Global Study on Iodine Market, 2016 - 2024

Global Study on Iodine Market, 2016 - 2024
Persistence Market Research
Global Iodine Market is Estimated to Reach
US$ 1,224.3 Mn by 2016 End: Persistence
Market Research
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Global Study on Iodine Market, 2016 - 2024
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. The
iodine market in Latin America is estimated to register an average increase in revenue due
to lower GDP growth in the region.
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.
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Global Study on Iodine Market, 2016 - 2024
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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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Market Bytes:
Iodine is a halogen element in group seven of the periodic table; it is blue-black in colour
and has a shiny lustre. The atomic number for the element is 53. 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.
Drivers and Trends
The iodine market is indirectly related to the GDP of various countries across the globe due
to their widespread application in human nutrition, biocides, and industrial applications. Due
to a surge in the production of iodine in North America, Latin America, and APAC, the iodine
market in these regions is estimated to increase at a significant CAGR over 2016–2024 in
terms of revenue. With an anticipated increase in production of iodine in APAC in the next
few years and prevalence of iodine deficiency in adults, demand for iodine in the region is
expected to increase between 2016 and 2024. Some major factors driving the global iodine
market are increasing use of iodine as X-ray contrast media and LED/LCD polarizing films as
well as government initiatives to increase the use of iodine in human nutrition and animal
feed additives.
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Global Study on Iodine Market, 2016 - 2024
Market Taxonomy
Persistence Market Research, in its report titled, “Iodine Market: Global Industry Analysis and
Forecast, 2016-2024”, has categorized the iodine market into key segments based on
source, application, and region. On the basis of source, the global iodine market is divided
into three segments: natural brines, nitrite ores, and others. On the basis of application, the
global iodine market is divided into X-ray contrast media, catalysts, biocides, LED/LCD
polarizing films, feed additives, human nutrition, and others. Finally, on the basis of region,
the global iodine market is segmented into North America, Latin America, Europe, APAC, and
MEA.
Analysis, by Region
The iodine market in APAC is expected to expand at a CAGR of 9.0% in terms of revenue
during the forecast period. The region is expected to account for volume share of around
25.9% of the global iodine market by the end of the 2024. In terms of value, North America
is expected to account for a major value share of the global iodine market during the
forecast period.
Analysis, by Source
By source, nitrite ores segment in the global iodine market is slated to expand at the fastest
CAGR during the forecast period in terms of volume. Growth of this segment is primarily
driven by increase in extraction of iodine from caliche ores in Latin America and APAC. In
terms of market value, natural brines segment is expected to expand at a CAGR of 5.5%
during the forecast period.
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Global Study on Iodine Market, 2016 - 2024
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