Global Iodine Market Is Estimated To Witness High Growth Owing To Increasing Demand From the Pharmaceutical and Chemical Industries
The iodine market is estimated to be valued at US$ 1,551.2 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine is a chemical element that is primarily used in the production of pharmaceutical products and as a disinfectant. It is widely used in the pharmaceutical industry for the manufacturing of x-ray contrast media, antiseptics, antifungal agents, and thyroid hormones. Additionally, iodine finds extensive applications in the chemical industry as a catalyst, in the production of polymers, and as an intermediate in the manufacturing of various chemicals. The growing demand for iodine from the pharmaceutical and chemical industries is expected to drive the market growth over the forecast period.
Market Dynamics:
The market growth is driven by two main factors. Firstly, the increasing prevalence of thyroid-related diseases, such as hypothyroidism and goiter, is driving the demand for iodine-based pharmaceutical products. The rising global population and growing awareness about the importance of iodine in maintaining thyroid health contribute to this demand. Secondly, the chemical industry's growing use of iodine as a catalyst and an intermediate in various chemical processes is further propelling the market growth. The expansion of the chemical industry, especially in developing regions, is creating a significant market opportunity for iodine suppliers. Therefore, the global iodine market is anticipated to witness high growth during the forecast period.
Read More - https://makuv.com/iodine-market-expected-to-reach-us-1551-2-mn-by-2023/
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