Iodine is a non-metallic halogen element obtained from seaweed, chile saltpeter and underground brines. Iodine is used in various industrial, medical and agricultural applications. In industries, iodine is used as catalysts, stabilizing agents, radiation protection agents and disinfectant. In medical applications, iodine is mainly used as an expectorant and antiseptic in topical applications. Iodine is also necessary for the production of thyroid hormones. It plays a key role in many essential bodily functions and healthy growth and development.
The Global Iodine Market is estimated to be valued at US$ 1,551.2 Mn in 2022 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the iodine market include Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. The growing demand for iodine in applications such as X-ray contrast media, biocides and catalysts has been a major driver for the iodine market. Technological advancements such as development of new production technologies to improve iodine yields have also supported market growth.
Iodine Market Demand in nutraceutical applications is expected to drive the fastest growth in the iodine market owing to the growing awareness about iodine deficiency disorders. Iodine is essential for the normal functioning of the thyroid gland and production of thyroid hormones. It plays a crucial role in many important bodily functions. The growing relevance of iodine in preventive healthcare is expected to boost its demand from the nutraceutical industry.
Market Trends
Iodine Market Size and Trends is the growing demand from the healthcare industry. Iodine is widely used as an antiseptic in topical applications due to its disinfectant properties. It is also used in contrast media for diagnostic imaging procedures. Growing healthcare expenditure and increased diagnostics are expected to drive the usage of iodine in medical applications.
The rising popularity of organic farming is another trend driving changes in the iodine market. Organic crops are often deficient in iodine. Therefore, iodine-based fertilizers and feed additives are gaining popularity among organic farmers to overcome this issue. This is expected to open new growth opportunities for players in the iodine market.
Market Opportunities
One of the major opportunities for the iodine market players is the increasing adoption of iodine-based disinfectants owing to the COVID-19 pandemic. Iodine is highly effective against viruses and is being increasingly used for surface and hand disinfection. This is presenting new growth avenues for market participants.
Growing consumption of iodine-fortified foods also provides opportunities. Many countries are promoting iodine supplementation through salt iodization programs to overcome iodine deficiency issues. This is creating sustained demand for iodine.
Impact of COVID-19 on Iodine Market Growth
The COVID-19 pandemic significantly impacted the growth of the iodine market globally. During the initial lockdown phase, the demand from end-use industries like medical X-ray, LCD, and others declined substantially due to halting of operations. This led to oversupply in the iodine market. However, as the pandemic continued, the demand for iodine from the pharmaceutical industry increased steadily for manufacturing disinfectants and sanitizers. Iodine is an essential element used in polymer and resin disinfectants. Meanwhile, the supply chain disruptions created shortage of iodine in some parts of the world. As lockdowns eased, the production and transportation also resumed gradually. Many countries announced stimulus packages to boost their healthcare infrastructure which further propelled the demand. In the post-pandemic period, the iodine market is expected to witness significant growth owing to rising healthcare expenditure, growing focus on hygiene and expanding use in electronic speciality chemicals. However, continued geopolitical issues and inflationary pressures remain challenges. Overall, while COVID-19 hampered short term growth initially, it has opened new opportunities for iodine usage in the long run.
Geographical Regions with High Concentration in Iodine Market
Chile is currently the leading producer of iodine, accounting for approximately 30% of global supplies. This is mainly because the Atacama Desert in northern Chile is the world's largest natural source of iodine. Other major producing countries include Japan and China. In terms of consumption, East Asia dominates the global iodine market due to large electronics manufacturing bases and growing healthcare sectors in countries like China, South Korea and Japan. North America is another major consumer zone led by pharmaceutical and medical applications in the USA. In Europe, countries such as Germany, Italy and the United Kingdom contribute significantly to the regional iodine demand. Going forward, developing regions of Asia Pacific and Latin America are expected to showcase high growth on the back of rising incomes, expanding middle classes and increasing industrialization.
Fastest Growing Region for Iodine Market
Asia Pacific region is poised to be the fastest growing market for iodine during the forecast period. This is due to presence of rapidly developing economies such as China and India which are witnessing increased infrastructural investments, expanding manufacturing industries and growing medical needs of huge population bases. Further, Japan and South Korea are major electronics manufacturing hubs escalating the demand from LCD and semiconductor sectors. Rising health awareness and improving access to healthcare will also drive the consumption of iodine in products like disinfectants and nutritional supplements. The entry of new players and capacity expansions by existing manufacturers across APAC are facilitating sufficient supply to cater growing demands. With strong economic growth prospects, Asia Pacific will continue dominating global iodine market in both production and consumption.
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