IODINE MARKET ANALYSIS

The global iodine market is projected to reach around US$ 2,428.5 Million by 2030, in terms of revenue, exhibiting a CAGR of 5.8% during the forecast period (2023-2030).

Global Iodine Market: Drivers

Rising demand for the development of radiographic modalities

The growth of the iodine contrast agent market is expected to be driven by the increased utilization of iodine for the advancement of radiographic techniques. The process of injecting iodine contrast agents into the blood vessels for the purpose of clear imaging is becoming increasingly popular in the healthcare sector. Consequently, the growing demand for iodine contrast agents from the healthcare sector is expected to contribute to the market growth. For instance, global sales of iodine contrast agents reached $7.7 billion. This represents a growth of 6.2% from 2021. The average person undergoes 1.3 iodine contrast agent procedures per year.

Increasing demand of iodine as a chemical catalyst

The growing demand for iodine as a chemical catalyst in the production of ketone and esterification of acids is expected to augment the global iodine market growth. Moreover, it is also used as a catalyst in the acylation of alcohol, oxidization of benzyl alcohol, 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.

Global Iodine Market: Restraints

Lack of knowledge among consumers

The global iodine market expansion is anticipated to be hampered by the lack of knowledge about the significance of iodine, particularly in rural areas. It is anticipated that the use of iodine will be restricted due to adverse effects related to high intake of iodine and its derivatives. Over the anticipated period, this factor is expected to limit the market growth.

Global Iodine Market: Opportunity

Rapid increase in the consumption of iodine

Recycling of iodine is assumed to serve as a major growth opportunity to the global iodine market over the forecast timeframe. According to the World Iodine Association, around 6,000 metric tons of iodine is 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 worldwide.

Functionality of iodine as a sterilizing agent

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

Global Iodine Market: Trends

Advanced technologies for the extraction of iodine and its derivatives

The increasing focus of manufacturers to introduce advanced technologies 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.

Rising demand from end user industries

Growth in 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 the 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 global iodine market growth over the forecast period.

Global Iodine Market: Key Developments

In September 2022, Evonik, a specialty chemicals company, entered into a binding agreement to sell its 100% ownership of RheinPerChemie GmbH (RPC) to Calibre Chemicals (Calibre), a nutrition, pharmaceutical, and personal care specialty chemicals company, headquartered at Mumbai, India. The leading producer of ammonium and sodium persulphates in Europe is RPC, which is based in Rheinfelden, Germany.

In October 2022, GE Healthcare's Pharmaceutical Diagnostics business announced a long-term agreement with a Chile-based mining company, Sociedad Quimica y Minera de Chile S.A. (SQM), to secure its supply.

In June 2023, Iofina plc, an expert in iodine exploration and production as well as a producer of specialty chemical goods, announced that it’s IO#9 IOsorb plant is now running. After undergoing hydrotesting, IO#9 is now allowing brine water to flow through the plant. The company's sixth plant, IO#9, was built with a new partner and is currently in operation in Oklahoma, United States.

In August 2021, Everstone Capital ("Everstone"), a Singapore-based investment firm, purchased the majority stakes in Calibre, a provider of specialty ingredients for the food, personal care, and pharmaceutical industries. With the assistance of the significant and strategic resources of Everstone, this partnership seeks to transform Calibre from a family-owned company into a true global player.

Global Iodine Market: Regional Analysis

The global iodine market expansion was dominated by Europe. The rising demand has been a result of increased government spending on healthcare systems. Pharmaceuticals and X-ray contrast media are just two examples of the many uses for the product. Asia Pacific will experience the fastest growth during the forecast period. Growing consumer awareness of iodine deficiency combined with high demand from products used in animal feed, fluorochemicals, and optical polarizing films are driving the market expansion in the region.

Figure 1. Global Iodine Market Share (%), By Region, 2022

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Regionally, Europe dominated the global iodine market in terms of revenue, in 2022, followed by Asia Pacific and North America, respectively.

Global Iodine Market: Segmentation

The global iodine market is segmented on the basis of source, application and region. Based on source the market is divided into natural brines, nitrite ores, and others. On the basis of application, the market is segmented into X-Ray contrast media, catalyst, biocides, LED/LCD polarizing films, feed additives, human nutrition, and others. On the basis of region, market is segmented into North America, Latin America, Europe, Asia
Pacific and Middle East and Africa.

Figure 2. Global Iodine Market Share (%), By Source, 2022

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On the basis of source, in 2022, the natural brines segment accounted for the largest market share of 59% in terms of value, followed by the nitrite ores segment.

Global Iodine Market: Impact of Coronavirus (COVID-19) Pandemic

The market was significantly affected by the rapid spread of coronavirus as mining and manufacturing operations declined. The major market players were forced to temporarily halt their operations due to the pandemic’s contagiousness. The demand for polarization films decreased as a result of a decline in demand from manufacturers of consumer electronics. The closure of the manufacturing sectors also led to a decrease in production, resulting in a decrease in consumption for processes such as catalyst manufacturing and chemical production.

Global Iodine Market: Key Companies

The key companies operating in the global iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A.

*Definition: Iodine, also known as iodine, is a mineral that is naturally occurring in soil and marine environments. Plants-based food and saltwater contain iodine and this mineral is available in the iodized form. It is considered as an important mineral for human beings especially during their 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 thyroid. The thyroid helps in the regulation and production of a hormone that controls various functions of the body such as metabolism, heart health, and many more. Hence, an adequate level of iodine is very important for regulating bodily functions and maintaining proper health.