Analysis of Global Iodine Market Size by Research Nester Reveals Market to Expand with a CAGR of 5.0% During 2024-2037, Reaching USD 6.8 billion by 2037
Research Nester’s recent market research analysis on "Iodine Market: Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2037" provides an in-depth competitor analysis and an extensive overview of the global iodine market, segmented by source, form, application, and region.
Increasing Adoption of Iodine in Healthcare and Agriculture to Boost Global Market Growth
The iodine market is anticipated to show steady growth during the forecast period due to the critical nature of this element in various industries. In the health sector, an X-ray contrast media is highly required which is manufactured with the help of iodine. Medical diagnostic technological advancements, specifically in emerging economies or regions such as Asia and Africa, have led to growing demand for iodine. Furthermore, government initiatives for iodine deficiency diseases are promoting the market, especially through the use of iodized salt. Demand in the agriculture sector is rising due to the use of iodine in the biofortification of crops, enhancing their yield and nutritional value.
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Key Drivers and Challenges Influencing the Iodine Market
Here are some of the drivers and challenges influencing iodine demand through 2037:
Growth Drivers:
• Increasing demand for iodine in healthcare applications, particularly X-ray contrast media
• Rising use of iodine in agriculture for crop biofortification
Challenges:
• Supply chain constraints impacting iodine availability
• Competitive pressures and cost challenges in iodine extraction
The caliche ore segment is predicted to capture the largest share of 43.0% in the iodine market during the forecast period. A high concentration of iodine makes this ore very productive and cost-effective; hence, it is an ideal choice for industrial extraction of iodine. The effective extraction processes also enable companies to scale up production without incurring substantial operational expenses. The fact that sources are abundant apart from these reasons contributes to the stability and dependability of supply, thus ruling out the risk of shortage. Stability, further driven by economic benefits, places caliche ore as a preferred iodine source for industrial purposes.
By region, Europe is projected to dominate the industry with a share of 34.2% through 2037. Certain government initiatives in Europe toward meeting iodine deficiencies further help in the growth of the market, especially those propagating iodized salt. France is a significant player, and its strategy, in essence, covers enhancing health infrastructures that increase the demand for products containing iodine in radiology.
The major players operating in the global iodine market are Algorta Norte, Calibre Chemicals Pvt. Ltd, Cosayach, Deep Water Chemicals, Eskay Iodine, Glide Chem Private Limited, Iochem Corporation, Iofina, ISE Chemicals Corporation, Itochu Chemical Frontier Corporation, K&O Energy Group Inc., Sociedad Quimica y Minera de Chile SA, Nippon Chemical Industrial Co., Tosoh Corporation, Godos Chemicals, and Mitsubishi Gas Chemical Company. The companies also engage in research and development, strategic partnerships, and thermal imagery innovations to take advantage of emerging trends in the market. Mergers and acquisitions aimed at either retaining market share or improving their technologies further define the competitive landscape in the market.
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