Global Iodine Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Iodine Market Analysis

Iodine market growth is driven by advancements in extraction and purification technologies. Recent methods focus on sustainable extraction from sources such as seaweed and brines, reducing environmental impact. New technologies such as ion-exchange resins and solvent extraction have improved iodine recovery rates and purity, enhancing supply efficiency. These methods are also designed to minimize energy consumption and chemical waste, aligning with global sustainability trends.

In healthcare, iodine-based contrast agents, used in diagnostic imaging, benefit from these advancements by providing higher purity levels, ensuring patient safety and efficacy. In addition, iodine’s role in pharmaceuticals, especially in antiseptics and nutritional supplements, continues to expand due to rising health awareness and its essential function in thyroid health.

The growth of renewable energy technologies, such as wind turbines and solar panels, is also boosting iodine demand for use in the production of catalysts and electronic components. Iodine's diverse applications across industries, coupled with technological improvements in extraction, are expected to support steady market expansion, with increasing global demand projected in sectors such as healthcare, pharmaceuticals, and energy over the coming years.

Iodine Market Size

The global iodine market size was valued at USD 1.10 billion in 2023 and is projected to reach USD 1.67 billion by 2031, with a CAGR of 5.40% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.

Iodine Market Trends

“Rising Demand for Iodine in Healthcare”

A key trend driving the growth of the iodine market is its increasing use in healthcare applications, especially in diagnostic imaging and pharmaceuticals. Iodine-based contrast agents are critical for medical imaging techniques such as CT scans and X-rays, which help in visualizing blood vessels and tissues. The rising incidence of diseases such as cancer and cardiovascular conditions has boosted demand for these agents. In addition, iodine is essential in the production of antiseptics and disinfectants, further driving its market in the healthcare sector. For instance, in February 2022, Tata Consumer Products launched 'Shuddh by Tata Salt,' a new iodized salt brand targeting regional markets in India. This product is designed to provide consumers with affordable access to high-quality iodized salt, which is essential for preventing iodine deficiency. By introducing Shuddh, Tata aims to cater to health-conscious consumers while enhancing its portfolio in the competitive salt market across the country.

Report Scope and Iodine Market Segmentation        

Iodine Market Definition

Iodine is a chemical element with the symbol "I" and atomic number 53. It is a non-metal and belongs to the halogen group in the periodic table. Iodine is essential for human health, primarily as a key component of thyroid hormones, which regulate metabolism and are critical for growth and development. It is naturally found in seawater, soil, and certain foods such as fish, dairy products, and iodized salt. Iodine deficiency can lead to thyroid disorders such as goiter and hypothyroidism. Its applications include antiseptics, disinfectants, and in medical imaging as contrast agents.

Iodine Market Dynamics

Drivers

• Increased Use in Biocides

The rising demand for biocides and disinfectants is a significant driver of the iodine market, particularly in agricultural and food safety applications. Iodine-based compounds, such as povidone-iodine and iodine tinctures, are widely used for their antimicrobial properties to prevent infections in livestock and crops. For instance, iodine is employed in pre-operative skin disinfection in veterinary practices and as a sanitizing agent in poultry processing plants. The global focus on food safety and biosecurity measures has further intensified the use of iodine in disinfectants, leading to a projected growth in the iodine market as industries seek effective solutions to combat pathogens and enhance product safety.

• Rising Water Treatment Applications

The increasing use of iodine in water purification processes, particularly for portable water treatment in remote areas, is significantly driving the iodine market. Iodine is highly effective in eliminating bacteria, viruses, and other pathogens, making it a preferred choice for disinfecting drinking water in regions with limited access to clean water sources. For instance, In October 2023, Iofina announced its strategic plans to construct its 10th iodine extraction plant in a new location in Oklahoma. This expansion reflects the company's commitment to increasing iodine production to meet rising demand in various applications. The new facility is expected to leverage Iofina’s proprietary extraction technology, further solidifying its position as a key player in the global iodine market.

Opportunities

• Increase in Animal Feed Supplements

The rising demand for iodine-containing feed additives in the livestock industry presents significant opportunities in the iodine market. Iodine is crucial for thyroid function and overall health in animals, leading to improved growth rates and reproductive performance. For instance, the use of iodized salt in cattle feed has been shown to enhance milk production and support healthy offspring in dairy farming. As livestock producers increasingly focus on optimizing animal health and productivity, the incorporation of iodine supplements into feed formulations is expected to rise. This trend not only boosts the iodine market but also aligns with the broader goal of sustainable agricultural practices.

• Expanding LCD Market

The expanding LCD market significantly boosts the iodine market, as iodine compounds are essential for producing polarizers used in LCD screens. The growing demand for high-resolution displays in smartphones, tablets, and televisions drives the need for efficient polarizing films. For instance, companies such as LG Display and Samsung are continuously innovating in LCD technology, enhancing display quality, which requires advanced iodine-based materials. Furthermore, the rise of the gaming and entertainment industries, which favor high-performance screens, further stimulates this demand. This trend creates substantial opportunities for iodine suppliers to cater to the electronics sector, fostering growth and innovation in the iodine market.

