Sodium Iodide Industry Size, Share, Demand & Growth by 2034
The global sodium iodide market will reach a valuation of US$ 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 US$ 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.
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.
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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 is 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, remarks an FMI analyst.
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.
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