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Iodine Market Research Report – Forecast to 2030

Iodine Market: Information by Type (Natural Brines, Nitrite Ores, Others), Application (LCD Polarizing Films, Biocides, X-ray Contrast Media, Others) and Region - Forecast till 2030

ID: MRFR/CnM/4963-CR | September 2018 | Region: Global | 100 pages

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Iodine Market overview:


Iodine Market is expected to surpass the market value of over USD 1287 million by the year 2027 while registering a CAGR of 4.4% during the forecast period.


Iodine is one of the vital chemicals which is found abundantly in salt. The amount of Iodine content is crucial for human health and the functioning of vital organs in humans. Therefore several organizations have brought in regulations regarding the consumption of Iodine. The chemical is also used as manufacturing materials for several end-user industries, including the water treatment industry, wastewater treatment, agriculture, animal feed, automotive, electronics, consumer electronics, and so on. The increasing advancement in such industries has significantly impacted the overall growth of the Iodine industry. 


 


Among several industries, the Pharmaceutical industry is considered as the intensive user of Iodine and the growth in the medical department and the increasing investment had increased the Iodine market value. For instance, radiographic contrast media is utilized to view the internal organs and analyze them. Utilizing Iodine in Radiographic contrast media has enhanced the visibility for better medical treatment. Similarly, Iodine is used as disinfectants, bactericides, analgesics, and several other medical applications. Such factors have propelled the overall demand for Iodine.


 


COVID 19 Analysis:


 


COVID 19 has caused several disruptions in many industrial processes and the changing attitude of consumers was also considered as the key factor. The production rates and the manufacturing capacities were reduced significantly. Such factors were considered as the major restraint for several industries. Similarly, the Iodine industry was also affected during the pandemic, which was slowly reverting and recovering in recent times. One of the leading organizations, Iofina PLC has declared the sales of Iodine from its derivatives have grown in recent times, soon after the relaxation of the government regulations. 


 


The decline in some industries, such as consumer electronics due to poor demand has impacted the overall growth of Iodine during the pandemic. Additionally, since the operations in several industries were reduced, therefore the demand for Iodine as catalysts and chemical compositions were also affected. 


 


 Market dynamics:


 


 Market drivers:


 


The growing demand of the medical sector and the increasing awareness regarding the consumption of Iodine and including it in the daily diet are considered as the major drivers of Iodine market growth. On the other hand, they are also utilized in LCD screens in optical polarizing films. Such factors are considered as the major drivers of Iodine market growth.


 


Several manufacturers are focusing on utilizing several applications from the derivatives of Iodine. The derivatives of Iodine are capable of catering to several applications and therefore cushioning the overall growth of the Iodine industry.


 


Market opportunities:


 


Global organizations such as WHO and UNICEF had announced the significance of Iodine consumption via food and had mandated the consumption of iodine in seasoning. Countries like Germany and surrounding countries are increasing their investment in the health care sector. Especially the number of cancer patients across the globe is increasing; such factors are expected to promote the overall growth of the Iodine industry during the forecast period.


 


The other potential end-user industries such as feed production are also aiding the Iodine market growth, where the iodine is intensively used in animal feed to increase the quality of meat. The increasing meat consumption and the growing food industry combined with the delivery options are expected to boost the overall growth of the Iodine industry during the forecast period. On the other hand, the agricultural industries are also improving at a faster pace, where the requirement for water and wastewater treatments are increasing rapidly. Several organizations are advising to add Iodine tablets to treat the drinking water. Such factors are expected to promote the Iodine market growth during the forecast period.


 


Market restraints:


 


The toxicity of Iodine intake, that is improper quantities are expected to hinder the overall growth of the Iodine industry.


 


The demand and supply interruptions across the globe, the costs of the Iodine in the market, and other marketing issues related to the Iodine industry are expected to hinder the overall growth of the Iodine industry during the forecast period.


