Iodine Market Size, Share & Industry Analysis, By Source (Caliche Ore, Underground Brines, and Seaweed), By Application (X-Ray Contrast Media, Pharmaceuticals, Optical Polarizing Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides, and Others), and Regional Forecast, 2024-2032

The global iodine market size was valued at USD 1.88 billion in 2023. The market is projected to grow from USD 2.00 billion in 2024 to USD 3.29 billion by 2032 at a CAGR of 6.5% during the forecast period of 2024-2032. Europe dominated the iodine market with a market share of 40.43% in 2023.

Iodine is an element with a lustrous purple-black color. It is a stable halogen with applications ranging from a catalyst in polymer manufacturing to an additive in animal feed. The product is witnessing a massive global demand due to its widespread applications, such as polarizing films and X-ray contrast media. Increasing health concerns among the geriatric population and rising awareness regarding iodine deficiency are primary market drivers. Initiatives by non-government organizations and guidelines issued by the World Health Organization (WHO) to minimize iodine deficiency in people in economically backward countries are further supporting the growth of the market.

The COVID-19 pandemic significantly impacted the market, with disruptions in supply chains, manufacturing operations, and shifts in demand patterns across various industries. However, as economies gradually recover and adapt to the new normal, the market is poised to rebound. The increased focus on hygiene and disinfection during the pandemic boosted the demand for iodine-based biocides and disinfectants, partially offsetting the decline in other sectors. Furthermore, the pharmaceutical and healthcare industries, which are significant product consumers, continued to operate, thereby sustaining market share.

Iodine Market Trends

Surging Demand for Consumer Electronics and Battery Technology to Create Growth Opportunities in Market

The increasing demand for consumer electronics, particularly in the electronics industry, represents a considerable opportunity for the market. This is primarily driven by the growing product use in producing polarizing film for Liquid Crystal Displays (LCDs) and Organic Light-Emitting Diodes (OLEDs).

As the world gets more digitized, the demand for electronic devices, such as smartphones, tablets, computers, and television sets increases. These devices rely largely on modern display technologies, such as LCDs and OLEDs, which require polarizing film containing iodine compounds. This growing demand for high-quality displays translates into an increased need for the product in electronics manufacturing.

In addition to its established role in LCDs, it is gaining attention in battery technology. The demand for innovative and efficient energy storage solutions is rising as the world shifts toward renewable energy sources and electric vehicles. This trend provides a promising avenue for the market as iodine-based batteries can play a crucial role in meeting the growing need for advanced energy storage systems.

Iodine Market Growth Factors

Rising Prevalence of Chronic Diseases to Fuel Demand for Iodine-Based X-Ray Contrast Media, Propelling Market Growth

The medical industry is a significant market driver, with a substantial product demand stemming from its use in contrast media for medical imaging procedures. X-ray contrast media, in particular, is a major application fueling the market growth. These contrast agents contain iodine compounds, which absorb X-rays more effectively than the surrounding tissues, allowing for better image contrast and improved diagnostic accuracy.

X-ray examinations, such as Computed Tomography (CT) scans, angiography, and interventional radiology procedures rely significantly on iodine-based contrast media to produce clear and detailed images of the body. Furthermore, the aging population and growing emphasis on preventative healthcare have contributed to the increased use of diagnostic imaging techniques, driving demand for iodine-based contrast media. Advances in medical imaging technology, such as high-resolution CT scanners and the incorporation of artificial intelligence into image processing have also contributed to the rising use of contrast-enhanced imaging treatments.

The demand for contrast media is expected to grow steadily as the healthcare industry prioritizes early diagnosis, personalized medicine, and improved patient outcomes. This, in turn, will drive the product demand in the pharmaceutical industry, positioning it as a significant contributor to the overall iodine market growth.

RESTRAINING FACTORS

Toxic Effects Associated With Product Consumption to Impede Market Growth

Consuming iodine over prescribed levels can lead to poisoning. The detrimental effects of the poisoning include diarrhea, nausea, swelling of airways, cyanosis, and weakening of pulse. The excessive intake of this product can also induce hyperthyroidism, which is dangerous, especially for a person with severe heart conditions. The aforementioned factors, along with low awareness among consumers, act as a restraint for the market.

