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 & COVID-19 Impact 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.
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.