The global Iodine Market is estimated to be valued at Us$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR Of 5.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine finds wide applications in industries such as pharmaceuticals,LCD/televisions,X-ray contrast media. It is also used as catalyst and intermediate in commercial organic synthesis. Iodine deficiency can cause thyroid-related issues and disorders which is a major driver for iodine demand.
Market key trends:
One of the key trends in the iodine market is growing demand from the X-ray computed tomography segment. Iodine is a vital component in manufacturing computed tomography (CT) contrast agents which are injectable diagnostic drugs containing iodine. CT scans have become an essential medical procedure for diagnosis and increasingly being used for preventative health checks which is driving the demand for iodine-based contrast agents. Advancements in CT technologies are enabling more detailed scans using lower volumes of contrast agents thereby boosting the efficiency and consumption of iodine overtime.
Segment Analysis
The global iodine market is segmented into various types, i.e., natural brines, nitrate brines, and others. Among these, the natural brines segment currently dominates the market and its dominance is expected to continue during the forecast period. The growing consumption of natural brines in healthcare and pharmaceutical industries as a key raw material is driving the growth of this segment. Natural brines are abundantly available around the world, especially in South America which further augments the segment growth.
Key Takeaways
The global iodine market demand is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing applications in healthcare, electronics, catalysts, and others. The market size is projected to reach US$ 1641.17 Mn by 2023.
Regional analysis –
Asia Pacific region dominated the global market in 2021, accounting for around 25% of the overall share, owing to surging demand from healthcare and electronics industries in major countries like China and India. The North America region is projected to grow at the fastest pace during the forecast period.
Key players –
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Qumica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Iofina Chemical and SQM are currently the leading players, together accounting for over 50% of the global production capacity. The companies are focusing on capacity expansions as well as developing innovative application areas for iodine to strengthen their market position.
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The Iodine Pentafluoride Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the iodine pentafluoride market include Solvay, Air Liquide, Air Products, Honeywell, Shandong Zhongfu Chemical, Juhua Group, Shanghai 3F New Material.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Iodine Pentafluoride Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/iodine-pentafluoride-market/download-sampleMarket DynamicsThe prime factor that is driving the global Iodine Pentafluoride is its application as a fluorinating agent in specialized synthesis processes such as synthesis of perfluoro-organic compounds.
Iodine Pentafluoride is further used in non-aqueous system storage batteries.
During the COVID-19 pandemic, the market is supposed to drive steadily; however, supply chain disruptions and reduced production may cause some adverse effects on the market.
