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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Definition of Market/Industry:

Iodine is a naturally occurring mineral that is found in the earth's soil and oceans. Plants-based food and saltwater contain iodine and this mineral is available in the iodized form. It is considered as important minerals for human bodies especially during growing phase or during pregnancy to support the proper development of the fetus. Moreover, iodine players a very crucial role in maintaining the health of the thyroid. The thyroid helps in regulating and production of a hormone that controls the various function of bodies such as metabolism, heart health, and many more. Hence, an adequate level of iodine is very important for regulating the various functions of the body and maintaining better health.

The global Iodine market is estimated to be valued at US$ 1,485 million in 2021 and is expected to exhibit a CAGR of 5.4 % over the forecast period (2021-2028).

Recent Developments:

In July 2021, Iofina Chemical Inc. reported higher iodine prices and stronger sales for spot iodine.

In September 2020, Researchers from Norway’s Institute of Marine Research came up with a study that iodine supplements are needed for women post their pregnancy.

In February 2020, Iofina Chemical Inc. made an announcement to start a new iodine manufacturing facility in Oklahoma in April 2020.

Europe held dominant position in the global Iodine market in 2020, accounting for 34.5% share in terms of volume, followed by Asia Pacific and North America, respectively.

Figure 1. Global Iodine Market Volume (Tons), by Region, 2020

Iodine  | Coherent Market Insights

Drivers:

Increasing use of iodine as a contrast agent for the development of radiographic modalities is expected to propel the market growth of iodine. Iodinated contrast agents are basically injected into a blood vessel for clear imaging purposes. Iodine is gaining huge demand from the healthcare sector for medical imaging purposes. Therefore, the rising demand for iodine as a contrast agent from the healthcare industry is projected to propel the market growth of iodine.

Growing demand for iodine as a chemical catalyst in the production of ketone and esterification of acids is expected to augment the market growth iodine. Moreover, it is also used as a catalyst in the acylation of alcohols, oxidization of benzylic alcohols, and cycloaddition reactions. Therefore, the rising demand for ketones and other organic acids around the globe for various industrial applications is expected to accelerate the market growth of iodine. 

Market Opportunities

Recycling of iodine is assumed to serve as a major growth opportunity to the market of iodine over the forecast timeframe. According to the World Iodine Association, around 6,000 metric tons of iodine are recycled annually, accounting for approximately 18% of the world's iodine demand. Various manufacturers are adopting the recycling iodine process in order to meet the rising demand for iodine around the globe.

The growing use of iodine as a sterilizing agent due to its high affinity for protoplasm is expected to provide potential growth opportunities to the market of iodine. Due to this functionality of iodine, it is considered as a potent germicide and kill bacteria in one minute thus fueling its demand across the various industrial application as a sterilizing agent. Moreover, growing government rules and regulations is further expected to fuel demand for iodine as a disinfectant and cleaning agent. 

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Iodine Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 1,485 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 5.4% 2028 Value Projection: US$ 2072.1 Mn
Geographies covered:
  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Chile, Rest of Latin America)
  • Europe (U.K., France, Spain, Italy, Germany, Poland, Russia, Rest of Europe)
  • Asia Pacific (China, India, Japan, Indonesia, ASEAN, Rest of Asia Pacific)
  • Middle East & Africa (GCC, North Africa, South Africa, Rest of MEA)
Segments covered:
  • By Source: Natural Brines, Nitrite Ores, and Others
  • By Applications: X-Ray Contrast Media, Catalyst, Biocides, LED/ LCD Polarizing Films, Feed Additives, Human Nutrition, and Others
Companies covered:

Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A

Growth Drivers:
  • Growing demand from healthcare sector
  • Increasing application as chemical catalyst 
Restraints & Challenges:
  • Lack of awareness regarding Iodine
  • Side-effects associated with excessive consumption of Iodine 

Market Trends

The increasing focus of manufacturers to introduce advanced technology for the extraction of iodine and its derivatives from seaweed and caliche ores is projected to be a major trend in the market. The extraction of iodine from caliche ores is highly effective as compared to other sources. Moreover, the rising application of iodine across photography and the manufacturing of fluorinated derivatives is expected to augment the market growth of iodine.

Growth in the end-user industries coupled with the increasing population around the globe has increased the consumption of iodine. Various manufacturers are adopting strategic alliances for increasing production of iodine in order to meet the global demand as well as expand their presence in the market. All these factors are expected to propel the market growth of iodine over the forecast period.

Figure 2. Global Iodine Market, By Value (US$ Mn), By Source, 2020

Iodine  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Natural Brines (Segment) held dominant position in the market and accounted for 58.9% share in the global Iodine market in 2020. The segment is expected to reach US$ 1222.16 million in 2028.
  • Cost effective nature of natural brines coupled with their ample availability across the globe is expected to drive the market growth for this segment.

Market Restraints

Lack of awareness regarding the importance of the iodine among consumers especially across rural areas is expected to hinder the market growth of the iodine.

Side-effects associated with the high intake of iodine and derivatives are expected to restrict the use of iodine. This factor is projected to hamper market growth over the forecast period.

Competitive Section:

Company Names 

  1. Iofina Chemical, Inc.
  2. Sociedad Química y Minera (SQM)
  3. IOCHEM Corporation
  4. ISR Holding
  5. Qingdao Bright Moon Seaweed Group Co. Ltd.
  6. Algorta Norte S.A

Iodine is an essential element with the Greek symbol I and atomic number E in its periodic table. It is a volatile liquid in solution at normal temperatures and behaves like a noble gas in cases of high pressure. It exists in nature as a non-fluid, semisolid, semi-precious stone at normal temperature which changes into a silvery gray liquid in cases of high temperature, wherein iodine content increases by up to 10%. Iodine has the symbol iodine on its crystal structure and symbol nicotinate on its ionic lattice. Iodine deficiency is indicated by hair loss and skin problems, hypothyroidism and goiter, thyroid nodules, menses, menopause, menstrual disorders, and cramps.

