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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%
The iodine market is influenced by various factors that collectively shape its dynamics. One of the primary drivers is the widespread use of iodine in diverse industries, including pharmaceuticals, nutrition, and electronics. Iodine's applications range from pharmaceuticals for antiseptic solutions to nutritional supplements for thyroid health, and even in the electronics industry for LCD displays and x-ray contrast media. The versatility of iodine contributes significantly to its demand across various sectors, impacting the overall iodine market.
Health considerations and the importance of iodine in human nutrition play a pivotal role in shaping the iodine market. Iodine is an essential element for the production of thyroid hormones, crucial for maintaining a healthy metabolism. The use of iodine in salt fortification programs globally, aimed at preventing iodine deficiency disorders, drives a consistent demand for iodine in the nutrition sector. Additionally, iodine's antiseptic properties contribute to its use in healthcare applications, further impacting the market.
Geopolitical factors also influence the iodine market, as iodine is primarily sourced from natural brine deposits and underground mines in certain regions. The concentration of iodine production in specific geographic areas, coupled with geopolitical events, can affect the global supply chain and prices. Changes in production levels, export restrictions, or geopolitical tensions in iodine-producing regions may lead to fluctuations in the iodine market.
Technological advancements and innovations in iodine extraction and production processes are crucial factors in the iodine market. Continuous research and development efforts focus on improving extraction techniques, ensuring efficient and environmentally friendly methods. Innovations contribute to the competitiveness of iodine producers by enhancing production yields, reducing costs, and meeting sustainability standards. Manufacturers strive to adopt advanced technologies to stay ahead in the iodine market.
Economic conditions globally significantly impact the iodine market. Economic growth often correlates with increased industrial activities, leading to higher demand for iodine in various applications, including electronics and pharmaceuticals. Conversely, economic downturns may result in a temporary reduction in industrial activities, affecting the iodine market. The market's sensitivity to economic fluctuations emphasizes the importance of monitoring global economic trends for stakeholders in the iodine industry.
Environmental regulations and sustainability considerations also play a role in shaping the iodine market. As industries increasingly focus on sustainable practices, there is a growing demand for environmentally friendly extraction and production methods in the iodine sector. Compliance with environmental standards and the adoption of responsible mining practices contribute to the market's sustainability and appeal to environmentally conscious consumers.
Raw material availability and pricing are critical considerations for participants in the iodine market. The primary raw material for iodine production is iodine-containing brines extracted from underground sources. Fluctuations in the availability and composition of these brines, as well as their geographical locations, can impact the overall production cost of iodine. Manufacturers closely monitor raw material markets to adjust their strategies and maintain cost-effectiveness in a competitive market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1.05 Billion |
| Market Size Value In 2023 | USD 1.09 Billion |
| Growth Rate | 3.79% (2023-2030) |
Iodine Market Highlights:
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.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Iodine Market Trends
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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.
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)
Source: 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 (%)
Source: 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
- ACF Minera
- American Elements
- Algorta Norte
- Calibre Chemicals Pvt. Ltd
- Cosayach
- Deep Water Chemicals
- Eskay Iodine
- GE Healthcare
- EverstoneCapital
- Infinium Pharmachem Pvt. Ltd
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.
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
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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