Iodine Market to Record CAGR of 6.5% Over 2024-2032; Increasing Incidence of Chronic Diseases to Boost Product Demand in Medical Imaging Systems

The iodine market size was valued at USD 1.88 billion in 2023 and is predicted to reach USD 2.00 billion in 2024. The market is anticipated to touch USD 3.29 billion by 2032, recording a CAGR of 6.5% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled 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”.

Iodine refers to a lustrous stabilized halogen that is black-purple in color. It has a wide range range of applications, such as additive in animal feeds and catalyst in polymer production. It is also used in polarizing films and medical devices, X-ray machines, where the element acts as a contrast media. Increasing awareness about iodine deficiency among the general population and growing incidence of chronic diseases will boost the market growth.

The COVID-19 pandemic had a significant impact on the market, where during the early stages of the outbreak, the product demand decreased considerably due to supply chain disruptions in industries that use this product. However, the sales of disinfectants and biocides increased as people gave more attention to disinfection and hygiene, which boosted the iodine market growth.

Iofina Commenced Construction of New Plant in Oklahoma to Expand Iodine Production Capacity

Iofina announced that it had started the construction of a new production factory in the main area of Oklahoma in July 2023. The company also revealed that after the successful establishment and operation, the new plant is anticipated to manufacture nearly 100-150 Metric Tons (MT) of crystalline iodine every year.

Increasing Incidence of Chronic Diseases to Boost Product Demand in Medical Imaging Systems

The average global incidence of chronic diseases is rising at a worrying rate, thereby increasing the demand for diagnostic tests to detect these ailments at their early stages. This scenario is also boosting the demand for iodine as it is used as a contrast media in medical imaging machines, helping doctors get detailed and accurate images of their diagnosis. The growing popularity of Computed Tomography (CT) scans and angiography is one of the key factors bolstering the market’s growth.

However, the toxic effects of overconsuming products containing this element can hinder their demand in various industries.

Key Market Players to Focus On Expand Product Applications to Gain Strong Competitive Edge

Some of the key market players are increasing their investments in various research & development programs to expand the applications of the product in different industries. This move will help them stay ahead of their competitors and increase their customer base.

Notable Industry Development:

• October 2022 – SQM S.A. announced that it had signed a multi-year deal with General Electric (GE) Healthcare to deliver iodine for contrast media. This element is a critical component for offering support to contrast media products used in X-rays and Computed Tomography (CT) imaging procedures. The multi-year agreement is expected to help SQM boost the year-on-year supply of this product.

List of the Companies Profiled in the Report:

• 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)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/iodine-market-103889

Further Report Findings:

• Europe captured the largest global iodine market share as the region is continuously increasing its expenditure on healthcare to offer the best quality care to its patients. Moreover, the region’s geriatric population is rising at a robust pace, making them more susceptible to chronic diseases. This factor can increase the need for diagnostic procedures, which will positively impact the use of this element in medical imaging machines.


• Asia Pacific is anticipated to record the fastest growth rate in the global market during the forecast period. This region’s growth is attributed to the rising awareness regarding iodine deficiency and growing demand for this product in applications, such as fluorochemicals, animal feeds, and optical polarizing films.


• Based on application, the X-ray contrast media segment accounted for the largest market share in 2023. One of the major factors contributing to the segment’s dominance is the growing popularity of medical imaging procedures, such as angiography, CT scans, and X-ray machines. These devices use contrast media, which usually contains iodine, to enhance the diagnostic accuracy by offering clearer and more detailed images.

Table of Segmentation