Albany, NY -- (SBWIRE) -- 12/19/2016 -- Iodine is a halogen element in group seven of the periodic table; it is blue-black in colour and has a shiny lustre. The atomic number for the element is 53. Iodine and its derivatives are widely used as an intermediate in industrial chemicals and for human nutrition. The element is sourced from water bodies such as oceans and water pools as well as from seaweed. Iodine deficiency in humans results in various health-related issues such as goiter, mental retardation, heart diseases, and eyesight problems.

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Drivers and Trends

The iodine market is indirectly related to the GDP of various countries across the globe due to their widespread application in human nutrition, biocides, and industrial applications. Due to a surge in the production of iodine in North America, Latin America, and APAC, the iodine market in these regions is estimated to increase at a significant CAGR over 2016–2024 in terms of revenue. With an anticipated increase in production of iodine in APAC in the next few years and prevalence of iodine deficiency in adults, demand for iodine in the region is expected to increase between 2016 and 2024. Some major factors driving the global iodine market are increasing use of iodine as X-ray contrast media and LED/LCD polarizing films as well as government initiatives to increase the use of iodine in human nutrition and animal feed additives.

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Market Taxonomy

Persistence Market Research, in its report titled, "Iodine Market: Global Industry Analysis and Forecast, 2016-2024", has categorized the iodine market into key segments based on source, application, and region. On the basis of source, the global iodine market is divided into three segments: natural brines, nitrite ores, and others. On the basis of application, the global iodine market is divided into X-ray contrast media, catalysts, biocides, LED/LCD polarizing films, feed additives, human nutrition, and others. Finally, on the basis of region, the global iodine market is segmented into North America, Latin America, Europe, APAC, and MEA.

Analysis, by Region

The iodine market in APAC is expected to expand at a CAGR of 9.0% in terms of revenue during the forecast period. The region is expected to account for volume share of around 25.9% of the global iodine market by the end of the 2024. In terms of value, North America is expected to account for a major value share of the global iodine market during the forecast period.

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Analysis, by Source

By source, nitrite ores segment in the global iodine market is slated to expand at the fastest CAGR during the forecast period in terms of volume. Growth of this segment is primarily driven by increase in extraction of iodine from caliche ores in Latin America and APAC. In terms of market value, natural brines segment is expected to expand at a CAGR of 5.5% during the forecast period.