Iodine is a chemical element that plays a major role in animal and human nutrition owing to its capacity to sustain the functioning of thyroid hormones. The global iodine market is projected to enjoy an impressive 4.89% CAGR through 2018 to 2023 (forecast period). It had a registered demand of 33,784.8 tons in 2017 and can accumulate 44,1471.1 tons by 2023.
The urgent need for X-ray contrast media in the back of rising chronic diseases such as diabetes and cancer is expected to fuel market demand over the forecast period. The market growth can witness a sharp rise due to iodine deficiency in developing economies. Governments of these nations are creating campaigns to create awareness to deal with the issue. Furthermore, demand of LCDs are expected to bolster market demand owing to increasing consumer preference for consumer electronics. But high toxicity levels associated with iodine can impede market growth.
The report provides an accurate overview of the market by correlating the historical data with key market dynamics. Our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global iodine market segmented according to type, application, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
By product, the global iodine market is segmented into nitrite ores, natural brines, and others. By application, the market includes LCD Polarizers, X-ray contrast media, animal nutrition, health nutrition, fluorochemicals, pharmaceuticals, biocides, catalysts, and others.
The segments covered in the iodine market report are analyzed with respect to five main regions – North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA), with respective country-level market sizing. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market ladder.
Key players in the iodine market include Iofina (U.S.), Cosayach (Chile) Deepwater Chemicals (U.S.), Calibre Chemicals Pvt. Ltd. (India), Glide Chem Pvt. Ltd. (India), Itochu Chemical Frontier Corporation (Japan), ISE Chemical Corporation (Japan), Independent Iodine (Belgium), Zen Chemicals (India), Iochem Chemicals Corporation (U.S.), JSC Isotope (Russia), ISR Holding (Azerbaijan), GODO Shigen Co. Ltd. (Japan), Eskay Iodine Private Limited (India), and others. The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.
At MRFR, our research analysts conduct a thorough objective analysis of the market while creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of iodine supplying companies. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
For the scope of research, the report offers a comprehensive analysis of the global iodine market.
|Market Size||2027: Significant Value|
|CAGR||4.89% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Iofina (U.S.), Cosayach (Chile) Deepwater Chemicals (U.S.), Calibre Chemicals Pvt. Ltd. (India), Glide Chem Pvt. Ltd. (India), Itochu Chemical Frontier Corporation (Japan), ISE Chemical Corporation (Japan), Independent Iodine (Belgium), Zen Chemicals (India), Iochem Chemicals Corporation (U.S.), JSC Isotope (Russia), ISR Holding (Azerbaijan), GODO Shigen Co. Ltd. (Japan), Eskay Iodine Private Limited (India), and others|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Augmenting demand from the X-ray contrast media sector|
Frequently Asked Questions (FAQ) :
The global Iodine market demand is projected reach 44,1471.1 tons by 2023.
Augmenting demand from the X-ray contrast media sector.
Europe holds the largest share in the global Iodine market followed by North America and Asia Pacific, respectively.
Cosayach (Chile), Iofina (US), Deepwater Chemicals (US), Glide Chem Pvt. Ltd. (India), Calibre Chemicals Pvt. Ltd. (India), Itochu Chemical Frontier Corporation (Japan), Independent Iodine (Belgium), ISE Chemical Corporation (Japan), Zen Chemicals (India), JSC Isotope (Russia), Iochem Chemicals Corporation (US), ISR Holding (Azerbaijan), Eskay Iodine Private Limited (India), and GODO Shigen Co. Ltd. (Japan), are some of the major players operating in the global Iodine market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Iodine market adopt to gain a larger competitive advantage.
Global Iodine Market – Summary
Iodine’s widespread usage, with far-reaching impact in verticals across industries, has made it the choicest option for several applications. From healthcare to nutrition to imaging technology, one that belongs to the opposite pole from the previous two sectors, iodine’s footprints can be deciphered with relative ease. This dynamic proliferation of the component is expected to give the global iodine market a flag off with a moderate CAGR of 4.89% during the forecast period (2018-2023). Consequently, the iodine market can scale valuation of USD 1,073.7 million by 2023. Market Research Future’s (MRFR) reliable predictive analysis entails drivers and segmentations that can have considerable influence on the market in coming years.
With such a varied association, iodine can receive thrust for further growth from any corner. However, X-ray contrast media and healthcare sector can gain much from the iodine market. Rising chronic disease cases such as cancer and diabetes are considerably boosting this aspect of the healthcare. Advancing technologies in machines such as CT systems, digital X-ray with wireless DR detectors, fusion imaging CT/PET, by integrating iodine as a chief component, can trigger the market further. At the same time, government initiatives to counter iodine deficiency and thyroid can widen the iodine market horizon.
The technological upheaval has ushered in liquid crystal displays (LCDs) where iodine is needed in crystal form to manufacture polarizers. In a time when most of the gadgets are equipped with LCD screens, the iodine market’s growth is bound to happen. Furthermore, the Asia Pacific (APAC) market seems lucrative with the presence of emerging economies such as India, China, Taiwan, and South Korea, where the LCD market has relatively higher chance of prosperity. Owing to this the market can secure positive growth.
