The Iodine Market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine is a chemical element with the symbol I and atomic number 53. It is one of the halogens, being in group 17 of the periodic table. Iodine finds wide applications in industries such as pharmaceutical, medical, food, and agriculture. In the pharmaceutical industry, iodine is used as an antiseptic in topical medications and tinctures. It is also used as an expectorant in cough syrups. In the medical industry, iodine is widely used in X-ray contrast media.
Market Dynamics:
The growing pharmaceutical industry is a major factor driving the growth of the iodine market. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the global pharmaceutical market grew to US$ 1,272 Bn in 2021 from US$ 1,230 Bn in 2020, exhibiting a growth rate of 3.2%. Moreover, rising demand for iodine in food supplements is also fueling market growth. Iodine helps in the production of thyroid hormones which regulate metabolism. Deficiency of iodine can lead to goiter and impaired intellectual development in children. Thus, iodization of salt is mandated in many countries to overcome iodine deficiency disorders. In addition, surging usage of iodine in LCD Polarizing films owing to expansion of the LCD industry is further propelling the market growth.
Segment Analysis
The Iodine market is dominated by solution segment. It accounts for more than 60% of the market share owing to its widespread applications in X-ray contrast media, biocides and pharmaceuticals. The solution segment dominated the market due to the rising demand for iodine in these applications. The segment is expected to continue its dominance over the forecast period owing to rising demand from end use industries like pharmaceuticals and biocides.
PEST Analysis
Political: The iodine market is highly regulated owing to the hazardous nature of iodine. However, supportive government policies promoting sustainable energy production are opening up opportunities.
Economic: Growth in disposable income is driving demand for pharmaceuticals and biocides in emerging economies, positively impacting the iodine market. Volatility in raw material prices remains a challenge.
Social: Increasing awareness about health, sanitation and sustainability is raising demand for iodine in applications such as pharmaceuticals and biocides.
Technological: Advancements in catalytic iodine recovery processes from wastewater are fueling opportunity. Investments in R&D to develop iodine-based X-ray contrast media and antimicrobial products are gaining traction.
Key Takeaways
The Global Iodine Market Growth is expected to witness high, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from medical imaging applications. The market size was valued at US$ 1641.17 Mn in 2023.
Regional analysis
The Asia Pacific region dominated the market accounting for more than 40% of global share led by China. This is due to large population and growing healthcare expenditure boosting demand for iodine in medical applications. Europe is another major market driven by high spending on pharmaceutical R&D.
Key players
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Iofina is one of the leading producers of iodine and iodine specialty chemical derivatives. SQM is another major player with significant production capacities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it