NEWARK, Del, July 11, 2024 (GLOBE NEWSWIRE) -- The global sodium iodide market will reach a valuation of USD 173 million in 2024, attributed to factors such as shift towards renewable energy sources. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.8% between 2024 and 2034, and reaching a total valuation of approximately USD 304 million by 2034.
There is a growing demand for eco friendly alternatives in various industries, with increasing emphasis on sustainability and environmental responsibility.
Manufacturers exploring sustainable production methods and eco friendly packaging for sodium iodide products may gain a competitive edge.
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Collaboration between industry players, research institutions, and academic organizations can accelerate innovation and drive product development in the sodium iodide market.
Collaborative research and development initiatives can lead to the discovery of new applications, improved formulations, and enhanced product performance.
Sodium iodide is utilized in certain water treatment processes, particularly for disinfection and decontamination purposes.
The demand for iodine based water treatment solutions is all set to rise, driven by both municipal and industrial sectors, with increasing concerns about water quality and safety.
There is a growing focus on ensuring optimal nutrition for farmed fish and crustaceans, as aquaculture continues to expand to meet global seafood demand.
Iodine supplementation, including the use of sodium iodide, plays a role in enhancing the health and growth of aquatic species.
Innovations in packaging materials and delivery systems can enhance the stability, shelf life, and convenience of sodium iodide products.
Key Takeaways from the Market Study
- The global sodium iodide market was valued at US$ 163.5 million in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 4.4%.
- The market in Japan to expand at a CAGR of 6.9% through 2034.
- By grade, the industrial grade segment to account for a share of 64.7% in 2024.
- The market in China will expand at a CAGR of 7.9% through 2034.
- In terms of end use, the agrochemical industry segment to account for a share of 32.4% in 2024.
Technologies such as controlled release formulations, encapsulation, and novel packaging designs offer opportunities for differentiation and market expansion, Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
Prominent players in the sodium iodide market are Honeywell International, Inc., Merck KGaA, TCI Chemicals Pvt. Ltd., Thermo Fisher Scientific Inc., Santa Cruz Biotechnology, Inc., Carl Roth, Cole-Parmer, Iofina, American Elements, Haffner GmbH & Co. KG, Ajay-SQM Group, GFS Chemicals, Inc., Glentham Life Sciences, International Isotopes Inc., Molekula Group, Oakwood Chemical, CDH Fine Chemical, Sisco Research Laboratories Pvt. Ltd., Matrix Fine Chemicals, and Ise Chemicals Corporation, among others.
Company Portfolio
- Iofina is a leading producer of iodine and iodine derivatives, with a focus on specialty chemicals and pharmaceutical ingredients.
The company offers sodium iodide in various forms, including high purity grades for pharmaceutical applications, as well as industrial-grade sodium iodide for diverse industrial uses.
- American Elements is a manufacturer and supplier of advanced materials, including a wide range of chemical compounds and elements.
The offerings of the company includes sodium iodide in powder, crystalline, or solution forms, suitable for use in pharmaceuticals, electronics, and other industries.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global sodium iodide market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the sodium iodide market, the market is segmented on the basis of grade (industrial grade, pharmaceutical grade, and feed/food grade), end use (li-ion, li-ion polymer, lead acid), and motor type (hub motor, mid motor), mode (food industry, pharmaceutical industry, agrochemical industry, and others) and usage (city, trekking, cargo), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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About the Chemicals and Materials Domain at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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