Iodine Market Segmentation Analysis

By Source Analysis

Caliche Ore Segment Dominated Market Owing to Easy Product Extraction

Based on source, the market is segmented into caliche ore, underground brines, and seaweed. The caliche ore segment held a dominant market share in 2023. Caliche ores located in the Atacama Desert of Chile are the largest exploited source in the world. The economic feasibility and effectiveness of extracting it from caliche ore sources are contributing to the segment’s dominance.

The seaweed segment is expected to be the fastest-growing segment in the market. Recently, there has been a noticeable surge in the demand for seaweed-derived iodine, driven by its crucial role in various industries and benefits for humans. The product is an essential trace element that plays a pivotal role in thyroid function, which regulates metabolism and promotes overall growth and development.

The underground brine segment is projected to grow significantly during the forecast period. The U.S., Japan, Azerbaijan, Indonesia, and Turkmenistan are major product producers that use underground brines.

By Application Analysis

X-Ray Contrast Media Segment Held Largest Share Due to Increased Product Adoption in Medical Imaging Procedures

Based on application, the market is segmented into x-ray contrast media, pharmaceuticals, optical polarizing films, industrial catalyst, animal feed, fluorochemicals, iodophors, human nutrition, biocides, and others. The X-ray contrast media segment accounted for the largest iodine market share. Diagnosis techniques, such as CT scans, angiography, and X-rays use contrast media for effective performance. X-ray contrast agents containing iodine are widely used in various medical imaging procedures to improve the clarity and accuracy of diagnostic images. Recent advances in technologies of the medical industry, combined with developments in nuclear medical techniques, are boosting the product demand in this application.

The human nutrition segment is expected to grow substantially during the forecast period. Increasing awareness regarding iodine deficiency among people will create massive demand for iodized salts, thereby contributing to the segment’s growth.

REGIONAL INSIGHTS

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The market size in Europe was valued at USD 0.76 billion in 2023 and is a major contributor to the growth of the global market. Increasing expenditure on healthcare systems by the governments has contributed to the growing product demand. It is widely used in applications, such as X-ray contrast media and pharmaceuticals.

Asia Pacific is predicted to be the fastest-growing region during the forecast period. Factors, such as rising awareness regarding iodine deficiency and high demand from applications including animal feed, fluorochemicals, and optical polarizing films will lead to the market’s growth.

The market in North America is characterized by high product demand from the pharmaceutical industry. Additionally, increasing product consumption to manufacture disinfectants will aid market growth.

In Latin America and the Middle East & Africa, applications, such as industrial catalysts, optical polarizing films, and human nutrition are the factors responsible for the market’s growth in these regions.

KEY INDUSTRY PLAYERS

Key Market Players to Maintain Dominance by Offering Product for Various Applications

The global market is fairly consolidated, with the top five players, such as Cosayach Compañía De Salitre Y Yodo, SQM S.A., ISE CHEMICALS CORPORATION, Algorta Norte S.A., and Toho Earthtech accounting for a significant market share. These companies are investing in research and development activities to serve numerous markets. They are focusing on offering products in various forms and with high purity for a wide range of applications.

List of Top Iodine Companies:

• Cosayach Compañía De Salitre Y Yodo (Chile)


• Nippoh Chemicals Co., Ltd (Japan)


• Kanto Natural Gas Development Co., Ltd. (Japan)


• Toho Earthtech Co., Ltd. (Japan)


• GODO SHIGEN Co., Ltd. (Japan)


• SQM S.A. (Chile)


• Iofina plc (U.K.)


• ISE CHEMICALS CORPORATION (Japan)


• IOCHEM Corporation (U.S.)


• Algorta Norte SA (Chile)

KEY INDUSTRY DEVELOPMENTS:

• July 2023 – Iofina declared the initiation of construction of a new plant in the core area in Oklahoma. After the successful operation of the new plant, it is expected to produce 100-150 MT of crystalline iodine annually.


• October 2022 – SQM S.A. signed a multi-year agreement with GE Healthcare to supply iodine for contrast media. Iodine is a vital component for supporting Computed Tomography (CT) imaging procedures and contrast media products used in X-rays. The multi-year agreement will bolster the product supply year-on-year for SQM.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and top applications of the product. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation