Global Iodine Market
Iodine Market size is evaluated at USD 3.6 billion in 2024 and is set to exceed USD 6.8 billion by the end of 2037, expanding at over 5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of iodine is estimated at USD 3.8 billion.
The iodine market is expanding due to the rising demand from major sectors, including health, agriculture, and chemical industries. The development of various medical diagnostic tools, especially X-ray contrast media with continuous advancements, also boosts the market growth. Another key factor driving demand higher is better infrastructure for healthcare in most emerging markets of Asia and Africa, supplemented by governmental initiatives to bridge nutritional gaps.
Governments worldwide have increased their regulations related to iodine deficiency and its supplementation. Recently, the European Food Safety Authority increased the regulatory pressure in relation to the supplementation of iodine in animal feed. Furthermore, the United Nations Food and Agriculture Organization (FAO) supported salt iodization legislation in the fight against iodine deficiency. Consequently, due to strict limits set by the Food and Drug Administration (FDA) to the levels of iodine in both foods and supplements, iodine intake among the population is considered to be within safe and controlled limits. As a result, these factors combined are anticipated to generate demand for iodine during the forecast period.
Growth Drivers:
Challenges:
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5% |
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Base Year Market Size (2024) |
USD 3.6 billion |
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Forecast Year Market Size (2037) |
USD 6.8 billion |
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Regional Scope |
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Source (Underground Brines, Seaweeds, Caliche Ore, Recycling)
The caliche ore segment dominates the iodine market, accounting for around 43% of the market share in 2024 owing to its easy availability, especially from Chile. In April 2024, SQM declared the expansion of its mining operation related to the extraction of caliche ore, which would increase the annual production of iodine by 10%. This places the caliche ore as the most viable, economical, and productive elemental source of industrial iodine. The rich concentration of the element, in addition to the effective processes of extraction, makes ores a preferred among many producers.
Application (Pharmaceuticals, Biocides, Iodophors, X-Ray Contrast Media, Catalyst in Polymer Processing, Optical Polarizing Films, Human Nutrition, Others)
The X-ray contrast media segment accounted for 23% of the market share in 2024. The primary factor driving the growth of the segment includes the higher usage of advanced diagnostic imaging technologies in healthcare. For instance, in December 2023, GE Healthcare announced plans to increase iodine-based contrast agent production owing to growing requirements within healthcare, further strengthening this segment's growth. Artificial intelligence in imaging systems also assists in improving the efficiency of iodine-based contrast agents. This further adds to the increase in the adoption of iodine for x-ray contrast media.
Our in-depth analysis of the market includes the following segments:
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Europe Market Analysis
Europe in iodine market is set to dominate over 34.2% revenue share by 2037, owing to the increasing demand for iodine in healthcare for X-ray contrast media and other pharmaceutical uses. Some strict healthcare policies in the region favor innovation and increase the utilization rate of high-end medical technologies that rely massively on iodine-based products. Increasing awareness about iodine deficiency and subsequent government initiatives in many European countries are driving the market.
France as one of the major participants in the iodine market in Europe, concentrates on expanding its healthcare infrastructure and growing applications of iodinated products for radiology procedures. Demand for both iodized salt and iodine supplements has also picked up with different public health campaigns initiated by the government to fight against iodine deficiency. The demand for iodine in medical imaging is rising in the healthcare sector due to a government initiative to provide more diagnostic services to rural communities.
Germany iodine market is rising due to its strong pharmaceutical and chemical industries and demand for the manufacture of biocides and pharmaceutical products. The country is also focusing on improving diagnostic imaging techniques to cater to the rising demand for X-ray contrast media based on iodine compounds. In August 2023, BASF declared its plan to increase the capacity for iodine production to meet the growing demand of the Europe healthcare sector. Such developments are anticipated to propel the market growth during the forecast period.
APEJ Market Statistics
In iodine market, Asia Pacific excluding Japan region is set to witness growth rate of over 5.1% through 2037, driven by higher demands for iodine from the healthcare and agriculture sectors. China and India are leading in this respect, with growing awareness of iodine deficiency and developing healthcare infrastructure. Iodine demand has strongly increased in the China market for X-ray contrast media with government health reforms. Besides, regional collaboration and related trade agreements will facilitate easy access to iodine resources.
China is leading the growth in APEJ due to the fast development of medical imaging technologies and government efforts to eradicate iodine deficiency. As per reports, China is the world's leading importer of iodine, having imported approximately 6.7 thousand metric tons valued at roughly USD 222 million in 2021. Government subsidies and incentives are also boosting local production and reducing dependence on imports.
India also holds a considerable share of the market, particularly following the time when the government implemented aggressive iodine supplementation programs. The Government of India launched the Nationwide Iodine Deficiency Campaign in March 2023 with a serious ambition to enhance the consumption of iodized salt by 15% within two years. This was one of the key drivers for iodine demand in India. The success of the campaign is reflected by improved public health metrics and increased market penetration by iodized salt products.
The global market is fiercely competitive, with key players such as Sociedad Química y Minera de Chile, Iofina, and Calibre Chemicals Pvt. Ltd. driving the market. These firms remain focused on strategic expansions, product innovations, and partnerships that will consolidate their positions within the market. The competitive landscape also saw mergers and acquisitions, basically for sustaining market share and strengthening technological capability.
In December 2023, it was announced that Iofina had opened yet another iodine extraction facility in the U.S. with an expanded production capacity of 12%. The motive behind this expansion was to deal with the rising demand for pharmaceuticals and agriculture. This reflects the competitive nature of the marketplace and the orientation of operations that thrive on economies of scale to meet rising global demand. Companies also invest in research and development to innovate new applications, improve extraction efficiencies, and maintain competitiveness.
Here are some leading companies in the iodine market:
Author Credits: Rajrani Baghel
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