Western Europe: The largest iodine market, by region

Iodine is a non-metallic element with a blue-black color and lustrous appearance. It belongs to the halogen family in the periodic table and is the least reactive among the halogens. Iodine is a trace element that can be obtained mainly from three sources, which are underground brines, caliche ore, and seaweed. It is also recycled in many parts of the world, mainly in Japan. Iodine is either used in elemental or isotopic form and in the form of inorganic salts & complexes and organic compounds. It is widely used in numerous applications, such as X-ray contrast media, pharmaceuticals, iodophors, and optical polarizing films in LCDs, catalyst in polymer synthesis, biocides, human nutrition, animal feed, and fluorochemicals. Increasing use of iodine in optical polarizing films in LCD applications and growing deficiency of iodine in developing countries are the major factors driving the market for iodine globally. The growth is further driven by its application in X-ray contrast media, fluorinated derivatives, and photography. 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.

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The Western European region was the largest market for iodine, in terms of value and volume. 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. These companies have large production facilities and have adopted organic strategies to become the leading players in the global iodine market.

SQM is the leading manufacturer of iodine with the largest production capacity of iodine globally. The company manufactures around 10,000 tons of iodine and its derivatives annually. The company, in 2016 launched a new product Ethyl-TriPhenyl-Phosphonium Iodide (ETPPI) through its brand Iodeal. ETPPI is a quaternary phosphonium salt used in the advancement or curing of thermosetting powder coatings and phenolic-based epoxy resins, as a phase transfer catalyst, and a Wittig reagent. This product launch helped the company enhance and broaden its product offerings.

Iofina is another major company operating in iodine manufacturing after SQM. For instance, in 2017, Iofina expanded its iodine production with the construction of IO#7, a new production plant for manufacturing iodine and its derivatives. With this expansion, the company will be able to increase its iodine production with lower per kilo cost of production.

Browse 109 tables and 50 figures spread through 147 pages and in-depth TOC on “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″: https://www.marketsandmarkets.com/requestsampleNew.asp?id=65097087

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Increasing use of iodine in optical polarizing films in LCD and growing iodine deficiency disorders in developing countries are driving the growth of the iodine market

Iodine is a trace element found in nature, occurring in earth’s crust as mineral deposits, in underground brines, and in seaweeds. It is a non-metallic element with a blue-black color and lustrous appearance. Iodine is essential for human and animals for proper functioning of thyroid glands, brain activities, and reproducibility. Iodine, owing to its high reactivity and occurrence in several oxidation states, gives numerous organic and inorganic compounds. It is used in a plethora of applications in three major forms, namely, organic compounds, inorganic salts & complexes, and elemental & isotopic form. It is used in many applications across the industrial sector. It is used in table salts for human consumption, and as an additive in animal feed, pharmaceutical, and healthcare applications. It is also used in polarizing films along with PVA in LCD components. It is used in iodophors, nylon manufacturing, as catalyst in polymer synthesis, as biocide in manufacturing of fluorinated compounds, and in agricultural intermediates and heat stabilizers. The market is witnessing growth due to its increasing use in optical polarizing films in LCD applications. Growing deficiency of iodine in developing countries and use of iodine in applications such as X-ray contrast media, fluorinated derivatives, and photography are some of the factors driving the market for iodine. 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.

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Asia Pacific is estimated to be the fastest-growing market, in terms of both value and volume, during the forecast period. China is projected to be the fastest-growing iodine market in Asia Pacific, accounting for a major share of the demand for iodine in the region. The growth in the chemical manufacturing industry, favorable demographic scenario, the rise in aging population, growing investments in the radiology market, and increasing government support to strengthen healthcare services in the emerging countries such as China, India, and Nepal are expected to increase the demand for iodine in the region during the forecast period.

Recycling is estimated to be the fastest-growing segment of the iodine market, by source during the forecast period. Owing to the continuous commercial exploitation of mineral deposits and underground brines, iodine reserves may eventually deplete. Recycling of iodine will ensure its sustainable availability in the near future.

Organic compounds is estimated to be the fastest-growing segment of the iodine market, by form during the forecast period. It is the fastest-growing segment due to the increasing consumption of organic compounds such as methyl iodide in pesticides and soil fumigants in the agrochemical industry. The growing consumption of organic compounds in electronics and healthcare industry is also expected to boost their demand during the forecast period.

Optical polarizing films is estimated to be the fastest-growing segment of the iodine market, by application during the forecast period. The growing demand for iodine in optical polarizing films is attributed to the improved standards of living, rise in disposable income in developing countries, and increasing preference for advanced and visually appealing LCD display panels. The aforementioned factors are expected to drive the demand for iodine from the optical polarizing films application during the forecast period.

Major players in the global iodine market undertook various development strategies in recent years. Expansions and new product launches are some of the key strategies undertaken by major manufacturers such as Sociedad Química y Minera (SQM) (Chile), Iofina (UK), ISE Chemicals Corporation (Japan), IOCHEM Corporation (US), Compañía de Salitre y Yodo (Chile), and Algorta Norte SA (Chile). These strategies have helped these companies increase their production facilities and enhance their shares in the iodine market. For instance, in the period of 2016-2017, companies such as Iofina and IOCHEM Corporation expanded their manufacturing facilities by constructing new manufacturing plants and drilling of production wells respectively to increase their production capacities in the coming years.