Iodine Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 40.64 kilotons |
| Market Volume (2029) | 53.06 kilotons |
| CAGR (2024 - 2029) | 5.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Iodine Market Analysis
The Iodine Market size is estimated at 40.64 kilotons in 2024, and is expected to reach 53.06 kilotons by 2029, at a CAGR of 5.48% during the forecast period (2024-2029).
COVID-19 had a negative influence on the market for iodine. It was mostly owing to the enforced limits, as well as large-scale shutdowns of manufacturing units. However, with rising demand for the goods, since the restrictions were lifted, the market for iodine is also growing and is likely to continue a similar trajectory over the projection period.
- In the short term, the increasing demand for X-ray contrast media and increasing requirements for iodine uptake with growing iodine deficiency among people are expected to drive the demand for iodine.
- However, the toxicity of iodine and health-related issues due to excessive consumption pose major restraints to the studied market growth.
- On the other hand, the rising demand for iodine in biocides and the growing demand for recycling iodine will likely create lucrative market opportunities in the coming years.
- Europe emerged as the largest market for iodine, while Asia-Pacific is expected to witness the highest growth between 2024 and 2029.
Iodine Market Trends
The Medical Segment is Expected to Dominate the Market
- Iodine is a crucial element in the medical industry, with many applications in diagnosis and treatment. Its most common use is in producing antiseptics and disinfectants, where iodine's ability to kill bacteria, viruses, and fungi makes it an effective tool for preventing infections.
- In addition, iodine is used to produce radiocontrast materials, which are used in medical imaging procedures such as CT scans, X-rays, and angiograms. These materials contain iodine atoms, which absorb X-rays and make the internal structures of the body visible in the resulting images.
- The demand for iodine has been increasing over the rising need for X-ray contrast media because of its high atomic number, low toxicity, and ease of adjunction with organic compounds.
- Iodine is a simple, effective, and cost-efficient means of water disinfection for people who travel or work in areas where municipal water treatment is unreliable. In terms of the disinfection of drinking water, iodine is commonly used in the form of tablets or solutions during emergencies and by travelers. As the number of travelers has increased in recent years, the demand for iodine as a disinfectant has also been increasing.
- In January 2024, according to the University of Maryland School of Medicine, a large multicenter clinical trial co-led by the University of Maryland School of Medicine researchers found that an antiseptic containing iodine (iodine povacrylex in alcohol) resulted in about one-quarter fewer post-surgical infections in patients with limb fractures compared to another frequently used skin antiseptic.
- In January 2024, China National Nuclear Corporation (CNNC) started the construction of a powerful solution-type medical isotope test reactor. This initiative will produce Iodine-131 and iodine-125, among other medical isotopes. Medical isotopes are typical radioactive isotopes that are used for medical purposes. For example, iodine-131 is used for radiotherapy or imaging. It can also be used to destroy dysfunctional thyroid tissues and many other medical applications. According to CNNC, after completing the medical isotope reactor, which is estimated to be completed by 2027, it will attain an annual production capacity of 20,000 curies of iodine-131, surpassing the current domestic demand.
- According to AstraZeneca, the projected pharmaceutical sales in 2024 are expected to be USD 633 billion for North America, holding the major share, followed by the European Union (excluding the United Kingdom) with USD 287 billion at the second position, followed by Southeast and East Asia and expected to register USD 232 billion. Also, the total spending on medicines in 2020 was USD 1,265.2 billion, which is expected to generate a revenue of USD 1,595 billion in 2025.
- Hence, owing to the above-mentioned factors, the medical end-user industry is expected to dominate the market for iodine from 2024 to 2029.
Europe is Expected to Dominate the Market
- Europe is expected to dominate the iodine market between 2024 and 2029. Countries like Germany, the United Kingdom, and Italy are seeing rising demand for iodine in animal feed, medical, and biocide applications.
- According to the German Animal Feed Association (DVT), at 21.7 million metric tons (mmt), feed production in Germany in the 2023 calendar year was around 360,000 metric tons (mt), or 1.6% less than in the previous 12 months. The DVT President announced that the year-on-year contraction represents a partial easing in the long-term contraction in the German feed sector. The decline in total national feed output is attributed mainly to reduced sales of pig feeds. This segment’s production was down approximately 500,000 mt or 5.8% to 8 mmt for 2023.
- Moreover, Germany has the highest wastewater reprocessing and recycling rate in Europe. More than 96% of the wastewater from private households or public facilities is discharged into nearby sewage treatment plants for processing. With the country’s increasing sewage water volume, these plants are expected to exploit a larger volume of iodine-based biocides between 2024 and 2029.
- The medical industry is the largest consumer of iodine. According to data from the Association of the British Pharmaceutical Industry released in December 2023, businesses in the UK life sciences industry generated EUR 108.1 billion (USD 115.4 billion) in turnover in 2022, a 13% increase from the EUR 95.9 billion (USD 102.37 billion) turnover in 2022. Turnover has seen an upward trend since 2013 but increased sharply between 2021 and 2022. The sector that generated the highest turnover was the biopharmaceutical core sector, accounting for 43% of the total turnover generated across the life sciences industry. This was followed by the biopharmaceutical service and supply and medical technology core sectors, each accounting for 25% of turnover in 2022. Such trends affect the consumption of iodine.
- The Italian pharmaceutical industry represents a vast and reliable manufacturing base with a dedicated workforce of around 67,000 people. It is technologically advanced and has a strong leadership position in Europe and beyond.
- According to the data from the Farmindustria-Prometeia 2023 survey, the Italian pharmaceutical industry is the driving force of the country's economy. In 2023, the industry value reached EUR 50 billion (USD 55.3 billion). The Italian pharmaceutical production plays a vital role in Europe’s pharmaceutical industry. The sector’s output increased by 7.3% in 2023 compared to 2022, according to the Farmindustria-Prometeia 2023 survey.
