Iodine Market Size, Share, Industry, Forecast and outlook (2024-2031)

Iodine Market is Segmented By Form (Organic Compounds, Inorganic Salts & Complexes, Elemental & Isotopes (By Source (Caliche Ore, Underground Brines, Recycling, Seaweeds), By Application (X-Ray Contrast Media, Pharmaceuticals, Optical Polarizing Films, Catalyst in Polymer Processing, Animal Feed, Fluorochemicals, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030 

Iodine Market Overview

The Iodine Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Iodine is a chemical element used in various applications, including pharmaceuticals, X-ray contrast media, disinfectants, and nutritional supplements. The market is driven by the increasing demand for iodine in the healthcare sector, the growing awareness of iodine deficiency disorders, and the expanding use of iodine in industrial applications. In Asia Pacific, the Iodine Market is witnessing significant growth. Key players in the market include SQM S.A., Iofina plc, Cosayach Compañía de Salitre y Yodo, and other prominent players.

Iodine Market Scope and Summary

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Iodine is a halogen element with the atomic number 53 in the periodic table's group seven. The chemical has a lustrous sheen, is blue-black, and is found in various chemical forms, including iodate, iodide, and elemental iodine. However, it is most commonly found as the diatomic molecule I2.

Iodine is abundant in seawater, but its distribution is uneven across oceans and land. Iodine derivatives are widely used as a chemical intermediary in industry. Iodine deficiency causes mental retardation, goiter, eyesight problems, heart diseases, and intellectual disabilities in humans and animals, so iodine and its compounds are used in human nutrition.

Iodine holds a major application as a contrast agent in X-ray media owing to its relatively low toxicity and high atomic number. Iodine is also employed as a catalyst in industrial chemical reactions and biocides, a feed ingredient in animal nutrition, and a contrast agent in LED polarising films (water treatment. I 

Iodine Market Dynamics and Trends

Rising iodine deficiency in the global population has improved the iodine demand in various parts of the globe. Vast applications of iodine derivatives are driving the market share for the iodine market.

Rising iodine deficiency in the global population has improved the iodine demand in various parts of the globe.

Iodine deficiency disorders are health problems caused by a lack of iodine in the diet. The disorder is a rare endocrinology illness in which the thyroid gland in the neck produces insufficient amounts or is incapable of creating thyroid hormone due to a lack of iodine, which is an essential nutrient for the growth and function of the thyroid gland.

The thyroid hormone is responsible for the body's temperature, metabolism, and heart rate regulation. Iodine deficiency causes many issues, ranging from miscarriage and stillbirth to mental and physical retardation and hearing referred to as Iodine Deficiency Disorders (IDDs).

According to the Lancet Report 2020 – Prevalence of Iodine Deficiency Worldwide, more than 19 billion people are deficient in iodine, with 285 million being school-aged children. According to the Indian Journal of Medical Research, iodine deficiency disorder is the greatest cause of preventable brain injury globally, resulting in learning difficulties and psychomotor impairment. The research further claims that children living in iodine-deficient areas have a lower intelligence quotient (I.Q.) than children living in iodine-sufficient areas, by as much as 13.5 IQ points.

Over the last 80 years, efforts have been conducted worldwide to eradicate iodine deficiency. The Iodine Global Network, the World Health Organization, and UNICEF prioritized eliminating iodine deficiency. Iodized salt has long been the standard for preventing iodine shortages worldwide. A daily iodine-containing supplement for pregnant and lactating women is prescribed in areas where iodized salt is not readily available or when pregnant women are known to have inadequate iodine intakes.

Iodized oil injections are sometimes utilized in severely iodine-deficient areas where broad usage of iodized salt is not practical. In addition, the Institute of Medicine has set the Recommended Dietary Allowance (RDA) for iodine in adult males and females at 150 g per day, boosting the market's growth over the forecast period.

In January 2019, after getting permission from U.S. Food and Drug Administration, Lupin Pharmaceuticals launched generic Levothyroxine sodium tablets in the U.S. market (USFDA). The tablets are used as a supplement to surgery and radioiodine therapy in treating hypothyroidism.

Vast applications of iodine derivatives are driving the market share for the iodine market.

Iodine is used in X-ray contrast media, medicines, iodophors, and povidone-iodine in the medical field (disinfectants). Because of its high atomic number, low toxicity, and ease of adjunction with organic molecules, iodine demand has risen due to increased demand for X-ray contrast media in the past few years.

Iodophors are iodine-containing fluids with a solubilizing agent. A small amount of iodine is released slowly into the solution. Povidone-iodine is one of the most extensively used iodophors and it's commonly used to disinfect surfaces in breweries and dairy facilities.

Iodine is a simple, cost-efficient, and effective Iodine that is often used in tablets or solutions to disinfect drinking water during crises and tourists. Furthermore, due to the increment in the number of tourists in recent years, so has the demand for iodine as a disinfectant. Advancements in medical technology have fueled the rise in the need for iodine in this application. During radiographic operations, radiographic contrast media containing iodine improves the visibility of vascular structures and organs.

Furthermore, iodine is also used in pharmaceuticals to make bactericides, disinfectants, analgesics, others (for example, iodine tincture), potassium iodide, sodium iodide, and iodine solution.

North America's pharmaceutical sector is expected to be the largest, followed by Europe and Asia-Pacific. The pharmaceutical sector in Asia-Pacific countries such as India, China, Indonesia, and others is rapidly growing and diversifying, with generic medication production dominating regional pharmaceutical production.

The high carbon footprint of quicklime and the rising hazardous impact of the product is hurdling the quicklime market's growth.

Iodine is mostly made of limestone and heated to break down into calcium carbonate and carbon dioxide. C.O. produced during the manufacturing process is one of the greenhouse gases resulting in many disasters, global warming, and far-reaching implications. Furthermore, production consumes a lot of energy and contributes to the industry's overall carbon footprint.

