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.
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The Iodine 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 was projected to reach USD 1,041.0 million by 2022, at a CAGR of 4.58% between 2017 and 2022.
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.
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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.
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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.