- Owing to the factors mentioned above, the market for iodine in Europe is projected to grow significantly between 2024 and 2029.
Iodine Industry Overview
The iodine market is highly consolidated in nature. Some of the major players in the market (not in any particular order) are SQM SA, ISE CHEMICALS CORPORATION, Cosayach, GODO SHIGEN Co. Ltd, and Algorta Norte.
Iodine Market Leaders
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SQM SA
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Iochem Corporation
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COSAYACH
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Algorta Norte
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GODO SHIGEN Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Iodine Market News
- October 2023: Iofina announced its plan for the construction of its latest Iosorb iodine plant in Western Oklahoma. Through the expansion, the company has strengthened its market presence.
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Iodine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand in X-ray Contrast Media
4.1.2 Growing Iodine Deficiency Among People
4.2 Restraints
4.2.1 Toxicity of Iodine and Health-related Issues
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Source
5.1.1 Underground Brine
5.1.2 Caliche Ore
5.1.3 Recycling
5.1.4 Seaweeds
5.2 Form
5.2.1 Inorganic Salts and Complexes
5.2.2 Organic Compounds
5.2.3 Elementals and Isotopes
5.3 End-user Industry
5.3.1 Animal Feed
5.3.2 Medical
5.3.3 Biocides
5.3.4 Optical Polarizing Films
5.3.5 Fluorochemicals
5.3.6 Nylon
5.3.7 Other End-user Industry
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers And Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Algorta Norte
6.4.2 Calibre Chemicals Pvt. Ltd
6.4.3 Cosayach
6.4.4 Deep Water Chemicals
6.4.5 Eskay Iodine
6.4.6 Glide Chem Private Limited
6.4.7 Godo Shigen Co. Ltd
6.4.8 Iochem Corporation
6.4.9 Iofina
6.4.10 ISE Chemicals Corporation
6.4.11 Itochu Chemical Frontier Corporation
6.4.12 K&O Energy Group Inc.
6.4.13 Nippoh Chemicals Co. Ltd
6.4.14 Parad Corporation Pvt. Ltd
6.4.15 Proto Chemical Industries
6.4.16 Salvi Chemical Industries Ltd
6.4.17 Samrat Pharmachem Limited
6.4.18 SQM SA
6.4.19 TOHO Earthtech Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Recycling Iodine
7.2 Rise in the Usage of Biocides
Iodine Industry Segmentation
Iodine is known as a chemical material that turns purple by reacting with starch and being contained in various seaweed types. Iodine and its derivatives are indispensable in a wide range of nutritional, pharmaceutical, and industrial applications.
The iodine market is segmented by source, form, end-user industry, and geography. On the basis of source, the market is segmented into underground brine, caliche ore, recycling, and seaweeds. By form, the market is segmented into inorganic salts and complexes, organic compounds, and elementals and isotopes. Based on end-user industry, the market is segmented into animal feed, medical, biocides, optical polarizing films, fluorochemicals, nylon, and other end-user industry (human nutrition and catalysts). The report also covers the market size and forecasts for the iodine market in 15 countries. For each segment, the market sizing and forecasts have been done on the basis of volume (Tons).
| Source | |
| Underground Brine | |
| Caliche Ore | |
| Recycling | |
| Seaweeds |
| Form | |
| Inorganic Salts and Complexes | |
| Organic Compounds | |
| Elementals and Isotopes |
| End-user Industry | |
| Animal Feed | |
| Medical | |
| Biocides | |
| Optical Polarizing Films | |
| Fluorochemicals | |
| Nylon | |
| Other End-user Industry |
| Geography | |||||||
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Iodine Market Research FAQs
How big is the Iodine Market?
The Iodine Market size is expected to reach 40.64 kilotons in 2024 and grow at a CAGR of 5.48% to reach 53.06 kilotons by 2029.
What is the current Iodine Market size?
In 2024, the Iodine Market size is expected to reach 40.64 kilotons.
Who are the key players in Iodine Market?
SQM SA, Iochem Corporation, COSAYACH, Algorta Norte and GODO SHIGEN Co. Ltd are the major companies operating in the Iodine Market.
Which is the fastest growing region in Iodine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Iodine Market?
In 2024, the Europe accounts for the largest market share in Iodine Market.
What years does this Iodine Market cover, and what was the market size in 2023?
In 2023, the Iodine Market size was estimated at 38.41 kilotons. The report covers the Iodine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Iodine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Iodine Industry Report
The Global Iodine Market Report provides a comprehensive market analysis, focusing on various aspects such as market trends, market outlook, and market size. The report is segmented by source, form, and application, covering regions including Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. This industry report offers valuable insights into the iodine market, with detailed industry analysis and market segmentation.
The report highlights key market leaders and provides a thorough market review, including industry statistics and market data. It also examines the industry outlook and market forecast, offering predictions on market growth and market value. The report pdf is available for download, providing a detailed market overview and industry information.
In addition to market predictions, the report covers industry trends and market segmentation, offering a clear understanding of the market dynamics. The industry research includes a market forecast and market growth analysis, ensuring that readers are well-informed about the market outlook.
The report also includes a report example and industry sales data, providing a complete picture of the iodine market. Industry reports and research companies contributed to this comprehensive market review, ensuring accurate and up-to-date industry information.
Overall, the Global Iodine Market Report is an essential resource for understanding the market trends, market value, and growth rate of the iodine industry. The report offers a detailed market analysis, industry statistics, and market segmentation, making it a valuable tool for market leaders and industry professionals.
Iodine Market Report Snapshots
