Iodine plays an important role in the overall nutrition cycle of humans. Numerous governments from developing markets are actively pushing the use of iodine for human consumption to eradicate the diseases related to iodine deficiency. Iodine finds application in a wide array of industries ranging from x-ray contrast media, biocides, human nutrition, catalysts, LED/LCD polarizing films, feed additives, and sterilizing agent. The global iodine market is projected to value US$1.68 bn at the end of the forecast period of 2016 up to 2024.
Rise in Industrial Applications Driving Global Iodine Market
Iodine is majorly used in industries in the x-ray, LCD polarizing film, and as a sterilizing agent. Iodine is applied in cloud seeding to bring in rainfall to catchment areas in low rainfall regions. Regions such as Asia Pacific and MEA have been experiencing low rainfall. The changing geographical patterns due to environmental degradation is causing major water issues in these regions owing to which cloud seeding is performed to convert water vapor to clouds and bring in rainfall. These factors are driving the global iodine market.
Governments Pushing for Iodine Consumption
Humans require iodine in small quantity, but deficiency can lead to various health issues such as mental retardation, eyesight problems, goiter, and heart diseases. Many governments, especially in the developing markets are pushing the use of iodine in human consumption via aggressive campaigning. This has resulted in the rise in demand for iodine in the global market, especially in Asia Pacific and Africa.
North America Expected to Lead Global Iodine Market
North America is estimated to be the leading market region for iodine at the end of the forecast period. The market is projected to account for 21.6% share by volume in the global market. Asia Pacific and Europe are expected to follow respectively. Asia Pacific is expected to be the largest volume consumer at the end of the forecast period with 25.9% of the volume shares in the global iodine market. The rise in thyroid disorders in the market region owing to iodine deficiency is touted to be the reason for the projected market trend.
Asia Pacific is estimated to to grow at the fastest CAGR of 9.0% through the forecast period by revenue. North America is projected to hold the majority share in terms of revenue in the global iodine market at the end of the forecast period. MEA is expected to rise at a strong 7.0% CAGR whereas Latin America is touted to register a moderate growth rate for the forecast period.
Key market players in the global iodine market include SQM, Quingdao Brightmoon Seaweed Group Co. Ltd., Iofina Chemical Inc., IOCHEM Corporation, ISR Holding, and Algorta Norte S.A. Majority companies in the market are targeting the Asia Pacific and Africa region owing to the rise in consumption levels in the market. The easy availability of iodine in the region is also expected to be the reason for the projected market trend.
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