Market Dynamics:

Growing deficiency of iodine among people is a major factor driving growth of the market. According to the National Center for Biotechnology Information, around 2 billion people suffer of iodine deficiency (ID) of which around 50 million present with clinical manifestations. Moreover, rising demand for iodine as a contrast media in X-ray diagnostic test is again fostering growth of the market.

Unfavorable condition arising owing to Covid-19 pandemic is expected to restrict growth of the Iodine market.

Key features of the study:

  • This report provides in-depth analysis of the Iodine market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global Iodine market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global Iodine market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Iodine market

Detailed Segmentation:

  • Global Iodine Market, By Source:
    • Natural Brines
    • Nitrite Ores
    • Others
  • Global Iodine Market, By Application:
    • X-Ray Contrast Media
    • Catalysts
    • Biocides
    • LED/ LCD Polarizing Films
    • Feed Additives
    • Human Nutrition
    • Others
  • Global Iodine Market, By Region:
    • North America
      • By Source
        • Natural Brines
        • Nitrite Ores
        • Others
      • By Application:
        • X-Ray Contrast Media
        • Catalysts
        • Biocides
        • LED/ LCD Polarizing Films
        • Feed Additives
        • Human Nutrition
        • Others
    • Latin America
      • By Source
        • Natural Brines
        • Nitrite Ores
        • Others
      • By Application:
        • X-Ray Contrast Media
        • Catalysts
        • Biocides
        • LED/ LCD Polarizing Films
        • Feed Additives
        • Human Nutrition
        • Others
    • Europe
      • By Source
        • Natural Brines
        • Nitrite Ores
        • Others
      • By Application:
        • X-Ray Contrast Media
        • Catalysts
        • Biocides
        • LED/ LCD Polarizing Films
        • Feed Additives
        • Human Nutrition
        • Others
    • Asia-Pacific
      • By Source
        • Natural Brines
        • Nitrite Ores
        • Others
      • By Application:
        • X-Ray Contrast Media
        • Catalysts
        • Biocides
        • LED/ LCD Polarizing Films
        • Feed Additives
        • Human Nutrition
        • Others
    • Middle East & Africa
      • By Source
        • Natural Brines
        • Nitrite Ores
        • Others
      • By Application:
        • X-Ray Contrast Media
        • Catalysts
        • Biocides
        • LED/ LCD Polarizing Films
        • Feed Additives
        • Human Nutrition
        • Others
  • Company Profiles
    • Iofina Chemical, Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Sociedad Química y Minera (SQM)
    • IOCHEM Corporation
    • ISR Holding
    • Qingdao Bright Moon Seaweed Group Co. Ltd.
    • Algorta Norte S.A.

 “*” marked represents similar segmentation in other categories in the respective.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Source
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • PORTER’s Analysis
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
  4. Global Iodine Market- Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Iodine Market – COVID-19
    • Impact Analysis
  5. Global Iodine Market, By Source, 2017 - 2028 (US$ Million and Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2028 (%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • Natural Brines
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 - 2028
    • Nitrite Ores
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Others
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
  6. Global Iodine Market, By Application, 2017 - 2028(US$ Million and Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 - 2028
      • Segment Trends
    • X-Ray Contrast Media
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Catalysts
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Biocides
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • LED/LCD Polarizing Films
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Feed Additives
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Human Nutrition
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
    • Others
      • Market Share Analysis, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, 2021 – 2028
  7. Global Iodine Market, By Region, 2017- 2028(US$ Million and Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2028(%)
      • Y-o-Y Growth Analysis, By Region, 2021 - 2028
    • North America
      • Market Size and Forecast, By Source, 2017- 2028(US$ Million and Tons)
      • Market Size and Forecast, By Application, 2017- 2028(US$ Million and Tons)
    • Latin America
      • Market Size and Forecast, By Source, 2017- 2028(US$ Million and Tons)
      • Market Size and Forecast, By Application, 2017- 2028(US$ Million and Tons)
    • Europe
      • Market Size and Forecast, By Source, 2017- 2028(US$ Million and Tons)
      • Market Size and Forecast, By Application, 2017- 2028(US$ Million and Tons)
    • Asia Pacific
      • Market Size and Forecast, By Source, 2017- 2028(US$ Million and Tons)
      • Market Size and Forecast, By Application, 2017- 2028(US$ Million and Tons)
    • Middle East & Africa
      • Market Size and Forecast, By Source, 2017- 2028(US$ Million and Tons)
      • Market Size and Forecast, By Application, 2017- 2028(US$ Million and Tons)
  8. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • Iofina Chemical, Inc.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Sociedad Química y Minera (SQM)
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • IOCHEM Corporation
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • ISR Holding
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Qingdao Bright Moon Seaweed Group Co. Ltd.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Algorta Norte S.A.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 50 market data tables* and 45 figures* on "Global Iodine Market” – global forecast to 2028

FAQgrowicon

Frequently Asked Questions

The global Iodine market size is estimated to be valued at US$ 1,485 Million in 2021 and is expected to exhibit a CAGR of 5.4% between 2021 and 2028.
Growing demand from healthcare sector for medical imaging purpose is fuelling growth of the market.
The natural brines segment is the leading component segment in the market.
Lack of awareness regarding benefits of iodine is expected to hinder growth of the market.
Major players operating in the market include, Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A
Europe region is expected to hold dominant position in the market over the forecast period. The growth of the market in the region is driven by increasing health expenditure in countries like Germany and France.
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