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.

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 growth of the global market.

Europe to Emerge Dominant; Increasing Healthcare Expenditure to Bode well for Market Growth

The presence of several large scale as well as regional companies in countries such as Germany, France, and the UK will contribute to the growth of the market. The increasing healthcare expenditure will also have a positive impact on the growth of the regional market. As of 2019, the market in Europe was worth USD 360.9 million and this value is projected to rise at a considerable pace in the coming years. Besides Europe, the market in North America will rise at a considerable pace driven by the increasing demand for the product in this region.

Information Source:

https://www.fortunebusinessinsights.com/iodine-market-103889