 


Market challenges:


 


The decline in several end-user industries such as the animal feed producing industry and electronic industry are expected to affect the growth of the Iodine industry. For instance, the changing preference of the consumers towards vegan and vegetarian has affected the production rate of animal feed, thereby affecting the overall growth of the Iodine industry.


 


The economic condition and the poor investment in the key markets are also considered as the primary challenge for the overall growth of the Iodine industry.


 


Cumulative growth analysis:


 


The market value of the Iodine industry was at USD 915.9 million in the year 2019 and it is expected to surpass the market value of over USD 1287 million by the year 2027 while registering a CAGR of 4.4% during the forecast period. The market growth is highly influenced by the development of the medical sector, the increasing adoption of advanced technologies in recent times. For instance, the medical sector is highly focused on the development of the equipment that is used in the analysis of the human body, internal organs; therefore the radiographic contrast media with the Iodine are used to analyze the vascular structure and the vital organs. Such advancements have augmented the Iodine market growth in recent times.


 


Value chain analysis:


 


The market growth is highly influenced by the demand across varied end-users including Agriculture, Construction, water management systems, and significant others. The funding from the various organizations is also presenting lucrative opportunities for the growth of the Iodine industry during the forecast period. Especially Iodine is utilized in the manufacturing of optical polarizing films used in the LCD screens. The changing attitude of the consumers regarding the larger screens is expected to boost the overall growth of the Iodine industry. Several countries have also imposed regulations regarding the consumption of Iodine, which has further propelled the growth of the Iodine industry. On the other hand, obtaining Iodine from its source Caliche is economical and effective comparatively. Such factors have reduced the manufacturing costs involved in the Iodine industry.


 


Segment overview:


 


Based on Source:


 



  • Caliche Ore

  • Underground Brines

  • Seaweed


 


Based on Application:


 



  • X-Ray Contrast Media

  • Pharmaceuticals

  • Optical Polarization Films

  • Industrial Catalyst

  • Animal Feed

  • Fluorochemicals

  • Iodophors

  • Human Nutrition

  • Biocides 

  • Others


 


 Regional analysis:


 


The major utilization of Iodine is for the industries such as pharmaceuticals; they are used as disinfectants, analgesics, and other key applications. Therefore 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 as the major drivers of Iodine market growth across the region. On the other hand, the 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. 


 


On the other hand, 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 as the prime factors that are expected to boost the overall growth of Iodine industry.


 


Competitive landscape:


 



  • Sociedad Química y Minera (Chile)

  • Iofina (UK)

  • ISE Chemicals Corporation (Japan)

  • IOCHEM Corporation (US)

  • Compañía de Salitre y Yodo (Chile)

  • Algorta Norte SA (Chile) 

  • ISR Holding

  • Quingdao Brightmoon Seaweed Group Co. Ltd.


 


Recent developments:


 


Several established developers including IOCHEM and GODO Shigen have announced their investment in expanding the recycling facilities in the potential regions. The recycling facilities are considered as a key factor in eliminating the supply and demand issue and efficient in obtaining the Iodine from its sources. The availability of recycling facilities is also expected to boost the overall growth of the Iodine industry.


 


In the year 2018, one of the leading market players, GODO Shigen had established the new blow-out tower which is especially dedicated to the manufacturing of iodine compounds.


 


 Report overview:


 


 This report has covered:



  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments


 


 Segmentation Table:


 


Based on Source:


 



  • Caliche Ore

  • Underground Brines

  • Seaweed


 


Based on Application:


 



