Iodine Derivatives Market Development Status, Opportunities, And Growth By Forecast 2028

COVID-19 IMPACT ANALYSIS ON GLOBAL IODINE DERIVATIVES MARKET

The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global iodine derivatives market. In addition, complete analysis of changes on the global iodine derivatives market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global iodine derivatives market was more or less affected due to supply chain distribution, declining demand for iodine derivatives from various application like food & feed, agrochemical, electronic, which has certainly affected the market growth to major extend. However, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.

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MARKET OVERVIEW- GLOBAL IODINE DERIVATIVES MARKET

MARKET DRIVERS

The key factor driving the market growth are Increasing use of iodine derivatives in human food and animal feed. Iodine is an essential nutrient for both humans and animals. Deficiencies of iodine in animals can cause severe health effects such as goitre and reduced growth rates. Owing to the scarcity of iodine, it is often necessary to supplement animal feed with various forms of iodine like calcium iodate and ethylenediamine hydroiodide (EDDI). The iodine in the feeds support healthy growth in animals like broiler chickens. For instance, in September 2018, Micronutrients USA and Kemin Industries launched Intelli Bond VITAL 5 CR as an essential nutrition package containing six essential trace minerals. The introduction of Intelli Bond VITAL 5 Cr comes at a time when concern is rising about the integrity of feed ingredients sourced from outside the United States. The new offering delivers zinc, manganese, copper, cobalt and iodine from Micronutrient’s essential Intelli Bond VITAL 5 blends, with the added power of Kemin’s Kem Trace Chromium.

MARKET OPPORTUNITY

The global iodine derivatives market is expected to witness increasing new growth opportunities for market with growing iodine deficiency among people. Iodine deficiency is still a public health problem in 54 countries. A total of 36.5% (285 million) school-age children were estimated to have an insufficient iodine intake, ranging from 10.1% in the WHO region of the Americas to 59.9% in the European region. Iodine deficiency is a major threat to the health and development of population across the globe, primarily in preschool children and pregnant women. When requirement for iodine is not met, thyroid hormone synthesis is impaired, resulting in a series of functional and development abnormalities collectively referred to as iodine deficiency disorders (IDD). Conditions related to iodine deficiency comprises goitre, still-birth and miscarriage, hypothyroidism and impaired growth.

MARKET RESTRAINTS

The major restraining factor for the global iodine derivatives market is toxicity of iodine and health related issue. Iodine induced hyperthyroidism may be dangerous in patients with underlying heart diseases. In iodine sufficient individuals, iodine excess causes elevated thyroid stimulating hormones levels, which inhibits thyroid hormone production leading to hypothyroidism and goitre. Iodine toxicity is a rare condition which requires a broad initial diagnosis and heightened suspicion. These patients may exhibit vague signs and symptoms like nausea, vomiting, and diarrhoea. While history taking may reveal the toxicity, the cause is difficulty to determine without further evaluation.

MARKET GROWTH CHALLENGES

The COVID-19 pandemic has disrupted global supply chain networks in an unprecedented way. Supply-demand imbalances have pushed manufacturers across sectors to grapple with multiple challenges including rising commodity prices, logistics disruptions & port congestions, and shifting customer behaviour. At the same time, the move towards sustainability is driving almost all industry sectors towards sustainable production and operations that is good for people and the planet.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global iodine derivatives market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various iodine derivatives in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.

MARKET SEGMENTAL OVERVIEW

The global iodine derivatives market comprises of different market segment like type, application and geography.

IODINE DERIVATIVES MARKET BY TYPE

The type studied in the global iodine derivatives market are potassium iodate, sodium iodate, calcium iodate, potassium iodide, copper iodide, ethylenediamine dihydroiodide, and others. Potassium iodide has register major market share during the estimated time period (2022-2028) and is likely to maintain its dominance over the estimated time period. With wide range of application and uses in various application industry is expected to drive the demand for global iodine derivatives market. Furthermore, ideally potassium iodide is mostly present in colourless crystals or white powder, which is odourless. The taste of the chemical is almost like saline and slight bitter. It is often used as nutritional supplement in animal feed and in human diet, in treatment of hyperthyroidism used as expectorant. Also used in some disinfectant and hair treatment chemicals.

IODINE DERIVATIVES MARKET BY APPLICATION

The global iodine derivatives market finds its major application in pharmaceutical, food & feed, cosmetics, agrochemical, electronics, nylon production, and others (chemical, sanitation). Pharmaceutical is likely to gain major market share during the estimated time period. The market players have witnessed rising new growth opportunities in this application sector as in pharmaceutical, the iodine derivatives are mostly used for preparing disinfectant, bactericides, and analgesics among others like tincture of iodine. Besides, the pharma companies often have increasing demand for various potassium iodate with rapid demand for various pharma products to maintain their patient engagement where pharmaceutical chemicals have witnessed demand globally. Besides, with increasing spread of COVID-19 the market has specifically increased its requirement.

IODINE DERIVATIVES MARKET BY GEOGRAPHY

The global iodine derivatives market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to witness rising demand for iodine derivatives market. North America dominates the iodine derivative market due to the rise in the meat consumption. Furthermore, the increase in the poultry industry will further boost the growth of the iodine derivative market in the region during the forecast period. Europe is projected to observe significant amount of growth of the iodine derivative market due to the rise in the healthcare expenses spent by the government. Moreover, the increase in the number of cancer patients is further anticipated to propel the growth of the iodine derivative market in the region in the coming years.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of iodine derivatives market is certainly based range of market players operating in the chemical & material market with increasing demand for production of iodine derivatives. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.

The key players studied in market are Iofina plc., Godo Shigen Co., Ltd, Nippoh Chemicals., Zibo Wankang Pharmaceutical Chemical., Nanjing Taiye Chemical Industry, Qingdao Gimhae Iodide Chemical Co, Ajay-SQM Group., Infinium Pharmachem Pvt Ltd, Amphray Laboratories, Samrat Pharmachem Limited, Calibre Chemicals Pvt. Ltd, Omkar Speciality Chemicals Ltd, Merck Ltd., among others.

RECENT DEVELOPMENT:

January 2018: Iofina plc. Announced to strategically expand iodine production by bringing IO#7 into production, a plant which will significantly increase iodine output whilst reducing the Group’s overall iodine production cost.

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