IMARC Group’s report titled “Iodine Market Report by Source (Underground Brine, Caliche Ore, Recycling, Seaweeds), Form (Inorganic Salts and Complexes, Organic Compounds, Elementals and Isotopes), Application (Animal Feed, X-Ray Contrast Media, Biocides, Optical Polarizing Films, Fluorochemicals, Nylon, Others), and Region 2024-2032“, Offers a comprehensive analysis of the industry, which comprises insights on the global iodine market.
How Big Is the 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.
Factors Affecting the Growth of Iodine Industry:
- Increasing Demand for Iodine in Healthcare Applications:
The global iodine market is significantly driven by the rising demand for iodine in healthcare applications, particularly in the production of X-ray contrast media and pharmaceuticals. Iodine plays a crucial role in medical imaging as an essential component of contrast agents used to enhance the visibility of organs and tissues during diagnostic procedures. The growth in healthcare expenditure worldwide, coupled with advancements in medical technologies, has led to a rise in the utilization of iodine-based contrast media, driving the demand for iodine in the healthcare sector. Moreover, the expanding reliance of the pharmaceutical industry on iodine for manufacturing various medications further contributes to the growth of the market. This trend is expected to continue as the healthcare sector continues to evolve, emphasizing the importance of iodine in medical applications.
- Rising Awareness about Iodine Deficiency:
Another key factor propelling the global iodine market is the increasing awareness and efforts to address iodine deficiency, especially in regions where populations are at risk of iodine deficiency disorders. Governments and non-governmental organizations are actively promoting the consumption of iodine through initiatives aimed at fortifying food products, particularly salt, with iodine to combat deficiencies. The prevalence of iodine deficiency, which can lead to severe health issues such as goiter and intellectual disabilities, has prompted interventions to ensure adequate iodine intake. This focus on public health initiatives and education campaigns contributes to the sustained demand for iodine in human nutrition and supplementation programs, driving market growth.
- Diverse Industrial Applications and Market Expansion:
The global iodine market is further fueled by its diverse industrial applications across sectors such as animal feed, fluorochemicals, optical polarizing films, and industrial catalysts. The versatility of iodine in various industries, including its use as a stabilizer in plastics, a disinfectant, and a catalyst in chemical production, underscores its importance in industrial processes. The expanding industrial sectors, particularly in emerging economies, drive the demand for iodine as a critical component in manufacturing processes. Additionally, the growth of industries, such as biocides, water treatment, and food and beverage further amplifies the demand for iodine, contributing to the expansion of the market. This broad spectrum of industrial applications positions iodine as a vital element in driving industrial growth and innovation, sustaining its market relevance and growth trajectory.
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Leading Companies Operating in the Global Iodine Industry:
- 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.
Iodine Market Report Segmentation:
By Source:
- Underground Brine
- Caliche Ore
- Recycling
- Seaweeds
Caliche ore dominates the market due to its status as the largest commercially exploited source of iodine globally, primarily located in Chile.
By Form:
- Inorganic Salts and Complexes
- Organic Compounds
- Elementals and Isotopes
Organic compounds hold maximum number of shares due to their extensive use in various applications such as pharmaceuticals, X-ray contrast media, and biocides.
By Application:
- Animal Feed
- X-Ray Contrast Media
- Biocides
- Optical Polarizing Films
- Fluorochemicals
- Nylon
- Others
X-ray contrast media represents the largest segment due to its extensive use in medical imaging applications to enhance organ and tissue visibility during diagnostic procedures
Regional Insights:
- 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’s dominance in the iodine market is attributed to factors such as increasing healthcare expenditure by governments and a flourishing medical and pharmaceutical industry in the region.
Global Iodine Market Trends:
The expanding applications of iodine in water treatment solutions, driven by the increasing focus on sanitation and clean water, especially in developing nations. The demand for iodine-based substances in purification and disinfection processes in water treatment systems is on the rise, supported by the growing emphasis on clean water access globally.
Moreover, the globalization of markets and optimization of the iodine supply chain contribute to the accessibility and availability of iodine products worldwide, fostering market growth. The expansion of production capabilities, the globalization of markets, and the optimization of supply chains enhance the availability of iodine products, meeting the diverse needs of clients across industries and supporting the growth of the global iodine market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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