IODINE MARKET ANALYSIS

Market Challenges And Opportunities

Global Iodine Market: Drivers

Rising demand for the development of radiographic modalities

The growth of the iodine contrast agent market is expected to be driven by the increased utilization of iodine for the advancement of radiographic techniques. The process of injecting iodine contrast agents into the blood vessels for the purpose of clear imaging is becoming increasingly popular in the healthcare sector. Consequently, the growing demand for iodine contrast agents from the healthcare sector is expected to contribute to the market growth. For instance, global sales of iodine contrast agents reached $7.7 billion. This represents a growth of 6.2% from 2021. The average person undergoes 1.3 iodine contrast agent procedures per year.

Increasing demand of iodine as a chemical catalyst

The growing demand for iodine as a chemical catalyst in the production of ketone and esterification of acids is expected to augment the global iodine market growth. Moreover, it is also used as a catalyst in the acylation of alcohol, oxidization of benzyl alcohol, and cycloaddition reactions. Therefore, the rising demand for ketones and other organic acids around the globe for various industrial applications is expected to accelerate the market growth.

Global Iodine Market: Restraints

Lack of knowledge among consumers

The global iodine market expansion is anticipated to be hampered by the lack of knowledge about the significance of iodine, particularly in rural areas. It is anticipated that the use of iodine will be restricted due to adverse effects related to high intake of iodine and its derivatives. Over the anticipated period, this factor is expected to limit the market growth.

Global Iodine Market: Opportunity

Rapid increase in the consumption of iodine

Recycling of iodine is assumed to serve as a major growth opportunity to the global iodine market over the forecast timeframe. According to the World Iodine Association, around 6,000 metric tons of iodine is recycled annually, accounting for approximately 18% of the world's iodine demand. Various manufacturers are adopting the recycling iodine process in order to meet the rising demand for iodine worldwide.

Functionality of iodine as a sterilizing agent

The growing use of iodine as a sterilizing agent due to its high affinity to protoplasm is expected to provide potential growth opportunities to market growth. Due to this functionality of iodine, it is considered as a potent germicide, and it kills bacteria in one minute, thus fueling its demand across various industrial applications as a sterilizing agent. Moreover, increasing government rules and regulations are further expected to fuel the demand for iodine as a disinfectant and cleaning agent.