In addition, calcium oxide is harmful to one's health. When breathed or when it comes into touch with skin or eyes, it interacts violently with water, causing severe discomfort. Furthermore, quicklime exposure can cause abdominal pain, vomiting, and nausea in difficult situations. It can release enough heat when coupled with water to ignite flammable items. As a result, its manufacture must be closely monitored and adhere to various environmental rules, which may function as a market restraint.

COVID-19 Impact on Iodine Market Growth

The rapid spread of the coronavirus has had a drastic COVID-19 impact on the global iodine market due to the slowdown in mining and manufacturing activities. The key players were forced to halt their operations because of the coronavirus's contagiousness temporarily.

The need for polarisation films has decreased due to a drop in demand from consumer electronics makers. Shutdowns in the manufacturing sector have reduced usage for catalysts and chemical manufacture, resulting in a drop in output.

However, the sector quickly recovered. By April 2020, the chain was mostly functional and intact again. Chinese suppliers have resumed operations, while active product ingredient (API) firms in U.S. and Europe operate normally. Manufacturers often keep emergency ingredient stocks on hand and most indicate that they are not currently concerned by a delay in raw material deliveries. During the pandemic, pharmaceutical output soared, which raised the demand for iodine.

Iodine Market Segment and Shares

The global iodine market can be segmented on source, form, application, and region.

Organic compounds have a huge market since they are utilized as pesticides and soil disinfectants in the agrochemical business.

The global iodine market is segmented based on form into organic compounds, inorganic salts & complexes, and elemental & isotopes. The organic compounds segment dominates the global iodine market out of the mentioned form.

Organic compounds have a huge market since they are utilized as pesticides and soil disinfectants in the agrochemical business. Organic iodine compounds with high bioavailability are also utilized in pet food and cow feed.

Furthermore, the two thyroid hormones, thyroxine ("T4") and triiodothyronine ("T3") are the most important organoiodine molecules in terms of human health ("T3"). Increasing research and healthcare application of these hormones has uplifted the market share for organoiodine segments. Natural products from the sea are rich in organoiodine compounds, such as the plakohypaphorines in the sponge Plakortis simplex.

The total amount of iodomethane created each year by the marine environment, microbiological activity in rice paddies, and biological waste burning are estimated to be 214 kilotonnes.

Oxidation reactions in the atmosphere break up the volatile iodomethane, establishing a worldwide iodine cycle. Over 3000 different organoiodine compounds have been discovered with a wide application range. Organic compounds are the most common form of substance due to these factors.

Iodine Market Geographical Analysis

Europe has shown unprecedented market growth in the global iodine market due to rising demand for iodine in the pharmaceutical industry and increasing government spending on healthcare systems.

Europe is a prominent contributor to the global iodine market growth. Government spending on healthcare systems has increased, contributing to the rising demand for iodine. The product is frequently utilized in X-ray contrast media and pharmaceuticals, among other applications.

However, during the predicted period, Asia-Pacific would be the fastest-growing region. Market expansion is driven by increased awareness of iodine deficiency and strong demand from applications such as animal feed, fluorochemical, and optical polarising films.

High product demand from the pharmaceutical industry characterizes the market in North America. In addition, the growing need for disinfectants is expected to drive iodine market expansion. The pharmaceutical industry has long been one of the most important in the U.S. and one of the most R & R&D-intensive.

The pharmaceutical industry's contribution to the U.S. economy has shown growth from 40.3% in 2015 to 41% in 2020, according to the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA). Over the projected period, the country's growing senior population and growing demand for medical facilities to treat chronic diseases are expected to promote the pharmaceutical sector's expansion and iodine consumption for medicine manufacturing.

Industrial catalysts, optical polarising films, and human nutrition are among the applications responsible for the market's growth in South America and the Middle East, and Africa.

Iodine Companies and Competitive Landscape

The iodine market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are Calibre Chemicals, IOCHEM, Algorta Norte, Nippoh Chemicals Co.Ttd, Kanto Natural Gas Development Co. Ltd., SQM S.A., ISE Chemicals Corporation, Deep Water Chemicals, Inc., Toyota Tsusho Corporation, AJAY-SQM Group, and others.

The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the iodine market growth globally.

• On February 08, 2021, Avrio Health L.P. (Avrio), a subsidiary of Purdue Pharma L.P., announced the launch of a new Betadine Antiseptic Oral Rinse (active ingredient 0.5% povidone-iodine, or PVP-I), an oral antiseptic pre-procedural rinse. The product is solely for professional use and is not for sale to the general public.

Calibre Chemicals

Overview: Calibre Chemicals Pvt. Ltd. was founded in 1984 and produces mineral derivatives (iodine, selenium, and cobalt) and peroxygenase, divided into two product lines (persulphates, perchlorates). Calibre's success, growth, and future are built on good plants, ethical behavior, and trusted sources.

Product Portfolio:

• Iodine Derivatives: The company offers different types of iodine derivatives such as Potassium iodate, Calcium iodate, Sodium iodate, Potassium iodide, Sodium iodide, Iodide/bromide blends (custom), and others. The derivatives application includes cosmetics (hair bleach), nutritional additives (animal feed, salt iodization, dough conditioners, baby food), pharmaceuticals (as APIs, intermediaries, in x-ray contrast media, for iodination, production of cephalosporin, lamotrigine, radiation emergencies, thyroid disorder diagnosis & treatment), as polymerization initiators, as heat stabilizers (PVC, Nylon) and others

Key Development

• In December 2020, Calibre was purchased by the Everstone Group, an Indian firm. The acquisition aims for Everstone Group's expansion.