Global Iodine Market to Reach US$ 1,517.9 Million by 2032, Impelled by Increasing Product Demand in Pharmaceutical Industry

April 21, 2023 | Chemical & Materials

According to the latest report by IMARC Group, 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," the global iodine market reached a value of US$ 997.9 Million in 2023. Iodine is a non-metallic halogen element that is found in seawater. It is a vital nutrient in the human diet, especially in medicine, photography, and analytical chemistry. It is a semi-lustrous solid at standard conditions. It is the heaviest essential mineral nutrient, which is needed for the synthesis of thyroid hormones. Iodide salts are widely utilized in pharmaceutical and disinfectant products, printing inks and dyes, catalysts, animal feed supplements, and photographic chemicals. They are further added in small amounts to table salt to avoid iodine deficiency affecting the thyroid gland. Iodine dissolves in a few solvents and is the least reactive and most electropositive halogen.

Global Iodine Market Trends:

The global market is majorly driven by the increasing health concerns among the geriatric population. In line with this, the growing awareness regarding the ill health effects of iodine deficiency is significantly contributing to the market growth. Furthermore, the rising product use in optical polarizing films for liquid crystal displays (LED) applications is positively influencing the market. Moreover, the increasing prevalence of I2 deficiency disorders, such as mental retardation, hypothyroidism, goiter, cretinism, and other growth and developmental abnormalities, is propelling the market. Besides, the rising demand for iodine in the production of organic and inorganic chemicals, photographic chemicals, and animal feed supplements is strengthening the market. Additionally, significant growth in the healthcare industry and the rapid product adoption in the X-radiation imaging modalities are providing a boost to the market. Some of the other factors driving the market include the growing health consciousness among individuals, considerable growth in the pharmaceutical industry, and the initiatives undertaken by the governments to promote the usage of iodine in animal feed additives and human nutrition. On account of the factors above, the market is anticipated to reach a value of US$ 1,517.9 Million by 2032, exhibiting a CAGR of 4.7% during 2024-2032. 

Market Summary:

  • On the basis of the source, the market has been categorized into underground brine, caliche ore, recycling, and seaweeds.
  • Based on the form, the market has been classified into inorganic salts and complexes, organic compounds, and elementals and isotopes.
  • Based on the application, the market has been segmented into animal feed, x-ray contrast media, biocides, optical polarizing films, fluorochemicals, nylon, and others.
  • On the basis of the region, the market has been divided into 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.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Source, Form, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
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Global Iodine Market to Reach US$ 1,517.9 Million by 2032, Impelled by Increasing Product Demand in Pharmaceutical Industry
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