Iodine Market

Iodine Market Size & Trends (2023-2028):

The iodine market is estimated to be worth USD 832.3 million in 2022 and is predicted to reach USD 1041.5 million in 2028, with a CAGR of 4.82% between 2023-2028

Iodine is the heaviest halogen in the sand and is in solid form, and has a shiny purple-black color. It is a very important mineral for humans since it is present in various food products such as dairy, algae, iodized salt, eggs, cod, tuna, and others. Iodine protects cells from harmful and toxic chemical effects and also helps control other functions and metabolism of the body.

Western Europe was the largest market for iodine in 2021. Growing awareness of iodine deficiency, coupled with the implementation of regulations declared by worldwide organizations such as WHO and UNICEF to make the consumption of iodized salts mandatory, should stimulate the call for iodine in the region. Furthermore, escalating public spending on the healthcare sector in Germany and the escalating number of cancer patients in France are causing an increase in the consumption of iodine in contrast to media and pharmaceuticals. These factors are responsible for the large market share in Western Europe.

Iodine Market Drivers:

The increase in the number of people with low iodine content in their bodies in developing countries such as India is an expansion factor in the market; the use of iodine in various industrial applications such as animal feed, and fluorinated products are also driving expansion from the market. Iodine is also employed in X-contrast media light-emitting diode (LED) polarizing films, increased extraction of nitrate minerals from the earth's crust are the factors that are driving market call and creating rate opportunities expansion for the iodine market during the foreseen period 2022 - 2027. The urgent need for X-ray contrast media in the face of the rise in chronic diseases like diabetes and cancer is predicted to fuel market calls during the foreseen period. Market expansion can experience a large increase due to iodine deficiency in developing economies. The governments of these countries are creating awareness campaigns to tackle the problem. Furthermore, the call for LCD displays is predicted to support market calls due to the growing preference of consumers for consumer electronics. Today the worldwide iodine market is in its prime time due to the growing call for iodine in X-ray contrast media and LED polarizing films. The worldwide market for iodine is predicted to show enormous expansion during the foreseen period due to the escalating extraction of nitrite minerals from the earth's crust. Furthermore, the increase in iodine deficiency and the prevalence of thyroid disorders among the aging population, especially in developing economies such as Africa, India, China, etc., strict government regulations on the use of iodized salt in Asia and Africa along with the use of Iodine as a disinfectant in water treatment are the main factors driving the expansion of the worldwide iodine market.

Iodine Market Restraints:

The world market for iodine is experiencing moderate expansion. The factors that limit and slow down the expansion of the iodine market are the toxicity associated with the consumption of iodine and its derivatives and fluctuations in the price of iodine due to the gap between supply and call.

Opportunities in the Iodine Market:

The escalating use of iodine in optical polarizing films in liquid crystal display (LCD) applications is an important factor in the expansion of the iodine market. The LCD screen is powered by electrical current and depends on the state in which polarized light passes or blocks. The polarized iodine-containing film is made by absorbing iodine on the stretched surface of polyvinyl alcohol. Another factor that can increase the call for iodine as an ingredient in a dietary supplement is the escalating number of people with iodine deficiency, especially in developing countries like India. Furthermore, the escalating use of iodine for various industrial applications, such as fluorinated products and animal feed, is another factor that is predicted to drive the expansion of the worldwide iodine market in the near future. The growing call for biocide use and the escalating number of iodine deficiencies among people in developing countries are predicted to provide several lucrative opportunities for market expansion.

Challenges in the Iodine Market:

Long-term consumption of a large amount of iodine will act as a brake and challenge the expansion of the iodine market during the foreseen period mentioned above.

IODINE MARKET REPORT COVERAGE:

Iodine Market Segmentation

On the basis of the Source:

• Caliche ore
• Underground brines

Caliche ore was the largest source of iodine in 2021. Caliche minerals located in Chile are the largest commercially exploited source of natural nitrates and iodine in the world. The extraction of iodine from caliche is economically feasible and efficient compared to other sources, making it the largest segment, by source, in the iodine market.

On the basis of Form:

• Organic compounds

• Inorganic salts

• Elemental & isotopes

The large market size of the organic compounds segment is due to the fact that they are employed as pesticides and soil disinfectants in the agrochemical industry. Additionally, organic iodine compounds are also employed as an additive in pet food and livestock feed with high bioavailability.

On the Basis of Application:

• X-ray contrast media

• Pharmaceuticals

• Optical polarizing films

X-ray contrast media was the largest application segment of the iodine market in 2021. Diagnostic techniques such as X-ray, angiography, CT scan, and gastrointestinal series use contrast products when running. Advances in medical technologies and the expansion of nuclear medicine techniques have supported the call for iodine in this application.

On the basis of Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East & Africa 

Currently, the market in Europe represents a significant share in terms of revenue and is predicted to maintain its position over the foreseen period. Regulations on the consumption of iodized salt by UNICEF and the World Health Organization are key factors in the expansion of the target market in this region. The Asia-Pacific market is predicted to see a strong expansion in terms of revenue in the near future, followed by North America, the Middle East, Africa, and Latin America. The growing awareness of iodine deficiency in people is an expansion factor for the target market in the Asia-Pacific region. As the population ages, there is a greater need for diagnostics to keep them healthier and reduce future hospital costs. Increased use of iodine in medical testing of the elderly population with X-ray contrast media may drive market expansion. The healthcare market in Europe is predicted to experience a CAGR of more than 5% during the foreseen period. The call for iodine is likely to increase and boost its market during the foreseen period.

Impact of Covid-19 on the Iodine Market:

As in other businesses, COVID-19 has had an effect on the chemical business and all of its fragments, influencing trends already in play. Consumers value sustainability more and therefore consider products based on criteria such as circularity and carbon footprint. Additionally, consumer concerns about carbon emissions have spurred investments in renewable energy, energy efficiency, and transport decarbonization. These trends have had an impact on chemical end markets, particularly in the automotive and construction industries. The arrival of COVID-19 has further complicated the situation by depressing the automotive and construction sectors (as well as many other sectors) and disrupting existing supply chains.

Recent Developments:

Biotech company I2Pure launched Bio-Shield I2Cure antiseptic lotion in India on Tuesday. The product is a single-use, broad-spectrum antimicrobial that protects iodine against Covid-19.

Iodine Market Key Players:

The major players covered in the global iodine market report are 

1. Iofina plcSQM S.A

2. ISE CHEMICALS CORPORATION

3. IOCHEM

4. Algorta Norte

5. NIPPOH CHEMICALS CO.LTD

6. Kanto Natural Gas Development Co. Ltd.

7. GODO SHIGEN Co, Ltd

8. TOHO EARTH TECH INC.

9. Deep Water Chemicals, Inc.

10. Toyota Tsusho Corporation

11. AJAY-SQM Group

12. AZER-YOD LLC

13. ACF Minera S.A

14. Prachi Pharmaceuticals Private Limited

15. Salvi Chemicals Industries Ltd