Iodine Market Segmentation:
Source Segment Analysis
The caliche ore segment will account for around 43% of the iodine market share by 2035 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 Segment Analysis
The X-ray contrast media segment will dominate 23% market share by 2035. 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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