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According to a new market report published by Persistence Market Research titled,
“Iodine Market: Global Industry Analysis and Forecast, 2016–2024”, the global
market for iodine is estimated to be valued at US$ 1,679.4 Mn by 2024, Driven by
Increasing Use of Iodine as Contrast Imaging Agent across the Globe and as
Industrial Catalyst and Sterilizing Agent. Iodine is a halogen element in group seven
of the periodic table, with atomic number 53. It is blue-black in color and has shiny
lustre. Iodine and its derivatives are widely used as an intermediate in industrial
chemicals and for human nutrition. The element is sourced from water bodies such as
oceans and water pools as well as from seaweed. Iodine deficiency in humans results
in various health-related issues such as goiter, mental retardation, heart diseases, and
eyesight problems.
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In this report, the global iodine market has been segmented on the basis of regions.
By 2024, the market in North America is expected to account for 21.6% volume share
of the overall global iodine market, followed by APAC and Western Europe. Due to
increasing prevalence of thyroid disorders among the aging population, especially in
developing regions such as APAC, the iodine market in the region is projected to
expand at a higher than average CAGR of 9.0% over 2016–2024 in terms of revenue.
The market in MEA, which is anticipated to account for 7.0% revenue share of the
overall global market by 2024 end, is expected to be driven by increasing use of
iodine as catalysts in industries in the region.
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The global iodine market has also been segmented on the basis of various
applications. Catalysts segment in the global iodine market is expected to expand at a
lower than average CAGR of 2.2% in terms of volume over 2016–2024, while X-ray
contrast media segment is expected to expand at a CAGR of 4.4% over the same
period. Extraction of iodine from nitrite ores is expected to be the highest in APAC
due to abundance of caliche ores in the region. Extraction of iodine from natural
brines in North America is expected to increase at a CAGR of 3.6% in terms of value
during the forecast period.
Increase in GDP output is one of the major factors driving the iodine market. The
market in APAC, which is expected to register exponential increase in GDP among
various developing economies in the region, is expected to witness high revenue
growth during the forecast period. Meanwhile, the market in developed economies is
expected to decline in the near future due to lower GDP growth, thereby implying
lower consumption compared to other economies.
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