Iodine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Iodine Derivatives Market is segmented by Source (Underground Brines, Caliche Ore, Recycling, and Seaweeds), Form (Inorganic Salts and Complexes, Organic Compounds, and Elementals and Isotopes), Application (Animal Feed, Medical, Biocides, Optical Polarizing Films, Fluorochemicals, Nylon, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for iodine in volume (tons) for all the above segments.

Iodine Market Size

Iodine Market Summary
Study Period 2019 - 2029
Market Volume (2024) 40.64 kilotons
Market Volume (2029) 52.88 kilotons
CAGR (2024 - 2029) 5.41 %
Fastest Growing Market Asia Pacific
Largest Market Europe

Major Players

Iodine Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Iodine Market Analysis

The Iodine Market size is estimated at 40.64 kilotons in 2024, and is expected to reach 52.88 kilotons by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

The COVID-19 outbreak, nationwide lockdowns worldwide, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market. However, the demand from the medical industry and recovery conditions in 2021 restored the market's growth trajectory during the forecast period.

  • Over the short term, the increasing demand for X-ray contrast media, growing iodine deficiency among people, and vast applications of iodine derivatives are expected to drive the demand for iodine.
  • However, the toxicity of iodine and health-related issues due to excessive consumption pose major restraints in the market studied.
  • Nevertheless, the rising demand for biocides is expected to act as an opportunity.
  • By application, the medical sector is expected to dominate the market, owing to the increase in the usage of iodine to cure diseases like goiter.
  • Europe dominates the global iodine market, with major consumption in countries such as Germany, the United Kingdom, and France.

Iodine Market Trends

This section covers the major market trends shaping the Iodine Market according to our research experts:

Medical Segment to Dominate the Market

  • Iodine is a chemical element that is the heaviest among all stable halogens. It is a lustrous, purple-black, non-metallic solid at standard conditions, sublimating easily with gentle heat.
  • In the medical sector, the application of iodine includes X-ray contrast media, pharmaceuticals, iodophors, and povidone-iodine (disinfectants). Demand for iodine has increased over the past few years due to the rising need for X-ray contrast media, its low toxicity, high atomic number, and ease of adjunction with organic compounds.
  • Further, iodophors are solutions that contain iodine and a solubilizing agent. This way, a small amount of iodine is slowly released into the solution. One of the most widely used iodophors is povidone-iodine, often used to disinfect surfaces in breweries and dairy industries.
  • The development of medical technologies has propelled the demand for iodine in this application. The radiographic contrast media containing iodine enhances the visibility of vascular structures and organs during radiographic procedures.
  • Radioactive iodine is an effective type of treatment for cancer of the thyroid gland. This is because the radioactive iodine from the drink or capsule is absorbed into the body and picked up by the thyroid cancer cells, even if they have spread to other parts of the body. The radiation then destroys the cancer cells.
  • The European Federation of Pharmaceutical Industries and Associations' (EFPIA) oncology platform provides an environment to support medical innovation in Europe and help deliver new treatments to benefit of people living with cancer. Under this, research continues at pace with over 1,400 cancer medicines in development and over 1,300 oncology clinical trials started in 2021.
  • Moreover, iodine is used in pharmaceuticals to prepare disinfectants, bactericides, and analgesics, among others (for example, tincture of iodine), which is used in synthesizing sodium iodide, potassium iodide, and iodine solution.
  • Furthermore, the pharmaceutical industry stands to be the largest in North America, followed by Europe and Asia-Pacific. Currently, in Asia-Pacific countries, such as India, China, and Indonesia, the pharmaceutical industry's growth is fast-paced and quickly evolving, with generic drug production dominating regional pharmaceutical production.
  • According to the IBEF, India's domestic pharmaceutical market is USD 42 billion in 2021 and is expected to reach USD 120-130 billion by 2030.
  • With such initiatives, research and development, and heavy demand from the medical sector, the demand for iodine is expected to increase in the forecast period.
lodine Market, Volume CAGR (%), by Application, Global, 2022-2027

Europe to Dominate the Market

  • Europe is the major market for iodine consumption, owing to increasing consumption from countries such as Germany, the United Kingdom, and France, among others.
  • Germany is one of the world's largest and most powerful economies. The development of medical technologies and the huge demand for animal feed have propelled the demand for iodine in the country.
  • According to Altech Agri-Food Outlook 2022, the country produced around 24.51 million metric tons of feed in 2021, compared to 24.93 million metric tons in 2020.
  • The country is home to about five of the world's largest animal feed manufacturers, including AGRAVIS Raiffeisen AG, DTC Deutsche Tiernahrung Cremer GmbH & Co. KG, H. Bröring GmbH & Co. KG, MEGA Tierernahrung GMBH & Co. KG, and Rothkotter-Mischfutterwerk.
  • However, in 2021, compounded feed production has been severely affected due to the spread of the animal disease Avian Influenza (AI). Overall, the country was likely to experience flattened growth in the feed industry, with expectations of growth in 2022. Hence, such trends have also impacted the demand for iodine in the country during the year.
  • The increasing geriatric population and the increasing requirement for medical facilities for the treatment of chronic diseases are expected to support the growth of the pharmaceutical sector and the consumption of iodine for the production of medicines in the country over the forecast period.
  • Further, the pharmaceutical industry in the United Kingdom is accelerating with investments in research and development or innovations and in the addition of manufacturing sites in the country.
  • The United Kingdom's pharmaceutical market is among the global top 10 national markets, holding some 2.5% of the global pharmaceutical sector. Of all the pharmaceutical products produced in the United Kingdom, 41% are exported, 30% are for the domestic market, and the remaining (28%) are substances that are used in the production of other pharmaceutical products.
  • According to Office for National Statistics (United Kingdom), the manufacturing of basic pharmaceutical products increased by 3.2% in May 2022, compared to the previous month. Moreover, in Q4 2021, the manufacturing of basic pharmaceutical products and pharmaceutical preparations has increased by 12.5% compared to Q3 2021.
  • As on June 1, 2021, the United Kingdom continued to observe a decline in the population of sheep and lambs by 2.7% to 14.63 million compared to the same period last year. However, the population of pigs (4.24 million) and poultry (141.08 million) recorded growth of 5.4% and 5%, respectively. Hence, the consumption of animal feed is also expected to increase in the country with growth in feedstock.
  • The French domestic pharmaceutical market is highly regulated, particularly for reimbursable drugs, which account for approximately 30% of sales. Generic drug manufacturers compete fiercely with brand-name drug manufacturers.
lodine Market - Growth Rate by Region, 2022-2027

