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 Compañía 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).

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