Iodine Market Size, Share, Growth, Industry Report, 2032 | Record a CAGR of 6.5% Over 2024-2032

The iodine market size was valued at USD 1.88 billion in 2023 and is expected to be worth USD 2.00 billion in 2024. The market is projected to reach USD 3.29 billion by 2032, recording a CAGR of 6.5% during the forecast period.

Iodine is an element that has a lustrous purple-black color. It is a stable halogen and used in several areas, such as additive in animal feeds, disinfectants, and catalyst in the production of polymers. It is also used as an X-ray contrast media and in polarizing films. These widespread applications of the product are expected to have a positive impact on the market's progress.

The COVID-19 pandemic created various impacts on the market as initially, the market faced challenges in the form of supply chain disruptions, which caused shortage of raw materials and hindered the production of this element. However, after the pandemic, people's increased focus on sanitation and hygiene boosted the sales of disinfectants and biocides, thereby fueling the product demand.

Fortune Business Insights™ displays this information in a report titled, "Iodine Market Size Report, 2024-2032."

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Iodine Market Segmentation:

Affordability and Ease of Extraction Boosted Product Demand from Caliche Ores

Based on source, the market is segmented into caliche ore, underground brines, and seaweed. The caliche ore segment dominated the market in 2023 as this source is economically feasible and offers miners the ease of extracting iodine.

Rising Adoption of Advanced Medical Imaging Technologies Augmented Product Use in X-Ray Contrast Media

Based on application, the market is segmented into x-ray contrast media, pharmaceutical, optical polarizing films, industrial catalysts, animal feed, fluorochemicals, iodophors, human nutrition, biocides, and others. The X-ray contrast media segment dominated the iodine market share due to the increasing use of innovative medical imaging technologies to diagnose complex ailments. Iodine compounds are widely used in contrast media for X-ray machines to offer enhanced and more detailed medical images and improve the quality of diagnosis.

With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report has conducted a detailed study of the market and highlighted several critical areas, such as leading sources, applications, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.

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Drivers and Restraints:

Increasing Demand for Battery Technology and Consumer Electronics to Boost Market Growth

The consumer electronics industry is experiencing rapid expansion every year due to the rising demand for laptop, smartphones, TV sets, and tablets. Iodine compounds are extensively used in polarizing films that are utilized in Organic Light-Emitting Diodes (OLEDs) and Liquid Crystal Displays (LCDs). These displays are an integral part of consumer electronics gadgets, which will further fuel the iodine market growth.

However, the risks associated with overconsumption of this product can hinder their demand.

Regional Iodine Market Insights:

Europe Led Market Growth Due to High Healthcare Expenditure

Europe dominated the global market in 2023 as the region is increasing its expenditure on its healthcare infrastructure to improve the quality of patient care. Iodine is finding robust applications in the pharmaceutical industry and X-ray contrast media.

North America is also showcasing healthy growth due to the high demand for this product in the pharmaceutical sector. Moreover, the increasing use of this product to produce disinfectants will foster the market's growth.

Competitive Landscape:

Market Leaders to Focus on Launching New Products to Expand Customer Base

Some of the most prominent companies operating in the market are increasing their research and development efforts to launch new products that have a wider range of applications. This move will help them increase their customer base and offer them a strong competitive edge.

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Iodine Industry Development:

October 2022 - SQM S.A. revealed that it had inked a multi-year contract with GE Healthcare to deliver iodine for contrast media. This element acts as a critical component that supports contrast media used in X-ray machines and Computed Tomography (CT) scanning procedures. The agreement is expected to help the company increase the year-on-year supply of the product.
LIST OF KEY Iodine COMPANIES PROFILED IN THE REPORT:

Cosayach Compañía De Salitre Y Yodo (Chile)
Nippoh Chemicals Co., Ltd (Japan)
Kanto Natural Gas Development Co., Ltd. (Japan)
Toho Earthtech Co., Ltd. (Japan)
GODO SHIGEN Co., Ltd. (Japan)
SQM S.A. (Chile)
Iofina plc (U.K.)
ISE CHEMICALS CORPORATION (Japan)
IOCHEM Corporation (U.S.)
Algorta Norte SA (Chile)

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This release was published on openPR.