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Iodine Market Research Report Information By Source (Underground Brine, Caliche Ore, Recycling, Seaweeds), By Application (X-Ray Contrast Media, Pharmaceuticals, Optical Polarization Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/CnM/4963-CR | 100 Pages | Author: Chitranshi Jaiswal| September 2018

Global Iodine Market Overview

The Iodine Market Size was valued at USD 1.05 Billion in 2022. The Iodine industry is projected to grow from USD 1.09 Billion in 2023 to USD 1.42 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.79% during the forecast period (2023 - 2030). Iodine is a chemical element with the symbol I and atomic number 53. It is a non-metallic element that is found in small quantities in the Earth's crust and seawater. Iodine is an important nutrient for humans, as it is needed for the production of thyroid hormones, which regulate metabolism and growth. Iodine is commonly used in medicine as an antiseptic, disinfectant, and contrast agent for X-ray imaging. In its elemental form, iodine is a dark gray or purple-black solid with a metallic luster. It has a high melting point and is only slightly soluble in water, but is more soluble in organic solvents such as ethanol and chloroform. Iodine is a halogen and is part of the same group of elements as fluorine, chlorine, bromine, and astatine.Iodine Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Iodine Market Trends

  • Increasing investments in facilities for recycling iodine

Large corporations such as lOCHEM and God Shigen are making significant investments to build recycling plants. Because there are few resources accessible and they are scarce, recycling is considered crucial. The main suppliers of waste streams include industries including medicines, insecticides, salt, and specialized chemicals. Iodine byproducts and used materials are treated to achieve a purity of greater than 99.3%. This product's recycling is crucial from an economic and environmental standpoint since it enhances the supply of scarce and limited resources.

June 2023, Iofina plc declared its IO#9 IOsorb plant operational. The sixth plant of the company was built in Oklahoma, United States, with a new partner and is now running.

For instance, in November 2022, Zydus Lifesciences got US FDA approval for its levothyroxine medicine in the US, which is expected to increase iodine use within the region during the forecast period.

Iodine Market Segment Insights

Iodine Source Insights

The market segmentation, based on Source, includes Underground Brine, Caliche Ore, Recycling, and Seaweeds. The Caliche Ore segment may dominate the market. Caliche Ore is a cost-effective and efficient source of iodine production, making it an attractive option for manufacturers. The growing demand for iodine in various industries, including pharmaceuticals, food, and agriculture, is expected to drive the growth of the Caliche Ore segment in the market.

Iodine Application Insights

Based on Application, the global market segmentation includes X-Ray Contrast Media, Pharmaceuticals, Optical Polarization Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides, and Others. The X-Ray Contrast Media application is holding the largest market share and is used in medical imaging procedures to enhance the visibility of organs and tissues. Iodine is a key component in X-ray contrast media and is used to create a solution that can be injected into the body. The solution absorbs X-rays, making it easier for healthcare professionals to visualize the internal organs and tissues.

Figure 2: Iodine Market, by Source, 2022 & 2030 (USD Billion)Iodine Market, by Source, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Iodine Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected as the leading market share in the Iodine industry, as it holds the highest demand for pharmaceuticals. The increasing demand for medicines, a growing number of emergencies, and casualties combined with the increasing geriatric population across the region are considered the major drivers of market growth across the region.

Asia-pacific region is also experiencing higher demand for the pharmaceutical industry, and the medical industry across the Asia-pacific region is evolving at a faster pace as well. After the relaxation of the government regulations, several pharmaceutical industries have gotten back to their pace and therefore Iodine industry is expected to witness healthy growth across the region.

Europe was at the leading position in the Iodine industry and the growing awareness regarding the significance of Iodine deficiency and the government initiatives to build awareness across the region are considered the prime factors that are expected to boost the overall growth of the Iodine industry

Figure 3: IODINE MARKET SHARE BY REGION 2022 (%)IODINE MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Iodine Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Iodine industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Iodine industry to benefit customers and expand the market sector. Major market players, including GE Healthcare, EverstoneCapital, Calibre Chemicals Pvt. Ltd, Cosayach, and others are attempting to increase market demand by funding R&D initiatives.

