatment and in radiation therapy. Iodine is also
used for the detection of flaws in water pipes and in identifying regions
containing oil deposits. Derivatives of Iodine are used in industrial
disinfectants, lubricants, herbicides and inks & dyes. In addition to
conventional uses, Iodine also acts as an excellent antidote for common iodine
deficiency ailments such as goiter and thyroid disorders. Therefore, it is not
surprising that, market for iodine compounds is driven by the rising number of
applications across various sectors such as medical imaging, pharmaceuticals
and pesticides among others. Additionally, demand for iodine in the coming
years is expected to be driven by the growing consumption of iodine in
developing countries, particularly India and China.
Iodine
market is presently facing a supply glut owing to the rapid expansion of
capacities following average prices of about US$50 per metric ton in 2011 and
2012, following supply issues. However, economic slowdown in 2012 and increased
capacity have resulted in a supply glut that continues till date. The market is
expected to be over supplied in the near future, with market balance being
obtained towards the end of 2018. Recycling of Iodine, a major supply source is
expected to saturate in the near future. The amount of viable Iodine that can
be recycled is limited, as Iodine is mostly recycled from optical polarizing
film (OPF). As such, recycling is a limited source of supply, and further
supply needs to be sourced from crude Iodine. Demand for iodine in the coming
years is expected to be led by the human health segment, which is presently the
largest end use segment for iodine, and includes sub segments such as human
nutrition, contrast media, pharmaceuticals, biocides, and agrochemicals, among
others. Optical Polarizing
Film (OPF) is the other key segment which will drive demand for iodine in the
coming years.
As
stated by the new market research report on Iodine, Europe represents the
largest market worldwide, followed by the Asia-Pacific region. The region,
driven by increasing demand from China and India, is forecast to witness the
highest growth and is projected exhibit a CAGR 6.9% over the analysis period. Human
Health represents the largest application market, while Industrial Applications
driven by increasing demand in Optical Polarizing Film (OPF), is forecast to
register the fastest growth.
Major
players in the market include Sociedad Quimica Y Minerva de Chile S.A., ACF
Minera, Algorta Norte, AZER YOD LLC, COSAYACH CompañÃa de Salitre y Yodo, Godo
Shigen Sangyo Co., Ltd., IOCHEM Corporation, Iofina plc, Ise Chemicals
Corporation, Kanto Natural Gas Development Co. Ltd., Nippoh Chemicals Co. Ltd.,
Sociedad Quimica Y Minera de Chile S.A., Ajay-SQM Group, Toyota Tsusho
Corporation, and Deepwater Chemicals Inc., among others.
The research report titled "Iodine: A Global Strategic Business Report"
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, innovations and launches, and strategic industry
activities of major companies worldwide. The report provides market estimates
and projections in Metric Tons for all major geographic markets including the
US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest
of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East
& Africa, and Latin America (Brazil, and Rest of Latin America).
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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