 Restraints/Challenges

• Volatility in Prices

Volatility in iodine prices poses a significant challenge to the market. Prices have fluctuated dramatically due to various factors, including supply chain disruptions, geopolitical tensions, and shifting demand dynamics. These fluctuations create uncertainty for manufacturers and end-users, complicating budgeting and financial planning. For instance, unexpected price surges can lead to increased production costs, adversely affecting profit margins and competitiveness. Furthermore, sustained price instability can deter long-term investment in production facilities and research and development, hindering innovation. As a result, the iodine market faces difficulties in achieving stable growth, as stakeholders are reluctant to commit resources amid ongoing price uncertainties.

• Supply Chain Disruptions

Supply chain disruptions significantly hinder the iodine market due to various factors. Natural disasters, such as earthquakes and hurricanes, can damage production facilities and transportation networks, leading to shortages. Geopolitical tensions and conflicts can result in trade restrictions, affecting the flow of iodine from major producing countries. In addition, logistical challenges, including port congestions and transportation delays, further exacerbate the issue. These disruptions not only affect the availability of iodine but also lead to increased production and transportation costs. As a result, market participants may face difficulties in meeting demand, ultimately hindering growth and stability within the iodine market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Iodine Market Scope

The market is segmented on the basis of form, application, and source. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Source

• Underground Brines
• Seaweeds
• Caliche Ore
• Recycling

 Form

• Inorganic Salts and Complexes
• Elemental and Isotopes
• Organic Compound

Application

• Pharmaceuticals
• Biocides
• Iodophors
• X-Ray Contrast Media
• Catalyst in Polymer Processing
• Optical Polarizing Films
• Human Nutrition
• Fluorochemicals
• Animal Feed
• Others

Iodine Market Regional Analysis

The market is analysed and market size insights and trends are provided by form, application, and source as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is expected to dominate the iodine market, driven by rising meat consumption and a growing poultry industry. The region's demand for iodine is fueled by its essential role in animal nutrition, improving livestock health and productivity. This trend is expected to continue during the forecast period, as increased focus on quality animal feed and dietary supplements further enhances the iodine market's growth prospects.

Europe is projected to observe a significant amount of growth in the iodine market, driven by rising healthcare expenses from government initiatives. The increasing prevalence of cancer patients is expected to further boost demand for iodine, as it plays a critical role in various medical applications, including diagnostics and treatment. This combination of factors positions the region for substantial growth in the coming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Iodine Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Iodine Market Leaders Operating in the Market Are:

• SQM S.A. (Chile)
• ISE CHEMIVALS CORPORATION (Philippines)
• IOCHEM (U.S.)
• Algorta Norte (Chile)
• NIPPOH CHEMICALS CO. LTD. (Japan)
• Kanto Natural Gas Development Co. Ltd. (Japan)
• GODO SHIGEN Co., Ltd. (Japan)
• TOHO EARTH TECH, INC. (Japan)
• Deep Water Chemicals, Inc. (U.S.)
• Toyota Tsusho Corporation (Japan)
• AJAY-SQM Group (India)
• AZER-YOD LLC (Azerbaijan)
• ACF Minera S.A. (Peru)
• Prachi Pharmaceuticals Private Limited (India)
• Salvi Chemicals Industries Ltd. (India)

Latest Developments in Iodine Market

• In October 2023, Iofina announced its strategic plans to construct its 10th iodine extraction plant in a new location in Oklahoma. This expansion reflects the company's commitment to increasing iodine production to meet rising demand in various applications. The new facility is expected to leverage Iofina’s proprietary extraction technology, further solidifying its position as a key player in the global iodine market
• In June 2023, Iofina successfully commissioned its 6th iodine extraction plant in Oklahoma, utilizing its proprietary production technology to enhance efficiency. Following this, the company ramped up production, benefitting from consistently high iodine prices throughout the year. This operational success translated into increased profitability for Iofina in 2023, allowing the company to solidify its market presence and expand its capabilities in iodine extraction
• In May 2023, REMONDIS SE & Co. KG, based in Germany, commissioned a pioneering new plant aimed at recovering iodine from flue gas produced during the incineration of hazardous waste. This initiative is part of REMONDIS’s sustainability goals, contributing to the circular economy by promoting responsible waste management. The innovative technology employed at the plant not only enhances resource recovery but also supports environmental protection efforts
• In October 2022, SQM S.A. solidified its position in the iodine market by signing a multi-year agreement with GE Healthcare to supply iodine for contrast media applications. This partnership is critical as iodine plays a vital role in supporting Computed Tomography (CT) imaging procedures and X-ray contrast media products. The agreement ensures a consistent year-on-year supply of iodine, enhancing SQM's product offerings in the healthcare sector
• In March 2022, in response to the heightened security concerns following Moscow's invasion of Ukraine, the European Commission accelerated plans to enhance the EU's health response to potential nuclear incidents. Efforts include persuading EU member states to stockpile essential supplies such as iodine pills and protective clothing. This initiative aims to bolster public safety and preparedness in the face of possible nuclear threats in the region
• In February 2022, Tata Consumer Products launched 'Shuddh By Tata Salt,' a new iodized salt brand targeting regional markets in India. This product is designed to provide consumers with affordable access to high-quality iodized salt, which is essential for preventing iodine deficiency. By introducing Shuddh, Tata aims to cater to health-conscious consumers while enhancing its portfolio in the competitive salt market across the country

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