Iodine Market

Global Iodine Market:

The global iodine market size reached US$ 997.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,517.9 Million by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032. The growing demand for iodine in the healthcare industry for medical imaging and treatments is accelerating the market.

Iodine Market Analysis:

• Major Market Drivers: The increasing use of iodine in animal feed supplements to support livestock health is propelling the market.
• Key Market Trends: The expanding applications of iodine in food fortification, especially in salt, are acting as significant growth-inducing factors.
• Competitive Landscape: Some of the major market companies include Algorta Norte Sa, Calibre Chemicals Pvt. Ltd., Deepwater Chemicals Inc. (Toyota Tsusho Corporation), Eskay Iodine Pvt. Ltd., GODO SHIGEN Co. Ltd., Iochem Corporation, Iofina plc, Ise Chemicals Corporation (AGC Inc.), Nippoh Chemicals Co. Ltd., Protochem Industries Pvt. Ltd., Salvi Chemical Industries Ltd., and Sociedad Quimica y Minera de Chile S.A., among many others.
• Geographical Trends: Europe exhibits a clear dominance in the market due to high demand in healthcare, pharmaceuticals, and chemical industries, driven by advanced research and production capabilities.
• Challenges and Opportunities: The supply shortages due to limited natural resources are hindering the market. However, enhancing recycling efforts and exploring alternative extraction methods will continue to strengthen the market over the forecast period.
   

Iodine Market Trends:

Growing Adoption of Iodine-Based Therapies

The increasing recognition of iodine's therapeutic potential in treating various health conditions, particularly thyroid-related disorders, is driving iodine market growth. In addition, iodine's role in targeting specific cells, along with ongoing research, is expanding its use in medical treatments, thereby contributing to broader healthcare applications and market demand. For instance, in March 2024, the American Oncology Institute at Imphal's Babina Specialty Hospital introduced iodine therapy, a groundbreaking treatment for thyroid cancer. This therapy utilizes radioactive iodine to target cancerous cells, thereby marking a significant advancement in cancer care for Northeast India.

Rising Demand for Iodized Salt Education

Public health campaigns focusing on the importance of iodine in preventing deficiencies are driving demand for iodized salt. Furthermore, educating populations about the benefits of iodine in diets helps combat iodine deficiency disorders, boosting the adoption of iodized salt and related products, especially in regions with higher health awareness. For instance, in October 2024, ITC Ltd partnered with the Institute of Global Development and launched the Aashirvaad Smart India Program to combat iodine deficiency disorders (IDD). The initiative aims to educate 5 lakh people on iodized salt's health benefits.

Advancements in AI-powered Healthcare Solutions

The integration of AI technologies into iodine-related healthcare processes is transforming clinical efficiency. In contrast, AI-powered platforms streamline utilization management, automate workflows, and enhance revenue integrity for healthcare providers, which is leading to improved resource management and driving the iodine demand in healthcare technology applications, thereby elevating the iodine market share. For instance, in February 2024, Iodine Software launched AwareUM, an AI-powered solution that streamlines utilization management for hospitals. It enhances clinical productivity, automates processes, and strengthens revenue integrity, built on Iodine’s CognitiveML engine, and transforming mid-revenue cycle management for healthcare providers across the U.S.

Global Iodine Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on source, form, and application.

Breakup by Source:

• Underground Brine
• Caliche Ore
• Recycling
• Seaweeds
   

Caliche ore currently holds the largest iodine market share

The report has provided a detailed breakup and analysis of the market based on the source. This includes underground brine, caliche ore, recycling, and seaweeds. According to the report, caliche ore represented the largest market segmentation.

Caliche ore exhibits a clear dominance in the market as a primary source, with over 60% of the world's iodine production. For instance, SQM's caliche operations in Chile contribute significantly to global iodine supply through innovative extraction processes.

Breakup by Form:

• Inorganic Salts and Complexes
• Organic Compounds
• Elementals and Isotopes
   

Organic compounds currently dominate the market

The report has provided a detailed breakup and analysis of the market based on the form. This includes inorganic salts and complexes, organic compounds, and elementals and isotopes. According to the report, organic compounds represented the largest market segmentation.

Organic compounds dominate the market due to their extensive use in pharmaceuticals and medical imaging. For instance, BASF's launch of iodized contrast agents highlights the growing demand for organic iodine-based products in healthcare.

Breakup by Application:

• Animal Feed
• X-Ray Contrast Media
• Biocides
• Optical Polarizing Films
• Fluorochemicals
• Nylon
• Others
   

X-ray contrast media currently dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes animal feed, x-ray contrast media, biocides, optical polarizing films, fluorochemicals, nylon, and others. According to the report, x-ray contrast media represented the largest market segmentation.

X-ray contrast media leads the market, especially iodine-based types, due to its superior imaging clarity in procedures like angiography. For example, Bracco launched "Iomeron," a widely used iodine contrast agent enhancing diagnostic accuracy.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Europe currently dominates the market

The market outlook report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest iodine market share.

Europe dominates the market due to its strong demand in the pharmaceutical and chemical industries. In contrast, the region's well-established healthcare sector, particularly in countries like Germany and France, drives iodine consumption for medical treatments and nutritional supplements. For example, Iofina, a leading iodine manufacturer expanded its presence in Europe by increasing iodine extraction from brine solutions.  Furthermore, this growth is further supported by rising iodine applications in agriculture and food fortification, thereby boosting the region’s market dominance.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all market companies have also been provided. Some of the key players in the market include:

• Algorta Norte Sa
• Calibre Chemicals Pvt. Ltd.
• Deepwater Chemicals Inc. (Toyota Tsusho Corporation)
• Eskay Iodine Pvt. Ltd.
• GODO SHIGEN Co. Ltd.
• Iochem Corporation
• Iofina plc
• Ise Chemicals Corporation (AGC Inc.)
• Nippoh Chemicals Co. Ltd.
• Protochem Industries Pvt. Ltd.
• Salvi Chemical Industries Ltd.
• Sociedad Quimica y Minera de Chile S.A.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

 Iodine Market Recent Developments:

• October 2024: ITC Ltd partnered with the Institute of Global Development and launched the Aashirvaad Smart India Program to combat iodine deficiency disorders (IDD). This initiative aims to educate 5 lakh people on iodized salt's health benefits.
• March 2024: The American Oncology Institute at Imphal's Babina Specialty Hospital introduced iodine therapy, a treatment for thyroid cancer. This therapy utilizes radioactive iodine to target cancerous cells.
• February 2024: Iodine Software launched AwareUM, an AI-powered solution that streamlines utilization management for hospitals. It enhances clinical productivity, automates processes, and strengthens revenue integrity, built on Iodine’s CognitiveML engine, and transforming mid-revenue cycle management for healthcare providers across the U.S.

Iodine Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the iodine market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global iodine market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the iodine industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.