Iodine Industry Overview

The market studied is consolidated, with the top four players accounting for about ~70% of the global market. Major companies (not in any particular order) in the market include SQM SA, ISE CHEMICALS CORPORATION, Cosayach, Iochem Corporation, and Algorta Norte.

Iodine Market Leaders

  1. SQM SA

  2. Iochem Corporation

  3. COSAYACH

  4. ISE CHEMICALS CORPORATION

  5. Algorta Norte

*Disclaimer: Major Players sorted in no particular order

Iodine Market Concentration
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Iodine Market News

  • In October 2022, GE Healthcare's Pharmaceutical Diagnostics business announced a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure its supply of iodine, a key ingredient for contrast media products used in X-Ray and Computed Tomography (CT) procedures globally.
  • In August 2021, EverstoneCapital, a Singapore-based private equity major, announced that it had acquired CalibreChemicals Pvt. Ltd for a reported sum of USD 100 million.

Iodine Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand in X-ray Contrast Media

      2. 4.1.2 Growing Iodine Deficiency among People

      3. 4.1.3 Vast Applications of Iodine Derivatives

    2. 4.2 Restraints

      1. 4.2.1 Toxicity of Iodine and Health-related Issues

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Source

      1. 5.1.1 Underground Brine

      2. 5.1.2 Caliche Ore

      3. 5.1.3 Recycling

      4. 5.1.4 Seaweeds

    2. 5.2 Form

      1. 5.2.1 Inorganic Salts and Complexes

      2. 5.2.2 Organic Compounds

      3. 5.2.3 Elementals and Isotopes

    3. 5.3 Application

      1. 5.3.1 Animal Feeds

      2. 5.3.2 Medical

      3. 5.3.3 Biocides

      4. 5.3.4 Optical Polarizing Films

      5. 5.3.5 Fluorochemicals

      6. 5.3.6 Nylon

      7. 5.3.7 Other Applications (Human Nutrition and Catalysts)

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 France

        3. 5.4.3.3 United Kingdom

        4. 5.4.3.4 Italy

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ACF Minera SA

      2. 6.4.2 American Elements

      3. 6.4.3 Algorta Norte SA

      4. 6.4.4 Calibre Chemicals Pvt. Ltd

      5. 6.4.5 Cosayach

      6. 6.4.6 Deep Water Chemicals

      7. 6.4.7 Eskay Iodine

      8. 6.4.8 Glide Chem Private Limited

      9. 6.4.9 GODO SHIGEN Co. Ltd

      10. 6.4.10 Infinium Pharmachem Pvt. Ltd

      11. 6.4.11 Iochem Corporation

      12. 6.4.12 Iofina PLC

      13. 6.4.13 ISE Chemicals Corporation

      14. 6.4.14 Itochu Chemical Frontier Corporation

      15. 6.4.15 Kanto Natural Gas Development Co. Ltd

      16. 6.4.16 NIPPOH CHEMICALS CO. LTD

      17. 6.4.17 Parad Corporation Pvt. Ltd

      18. 6.4.18 Protochem

      19. 6.4.19 Salvi Chemical Industries Ltd

      20. 6.4.20 Samrat Pharmachem Limited

      21. 6.4.21 SQM SA

      22. 6.4.22 Toho Earthtech inc.

      23. 6.4.23 Unilab Chemicals & Pharmaceuticals Pvt. Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Rising Demand in Usage of Biocides

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Iodine Industry Segmentation

Iodine is a chemical material that turns purple by reacting with starch and is contained in various seaweed types. The salt concentration in brine is almost the same as that in seawater. Iodine and its derivatives are indispensable in various nutritional, pharmaceutical, and industrial applications. The iodine market is segmented by source, form, application, and geography. By source, the market is segmented into underground brines, caliche ore, recycling, and seaweeds. On the basis of form, the market is segmented into Inorganic salts and complexes, organic compounds, and elementals and isotopes. Based on application, the market is segmented into animal feed, medical, biocides, optical polarizing films, fluorochemicals, nylon, and other applications. The report also covers the market sizes and forecasts for the Iodine market in 15 countries across major regions. 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
Application
Animal Feeds
Medical
Biocides
Optical Polarizing Films
Fluorochemicals
Nylon
Other Applications (Human Nutrition and Catalysts)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Iodine Market Research FAQs

The Iodine Market size is expected to reach 40.64 kilotons in 2024 and grow at a CAGR of 5.41% to reach 52.88 kilotons by 2029.

In 2024, the Iodine Market size is expected to reach 40.64 kilotons.

SQM SA, Iochem Corporation, COSAYACH, ISE CHEMICALS CORPORATION and Algorta Norte are the major companies operating in the Iodine Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Europe accounts for the largest market share in Iodine Market.

In 2023, the Iodine Market size was estimated at 38.55 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

Statistics for the 2024 Iodine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Iodine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Iodine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)