Iodine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

According to Fairfield Market Research, the global iodine market witnessed remarkable growth during forecast year. It is estimated to be valued at US$ 3.6 billion in 2024, with a projected expansion to reach US$ 6.7 billion by the end of 2031.

According to the publisher, the global iodine market witnessed remarkable growth during forecast year. It is estimated to be valued at US$ 3.6 billion in 2024, with a projected expansion to reach US$ 6.7 billion by the end of 2031. This substantial growth is driven by various factors and applications of iodine.

Iodine

A Versatile ElementIodine, a nonmetallic element and the heaviest halogen in the periodic table, is found in small quantities in natural sources like brines and seaweeds. It has versatile applications, including analytical chemistry and photography. Additionally, the radioactive isotope I-131, with a half-life of eight days, is used in various medical and industrial applications due to its long-lasting effects.

Crucial for Mental and Physical Development

One of the critical benefits of iodine is its role in maintaining optimal mental and physical development. Iodine deficiency can lead to a range of disabilities and disorders, such as goiter, hypothyroidism, cretinism, abortion, stillbirth, mental retardation, and psychomotor defects. These consequences are preventable with adequate iodine intake.

Iodine Deficiency

A Global Health ConcernIodine deficiency is the leading cause of preventable brain damage worldwide. In areas with iodine-deficient soil, children can have an average IQ deficit of 13.5 points compared to those in iodine-sufficient regions. Ensuring adequate iodine intake is crucial for individuals of all ages.

Key Producers

Chile and JapanChile and Japan are the leading producers of iodine, collectively accounting for over 90% of global production. The top five manufacturing companies worldwide hold a 60% to 65% market share in 2023.

Applications Driving Iodine Sales

Sales of iodine are propelled by the increasing demand for alcohols, ketones, and other organic acids used in the production of various chemicals and products. Iodine plays a pivotal role in various industries, including medicine, chemical production, and photography. Furthermore, it is essential for human health, and its deficiency can lead to significant health issues.

Factors Responsible for High Sales of Iodine

• Extensive Utilization in Radiography Iodine is widely used as a contrast agent in radiographic procedures. Its high atomic number and density enhance the contrast between tissues, making it invaluable for medical imaging purposes.
• Environmental Stability for Chemical Industries Iodine serves as a catalyst in various chemical reactions, including the synthesis of ketones and esterification of acids. Its stability and eco-friendliness make it a preferred choice for chemical industries.

Challenges Hindering Demand Growth

• Competition from Substitutes Iodine faces competition from substitutes like bromine, chlorine, and boron in various applications, particularly in biocides, colorants, and inks.
• Price Volatility Iodine prices fluctuate regularly, impacting profitability for manufacturers.
• Potential Toxicity The potential toxicity of iodine and limited awareness about its importance in human nutrition, especially in developing economies, hinder demand growth.

Country-wise Insights

• United States The widespread use of iodine as a disinfectant, stabilizer in plastics, and catalyst in chemical production contributes to its growth in the United States, driven by expanding industrial and manufacturing sectors.
• India India, with a significant population affected by iodine deficiency, sees high demand for iodine products. Efforts are underway to mitigate deficiency and increase awareness.

Competitive Landscape

The global iodine market is estimated to consolidate, with key players investing in supply chain enhancement, production capacity, and sustainable product development. Iodine remains an attractive choice for end-users due to its cost-effectiveness.

Key Companies Profiled

Iochem Corporation, Iofina Chemical, Inc., Sociedad Química y Minera (SQM), ISR Holding, Qingdao Bright Moon Seaweed Group Co., Ltd., Algorta Norte S.A., ISE Chemicals Corporation, Kanto Natural Gas Development Co., Ltd., Godo Shigen Co., Ltd., Nippoh Chemicals Co., Ltd., Salvi Chemicals Industries Ltd., Toho Earthtech Co., Ltd., K&O Iodine Co. Ltd., ACF Minera S.A., Deepwater Chemicals, Kansar Khazar Co., Agh Altin Chem Co., Godo Shigen Co., Ltd., Samrat Pharmachem Limited, Calibre Chemicals Pvt. Ltd., Eskay Iodine Pvt. Ltd., Amphray Laboratories, Proto Chemicals Industries, Vishal Laboratories, and other key players.

Market Segmentation

The market is segmented by source type, application, and region.

By Source Type

• Natural Brines
• Nitrite Ores
• Others (Seaweeds)

By Application

• X-ray Contrast Media
• Catalysts
• Biocides
• LED/LCD Polarizing Films
• Feed Additives
• Human Nutrition
• Others

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• Middle East and Africa