LONDON--(BUSINESS WIRE)--The iodine market is expected to grow by 7.50 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The rising penetration of the internet has increased the number of smartphone users globally. In addition, many smartphone manufacturers are focusing on expanding their presence in the new markets. For instance, in March 2020, the Chinese smartphone brand Oppo announced its global expansion plan by the launch of high-end 5G handsets. Similarly, in May 2019, France's Wiko Mobile announced its plans to enter the US market by launching the Wiko Ride smartphone. Such expansions are influencing the growth of the overall smartphone industry. Display screens used in smartphones contain polarizing films that are made by adsorbing iodine onto a stretched polyvinyl alcohol surface. Therefore, the growth of the smartphone industry will increase the demand for iodine and subsequently drive the global iodine market during the forecast period.
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As per Technavio, huge iodine reserves will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Iodine Market: Huge Iodine Reserves
Iodine is found abundantly in countries such as Japan, Chile, the US, Turkmenistan, Azerbaijan, and Indonesia. Iodine is produced from either caliche or brine ore found in these countries. In Japan, iodine reserves are found in five different zones, namely, Chiba, Niigata, Sadowara, Okinawa, and Oshamambe. In Chile, the Atacama Desert of northern Chile and west of the Andes Mountains contain huge deposits of caliche ore. The availability of iodine in large quantities is encouraging research into newer applications of iodine. This is one of the key factors supporting the growth of the global iodine market.
“High volume consumption in x-ray contrast media and the increasing awareness of iodine deficiency diseases will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Iodine Market: Segmentation Analysis
This market research report segments the iodine market by Application (X-ray contrast media, Pharmaceuticals, LCD and LED screens, Nutrition, and Others) and Geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the iodine market in 2020, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the expansion of various end-user establishments in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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