GE Healthcare is a global medical technology and digital solutions company that provides innovative products and services to healthcare providers and patients worldwide. The company is a subsidiary of General Electric Company. GE Healthcare's product portfolio includes medical imaging and diagnostic equipment, healthcare IT solutions, life sciences and pharmaceutical manufacturing technologies, and medical equipment and supplies. The company's medical imaging and diagnostic equipment include magnetic resonance imaging (MRI), computed tomography (CT), X-ray, ultrasound, molecular imaging, and positron emission tomography (PET) systems. GE Healthcare's healthcare IT solutions include electronic medical records, imaging and clinical information systems, and remote patient monitoring technologies.

Calibre Chemicals Pvt. Ltd is an Indian-based company that is engaged in the manufacturing and distribution of a wide range of specialty chemicals and pharmaceutical intermediates and has manufacturing facilities in multiple locations across India. Calibre Chemicals offers a diverse portfolio of products that include industrial chemicals, pharmaceutical intermediates, specialty chemicals, and agrochemicals. Its product range includes acetonitrile, sodium methoxide, benzophenone, piperazine, pyridine, and other chemical intermediates. The company caters to various industries such as pharmaceuticals, agrochemicals, petrochemicals, flavors and fragrances, and specialty chemicals. It has a global presence and exports its products to several countries worldwide.

Key Companies in the Iodine market include

Iodine Industry Developments

October 2022: GE Healthcare’s Pharmaceutical Diagnostics business announced a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure its supply of iodine, a key ingredient for contrast media products used in X-Ray and Computed Tomography (CT) procedures globally.

In August 2021: EverstoneCapital, a Singapore-based private equity major, announced that it had acquired CalibreChemicals Pvt. Ltd for a reported sum of USD 100 million.

In October 2022, GE Healthcare Pharmaceutical Diagnostics business unit signed a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure their iodine supply needed for X-ray and Computed Tomography (CT) contrast media products globally.

In August 2021, Singapore-based private equity major EverstoneCapital announced a USD100m acquisition of CalibreChemicals Pvt. Ltd.

Iodine Market Segmentation

Iodine Source Outlook

  • Underground Brine

  • Caliche Ore

  • Recycling

  • Seaweeds

Iodine Application Outlook

  • X-Ray Contrast Media

  • Pharmaceuticals

  • Optical Polarization Films

  • Industrial Catalyst

  • Animal Feed

  • Fluorochemicals

  • Iodophors

  • Human Nutrition

  • Biocides

  • Others

Iodine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 1.05 Billion
Market Size 2023 USD 1.09 Billion
Market Size 2030 USD 1.42 Billion
Compound Annual Growth Rate (CAGR) 3.79% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Source, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled ACF Minera, American Elements, Algorta Norte, Calibre Chemicals Pvt Ltd, Cosayach, Deep Water Chemicals, Eskay Iodine, GE Healthcare, EverstoneCapital, Infinium Pharmachem Pvt Ltd
Key Market Opportunities New product launches and R&D Amongst major key Players
Key Market Dynamics Augmenting demand from the X-ray contrast media sector

Frequently Asked Questions (FAQ) :

The Iodine Market size was valued at USD 1.05 Billion in 2022.

The global market is projected to grow at a CAGR of 3.79% during the forecast period, 2023-2030.

North America had the largest share of the Iodine Market.

The key players in the market are ACF Minera, American Elements, Algorta Norte, Calibre Chemicals Pvt Ltd, Cosayach, Deep Water Chemicals, Eskay Iodine, GE Healthcare, EverstoneCapital, Infinium Pharmachem Pvt Ltd.

The Caliche Ore category dominated the market in 2022.

X-Ray Contrast Media had the largest share in the global market for Iodine.

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