According to Future Market Insights, the global 2-Iodophenol market is projected to increase at a CAGR of 5.64% in the forecast period from 2023 to 2033 where the market size in 2023 is expected to reach US$ 32.7 billion, and in 2033 to US$ 56.6 billion. The factors responsible for driving the demand are thus raising the demand for manufacturing, medical, homecare, etc.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 32.7 billion |
| Expected Market Value in 2033 | US$ 56.6 billion |
| Growth Rate | 5.64% CAGR |
| Forecast Period | 2023 to 2033 |
The demand for 2-Iodophenol has witnessed a spike whereas the demand for domestic and commercial disinfectant products has witnessed a large growth and is projected to continue its growth shortly where the increase in awareness and the preference for hygiene products is expected for the growth of the market for the regular usage. Therefore, the demand for home care products will be a significant factor leading to the growth in the 2-iodophenol market.
The 2-iodophenol exists in the form of a colorless needle like-crystal which is not only sensible to light but also soluble in water and ethanol, ether, and other organic solvents. But this 2-iodophenol is incompatible with strong oxidizing agents where this chemical is used as a disinfectant or an intermediate organic synthesis. It not only causes harm while inhaling, coming in contact with skin, or if swallowed but also is irritating to the eyes, skin, and respiratory system.
An urgent need for health and economic policy action, including global cooperation, to cushion its consequences, protect vulnerable populations, and strengthen countries’ capacities for preventing and dealing with similar events in the future. It is critically important for emerging markets and developing economies, which are particularly vulnerable, to strengthen public health systems, address challenges posed by informality and limited safety nets, and enact reforms to generate strong and sustainable growth once the crisis passes.
Emerging markets and developing economies with available fiscal space and affordable financing conditions could consider additional stimulus if the effects of the pandemic persist. This should be accompanied by measures to help credibly restore medium-term fiscal sustainability, including those that strengthen fiscal frameworks, increase domestic revenue mobilization and spending efficiency, and raise fiscal and debt transparency. The transparency of all government financial commitments, debt-like instruments, and investments is a key step in creating an attractive investment climate and could make substantial progress this year.
The 2-iodophenol has various advantages that include deep win sights and attribution around drivers, as well as improved sales targeting efficiency, with few limitations. It is already known that iodophenol is a caustic substance that causes serious burns when exposed to the lungs, eyes, and skin. Therefore, due to this aspect, it is assumed that it will create an expansion of the market.
Asia-Pacific is said to have the largest share for the anticipated period as China has emerged to have the largest consumer of phenol and its derivates as it is considered to have the major driving factor in the Asia-Pacific region where it enjoys to be at the leading position due to the increase in production and consumption of phenol in China.
Also, China is considered to have a major market share in the chemical & pharmaceutical industry that captures the major market. Also, an increase in the purchasing power of consumers has heightened the investments in the chemical, automotive, and construction industries that thereby fuel the market growth.
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Some of the key players in the 2-iodophenol market are-
Developments-
According to latest research, the 2-Iodophenol market is expected to register a CAGR of over 5-7% during the forecast period 2021-2031. Major factors driving the market are increasing demand from manufacturing, medical & pharmaceuticals, home care and automotive industry.
However, high product cost and unfavourable supply side conditions arising due to the COVID-19 outbreak are the major factors hindering the growth of the market in the terms of production.
Principal Consultant
Phenolic compounds used as antiseptics or disinfectants, which include pure phenol and substitution products with halogens and alkyl groups. They act to denature and coagulate proteins and are general protoplasmic poisons.
Demand of 2-Iodophenol witnessed a spike in the in year 2020 as the global pandemic surged across the world. The demand for domestic and commercial disinfectant products witnessed major growth and is projected to continue its growth in near future. Increasing awareness and preference for hygiene products in regular usage is expected to enable market growth. Thus the demand for home care products would be a significant factor is the growth of 2-Iodophenol market.
The 2-Iodophenol exists in the form of colourless needle-like crystal which is sensitive to light. It is slightly soluble in water and soluble in ethanol, ether and other organic solvents.
In addition, it is incompatible with strong oxidizing agents. This chemical is used as a disinfectant or organic synthesis intermediate. 2-Iodophenol can cause harm through inhalation, coming in contact with skin or if swallowed. It is irritating to eyes and respiratory system and skin.
2-Iodophenol is a halophenol with antifungal activity. This product is used as a catalyst in the synthesis of 1,3,5-substituted benzenes. It is also used as additive tracers for resist plasma etching. Among all of these, the healthcare & pharmaceutical sector is projected to be the major segment that would augment market demand for this product during the forecast period.
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Asia Pacific has the largest market share for the estimated period as China has emerged to be the largest consumer and producer of phenol and its derivatives in the world, and is considered to be the major driving factor in the Asia Pacific region. Asia Pacific enjoys the leading position in the market on account of the increasing production and consumption of phenol in China.
China is a major market player in chemical & pharmaceutical industry and captures the major market. Besides this, a rise in the purchasing power of the consumers has escalated investments in the chemical, automotive and construction industries, thereby fueling the market growth. The pandemic outbreak has worked as the catalyst for this market.
Apart from China, demand is also being witnessed from other fast growing economies in the region such as India and ASEAN countries. Increasing economic development, healthcare spending and favorable policy environment are the key factors that would drive demand for this product in these regions of Asia Pacific.
Europe is witnessing steady growth in the market. The global pandemic has majorly affected the region hence the demand increased suddenly and this will continue to grow in forecast period.
Extensive usage in medical and pharmaceuticals sectors will promote the growth of the market in upcoming years. Phenol and its derivative products is a widely used chemical solvent used in numerous places, including chemistry, biology, and medical laboratories to household products.
The market is moderately consolidated in nature, with the top players accounting for a major share of the market. Some of the key companies in the market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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2-Iodophenol Market
