The global iodine market is estimated at USD 832.1 Million in 2017 and is projected to reach USD 1,041.0 Million by 2022, at a CAGR of 4.58% between 2017 and 2022. The market is witnessing growth due to the increasing use of iodine in optical polarizing films in LCD applications.
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The report "Iodine Market by Source (Caliche Ore, Underground Brines), Form(organic compounds, Inorganic Salts, Elemental & Isotopes), Application(X-ray contrast media, Pharmaceuticals, Optical Polarizing Films), and Region - Global Forecast to 2022",
Growing deficiency of iodine in developing countries and use in applications such as X-ray contrast media, fluorinated derivatives, and photography are some of the factors driving the market for iodine.
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“Caliche ore: The largest source of iodine”
Caliche ore was the largest source for iodine extraction in 2016.
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The large share of caliche ore is because mining of iodine from caliche ore is less cumbersome and less capital intensive in comparison to its extraction from underground brines and seaweeds. Furthermore, the iodine mined from caliche ore contains more concentration (ppm) of iodine as compared to other extraction sources.
“Organic Compounds: The largest form segment of the iodine market”
Organic compounds was the largest segment of the iodine market, by form in 2016. The large market share of organic compounds is due to their extensive use in pharmaceutical formulations, as additives in animal feed, and as pesticides and soil fumigants for agricultural purposes.
They are also used as catalyst for many chemical syntheses. Thus, the above factors are responsible for making organic compounds the largest market for iodine, by form globally.
“X-ray contrast media: The largest application of iodine”
X-ray contrast media was the largest segment of the iodine market, by application in 2016. The high consumption of iodine in X-ray contrast media is attributed to the rising aging population and their susceptibility to various diseases which is expected to increase the use of X-ray contrast media in diagnostic imaging, thereby, driving the market for iodine in this application.
“Western Europe: The largest iodine market, by region”
The Western European region was the largest market for iodine, in terms of value and volume, in 2016. The high consumption of iodine in the region is attributed to the increasing demand from the healthcare and chemical industries.
Growing investments in medical research, advancements in diagnostic imaging techniques, strong healthcare infrastructure with significant number of CT and MRI examinations, and growing iodine deficiency in Rest of the Western European counties are some of the factors responsible for the large market size of iodine in Western Europe.
Iodine manufacturers such as Sociedad Química y Minera (SQM) (Chile), Iofina (UK), ISE Chemicals Corporation (Japan), IOCHEM Corporation (US), Compañía de Salitre y Yodo (Chile), Algorta Norte SA (Chile), Nippoh Chemicals Co., Ltd (Japan), Kanto Natural Gas Development Co., Ltd (Japan), Toho Earthtech Co., Ltd (Japan), and Godo Shigen Co., Ltd (Japan) are covered in the report.
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