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.
Demand & Role of 2-Iodophenol
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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What is Driving Demand for 2-Iodophenol?
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.
Asia Pacific Demand Market Outlook for 2-Iodophenol
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.
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Europe Demand Outlook for 2-Iodophenol
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.
Who are the Key Manufacturers and Suppliers of 2-Iodophenol ?
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
- Sarex Overseas
- Spec-Chem products Inc
- Kingreat company Ltd
- Sancai Industry
- Daming Changda Co Ltd
- Xiamen Equation Chemical Co Ltd
- Autech Industry Co ltd
- Fintech Industry Ltd
- Skyrun Industrial Co Ltd
- Spartan Chemical Company
- Decon labs
- Yudong technologies.
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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Key Segments
By Application:
- Home care
- Medical & Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East and Africa
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