  • X-Ray Contrast Media

  • Pharmaceuticals

  • Optical Polarization Films

  • Industrial Catalyst

  • Animal Feed

  • Fluorochemicals

  • Iodophors

  • Human Nutrition

  • Biocides 

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4.89% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Iofina (U.S.), Cosayach (Chile) Deepwater Chemicals (U.S.), Calibre Chemicals Pvt. Ltd. (India), Glide Chem Pvt. Ltd. (India), Itochu Chemical Frontier Corporation (Japan), ISE Chemical Corporation (Japan), Independent Iodine (Belgium), Zen Chemicals (India), Iochem Chemicals Corporation (U.S.), JSC Isotope (Russia), ISR Holding (Azerbaijan), GODO Shigen Co. Ltd. (Japan), Eskay Iodine Private Limited (India), and others
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Augmenting demand from the X-ray contrast media sector


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Frequently Asked Questions (FAQ) :

The global Iodine market demand is projected reach 44,1471.1 tons by 2030

Augmenting demand from the X-ray contrast media sector.

Europe holds the largest share in the global Iodine market followed by North America and Asia Pacific, respectively.

Cosayach (Chile), Iofina (US), Deepwater Chemicals (US), Glide Chem Pvt. Ltd. (India), Calibre Chemicals Pvt. Ltd. (India), Itochu Chemical Frontier Corporation (Japan), Independent Iodine (Belgium), ISE Chemical Corporation (Japan), Zen Chemicals (India), JSC Isotope (Russia), Iochem Chemicals Corporation (US), ISR Holding (Azerbaijan), Eskay Iodine Private Limited (India), and GODO Shigen Co. Ltd. (Japan), are some of the major players operating in the global Iodine market.

Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Iodine market adopt to gain a larger competitive advantage.

The market value of the Iodine industry was at USD 915.9 million in the year 2019 and it is expected to surpass the market value of over USD 1287 million by the year 2027 while registering a CAGR of 4.4% during the forecast period.

Global Iodine Market: Competitive Landscape


The prominent players in the global iodine market are Independent Iodine (Belgium), Calibre Chemicals Pvt. Ltd (India), Zen Chemicals (India), Cosayach (Chile), Deepwater Chemicals (US), Eskay Iodine Private Limited (India), Glide Chem Private Limited (India), GODO SHIGEN Co. Ltd ( Japan), ISE CHEMICALS CORPORATION (Japan), ISR HOLDING (Azerbaijan), Iochem Coproration (US), Iofina (US), ITOCHU CHEMICAL FRONTIER Corporation (Japan), and JSC Isotope (Russia).


The top three players, namely, Iofina, Godo Shigen Co. Ltd, ISE Chemical Corporation, and Itochu Chemical Frontier Corporation (Itochu) are focusing on product development through recycling of iodine and are financially stable as compared to the rest of the players. These players are adopting various organic and inorganic growth strategies such as capacity expansions, product launches, joint ventures, agreements, and acquisitions to cater to the growing demand.


In 2017, Godo Shigen Co. Ltd completed the construction of a new blowing-out tower at the Chiba Works plant of Sumitomo Chemical Co. Ltd for the manufacturing of iodine compounds. This was Godo Shigen’s strategic movement to become one of the strongest players in the iodine market domestically as well as internationally.


In 2015, Godo Shigen completed the construction of its second manufacturing facility for inorganic iodine compounds at the Chiba Works. The company has its focus on increasing production capacity and to reap benefits of the widespread use of iodine in various applications such as x-rays, biocides, pharmaceuticals, LCD screens, animal nutrition, and human nutrition.


On 14 December 2017, Iofina started the construction of the new IO#7 plant in Oklahoma, US, as its other four IOsorb crystalline iodine production plants have delivered encouraging results. The company’s crystalline iodine production is expected to exceed 265 metric tonnes once the new plant is operational.


JSC Isotope extended the terms of its agreement with the Brazilian government by expanding the range of supplied products to the Institute of Energy and Nuclear Research (IPEN). Under the terms of the agreement, the company began supplying iodine-131 as well on May 2016.


In March 2015, Itochu Chemical made a strategic investment in SCILEX Pharmaceuticals Inc., a company engaged in the development and commercialization of products focused on the treatment of pain.