On the flip side, over-consumption of iodine can increase toxicity level substantially which then can lead to hyperthyroidism. The smooth growth iodine market otherwise expects can see a few bumps before reaching the target.
Fluorine derivates have a prominent role to play in the smelting of aluminum which, with time for being lightweight, is getting huge traction from transport and automotive sector. Other sectors such as construction and consumer electronics are also increasing its popularity. Fluorine derivates formation requires iodine and the iodine market can subsequently, witness rising valuation figures during the forecast period. Furthermore, the dental industry is also helping the iodine market much momentum.
Povido-iodine (PVPI) requires iodine as well in its formation and is essential for various skin-related diseases caused by bacteria, fungi, or viruses. This can help the iodine market sprout in a new direction altogether, far from thyroid medicine, in the pharmaceutical sector.
The global iodine market can be segmented by type and application.
Type-wise segmentation of the iodine market includes natural brine, nitrite ore, and others. Natural brine with a market coverage of over 72.10% is spearheading the segment. Its market valuation can touch USD 784.6 million during the forecast period.
Application-based segmentation includes X-ray contrast media, biocides, pharmaceuticals, animal nutrition, human nutrition, catalysts, fluoro polarizing, LCD polarizing films, and others. The booming healthcare sector is giving thrust to X-ray contrast media and can assist in its scaling of USD 259.88 million market valuation.
The global iodine market can be segmented by North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
Europe is currently leading the market with an expected valuation of USD 335.4 million by 2023. Infrastructural superiority and the presence of pharmaceutical companies can take the market forward. North America is also expected to earn revenues substantially, and its market value can go up to USD 214.1 million during the review period. However, the APAC, with the fastest CAGR of 6.07% during the forecast period, can register marked growth. Several emerging economies such as India, China, South Korea, and Taiwan, by investing in revamping industries, can boost the regional market.
Strategic implementations that the key players employ include expansion, merger, collaboration, investment, and other methods. For instance, Iofina is constructing a new plant in Oklahoma to increase production and generate more revenue. Itochu Chemicals strategic investment in SCILEX Pharmaceuticals is a well-chalked step that can help the market expand.
Key players involved in the market are Independent Iodine, Calibre Chemicals Pvt. Ltd., Zen Chemicals, Deepwater Chemicals, Glide Chem Pvt. Ltd., Iochem Chemicals Corporation, Iofina, Godo Shigen Co. Ltd, ISE Chemical Corporation, Eskay Iodine Pvt. Ltd., Cosayach, ISR Holding, JSC Isotope, and Itochu Chemical Frontier Corporation.
Global Iodine Market: Competitive Landscape
The prominent players in the global iodine market are Independent Iodine (Belgium), Calibre Chemicals Pvt. Ltd (India), Zen Chemicals (India), Cosayach (Chile), Deepwater Chemicals (US), Eskay Iodine Private Limited (India), Glide Chem Private Limited (India), GODO SHIGEN Co. Ltd ( Japan), ISE CHEMICALS CORPORATION (Japan), ISR HOLDING (Azerbaijan), Iochem Coproration (US), Iofina (US), ITOCHU CHEMICAL FRONTIER Corporation (Japan), and JSC Isotope (Russia).
The top three players, namely, Iofina, Godo Shigen Co. Ltd, ISE Chemical Corporation, and Itochu Chemical Frontier Corporation (Itochu) are focusing on product development through recycling of iodine and are financially stable as compared to the rest of the players. These players are adopting various organic and inorganic growth strategies such as capacity expansions, product launches, joint ventures, agreements, and acquisitions to cater to the growing demand.
In 2017, Godo Shigen Co. Ltd completed the construction of a new blowing-out tower at the Chiba Works plant of Sumitomo Chemical Co. Ltd for the manufacturing of iodine compounds. This was Godo Shigen’s strategic movement to become one of the strongest players in the iodine market domestically as well as internationally.
In 2015, Godo Shigen completed the construction of its second manufacturing facility for inorganic iodine compounds at the Chiba Works. The company has its focus on increasing production capacity and to reap benefits of the widespread use of iodine in various applications such as x-rays, biocides, pharmaceuticals, LCD screens, animal nutrition, and human nutrition.
On 14 December 2017, Iofina started the construction of the new IO#7 plant in Oklahoma, US, as its other four IOsorb crystalline iodine production plants have delivered encouraging results. The company’s crystalline iodine production is expected to exceed 265 metric tonnes once the new plant is operational.
JSC Isotope extended the terms of its agreement with the Brazilian government by expanding the range of supplied products to the Institute of Energy and Nuclear Research (IPEN). Under the terms of the agreement, the company began supplying iodine-131 as well on May 2016.
In March 2015, Itochu Chemical made a strategic investment in SCILEX Pharmaceuticals Inc., a company engaged in the development and commercialization of products focused on the treatment of pain.