The global iodine market estimated to be valued at approximately US$ 2 Bn by 2031, driven by increasing use of iodine as a contrast imaging agent across the globe, and also as industrial catalyst and sterilizing agent. The iodine industry is expected to rise at a CAGR of 4.1% in terms of value over the decade.
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 luster. Iodine and its derivatives are widely used as an intermediate in industrial chemicals and for human nutrition.
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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 2031, the market in North America is expected to register a CAGR of 3.6% in terms of value.
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.
The market in MEA 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.
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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 in terms of volume over 2021–2031, while X-ray contrast media segment is expected to expand at a CAGR of around 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 steady CAGR 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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