The global iodine market size is projected to reach USD 1,283.0 million by the end of 2027. The increasing applications of the product will bode well for market growth. According to a report published by Fortune Business Insights, titled “Iodine Market Size, Share & Industry Analysis, By Source (Caliche Ore, Underground Brines, and Seaweed), By Application (X-Ray Contrast Media, Pharmaceuticals, Optical Polarization Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides, and Others), and Regional Forecast, 2020-2027, the market was worth USD 915.9 million and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
Shutdowns in Manufacturing Units will have a Negative Impact on Market Growth
The recent coronavirus outbreak has had a negative impact on several industries across the world. Due to the strict measures taken to curb the spread of the disease, companies are looking to operate remotely or through constrained operative environments. Accounting for the rapid spread of the disease, companies are looking to implement strict measures to operate at minimum risks. The shutdowns in manufacturing units have had an adverse impact on manufacturers in the iodine market. Moreover, a lack of laborers and an inadequate workforce will bring mining and extraction activities to a complete halt.
Iodine is a type of mineral that is naturally found in oceanic water bodies or oil. It is widely used as a catalyst in polymer manufacturing due to its favorable properties. The product is also used as an additive in animal feed. The growing awareness regarding the consumption of iodine in specified amounts will reduce the side effect of excess consumption. The increasing research activities associated with iodine and its applications across diverse industry verticals will emerge in favor of the growth of the global market. Accounting to the increasing applications of the product, there are several large-scale companies operating across the world. The increasing applications and subsequently rising product demand will create a platform for growth for the companies operating in the market.
Applications across Diverse Industry Verticals will Emerge in Favor of Market Growth
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. The increasing applications of iodine across diverse industry verticals have certainly encouraged companies to invest more in the R&D section. The presence of several large-scale companies provides impetus to the growth of the market. Iodine is not just used in medical applications but also in cosmetics food and beverages and other large-scale sectors. Although medical properties have been highlighted, the substance is also widely used in cosmetics as a coloring agent due to its elusive color. Their increasing investments in RMD will widen the application scope of the product in the coming years. Iodine is said to have exceptional medical properties although excessive consumption can also have a few negative effects.