Iodine is a naturally occurring mineral present in the soil and oceans of the Earth. Iodine is found in plant-based foods and seawater, and it is also accessible in iodized form. It is regarded as an essential mineral for human bodies, particularly during the growth period or during pregnancy, in order to assist the healthy development of the fetus. Furthermore, iodine is extremely important in supporting thyroid function. The thyroid gland aids in the regulation and synthesis of a hormone that regulates different bodily functions such as metabolism, heart health, and many others. As a result, a proper supply of iodine is critical for regulating the body's numerous activities and preserving.
The worldwide iodine market is predicted to be worth $1,485 million in 2021, with a CAGR of 5.4 percent during the forecast period (2021-2028).
The growing usage of iodine as a contrast agent in the development of radiographic modalities is projected to drive iodine market growth. Iodinated contrast chemicals are essentially injected into a blood artery to allow for clear imaging. Iodine is in high demand in the healthcare industry for medical imaging applications. As a result, increased demand for iodine as a contrast agent from the healthcare industry is expected to drive iodine market growth.
Growing demand for iodine as a chemical catalyst in the manufacture of ketone and acid esterification is likely to boost iodine market growth. It is also utilized as a catalyst in the acylation of alcohols, benzylic alcohol oxidation, and cycloaddition processes. As a result, increased demand for ketones and other organic acids for different industrial applications throughout the world is likely to fuel the expansion of the iodine market.
Iodine recycling is expected to be significant growth potential for the iodine industry throughout the predicted timeframe. According to the World Iodine Association, around 6,000 metric tons of iodine are recycled each year, accounting for approximately 18% of global iodine consumption. To address the increased demand for iodine throughout the world, several businesses are using the recycling iodine process.