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Iodine Market Segmented By Natural Brines, Nitrite Ores Sources in X-Ray Contrast Media, Catalysts, Biocides, Feed Additives, Human Nutrition
According to Persistence Market Research, the global iodine market recorded 103.1% of Y-o-Y growth in 2022 and is estimated to be valued at US$ 3.4 billion in 2023. The market is projected to reach US$ 6.9 billion by the end of 2033, expanding at a noteworthy CAGR of 7.3% over the next ten years.
Iodine is a nonmetallic element and the heaviest halogen in the periodic table. It is found in small amounts in many natural sources, including brines and seaweeds. It is also used in analytical chemistry and photography. The radioactive isotope I-131, which has a half-life of eight days, is used in medicine and other applications due to its long-lasting effect. Iodine is a dark crystalline solid that can change to deep violet when heated and can produce a pungent vapor.
Maintaining optimal mental and physical development is a critical benefit of consuming iodine. Iodine deficiency can lead to a range of disabilities and disorders, including goiter, hypothyroidism, cretinism, abortion, stillbirth, mental retardation, and psychomotor defects. These consequences are often invisible and irreversible, but they are entirely preventable with adequate iodine intake.
Iodine deficiency is the leading cause of preventable brain damage globally. In areas where the soil lacks iodine, children have been found to have an average of 13.5 IQ points less than those in iodine-sufficient areas. Ensuring adequate iodine intake is crucial for individuals of all ages.
Sales of iodine are being driven by increasing demand for alcohols, ketones, and other organic acids due to their widespread use in the production of various chemicals and products. Overall, iodine is a crucial element with numerous applications in various industries, including medicine, chemical production, and photography. It is also essential for human health, and its deficiency can lead to significant health problems.
| Attribute | Details |
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Iodine Market Size (2022A) |
US$ 2.76 Billion |
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Estimated Market Value (2023E) |
US$ 3.4 Billion |
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Projected Market Value (2033F) |
US$ 6.9 Billion |
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Value CAGR (2023 to 2033) |
7.3% |
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Collective Value Share of Top 3 Countries (2023E) |
47.9% |
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Persistent Market Research reveals that from 2018 to 2022, the iodine market advanced at a CAGR of 32.1%. The growth of the market is attributed to a rapid increase in product prices from 2020 to 2022 and high demand for the product in the global market. Limited supplies from leading countries led to a surge in demand and prices. Price volatility is a significant threat to iodine manufacturers.
From 2023 to 2033, the market is anticipated to progress at a CAGR of 7.3%. New applications of iodine have been discovered and researchers are continuously focusing on finding innovative applications of iodine. Widespread use of iodine in X-ray contrast media and catalysts has been driving high demand for the element in the global market.
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Get a Customized Version“Extensive Utilization of Iodine as Contrast Imaging Agent in Radiography”
Iodine is used as a contrast agent to facilitate radiographic modalities. Iodine's high atomic number and density make it the perfect material for this use because its presence in the body can aid in enhancing the contrast between tissues, organs, and blood vessels with similar X-ray densities. Iodinated contrast media can be either water-soluble or oil-based. Water-soluble media are widely preferred due to their rapid absorption and can serve as a substitute for barium sulfate in gastrointestinal studies.
Due to potential harm to certain individuals, non-ionic iodinated contrast media is extensively utilized as a safer alternative to ionic contrast media. Iodinated contrast agents temporarily change the way X-rays or other imaging tools interact with the human body. Iodinated contrast agents are usually injected into a blood vessel or within the disk/fluid spaces of the spine. As a result of its wide use in the healthcare sector for medical imaging purposes, demand for iodine as a contrast agent is expected to increase significantly over the forecast period.
"Environmental Stability of Iodine Contributing to Widespread Adoption in Chemical Industries”
Iodine is widely used as a catalyst in various chemical reactions, including the synthesis of ketones and the esterification of acids. In these reactions, iodine is used in its molecular form as a catalyst. Iodine is also used in the acylation of alcohols, allylation of aldehydes, cycloaddition reactions, and oxidization of benzylic alcohols. These reactions are critical in the production of various chemicals, such as acetic acid, which are used in the chemical industry for the production of other chemicals and products.
Chemical industries use iodine for conducting catalytic reactions because of its environmentally stable properties and cost-effectiveness. Unlike transition metals, iodine does not release toxic compounds during the catalytic process, making it a safer and more environmentally friendly alternative. Growing demand for organic acids is driving the growth of the market, and its continued adoption by chemical industries is expected to contribute to this growth in the future.
“Potential Toxicity Associated with Iodine and Periodic Fluctuations in Prices”
Increasing availability of iodine substitutes such as bromine, chlorine, antibiotics, and boron for various applications, particularly in biocides, colorants, and inks, is expected to hinder the demand for iodine globally.
Price volatility can have a negative impact on sales of iodine in terms of value. Iodine prices are subject to change every year and quarter, which can affect the profitability of manufacturers in the future.
The potential toxicity associated with the consumption of iodine, lack of awareness about the importance of iodine in human nutrition, especially in developing economies, and limited investments in mining and extraction activities owing to the global economic slowdown are also significant factors hindering the growth of the market.
What is the Growth Outlook for the Iodine Market in the United States?
"Widespread Use of Iodine as Disinfectant and Stabilizer in Plastic Manufacturing”
The market in the United States is projected to expand at a CAGR of 7% during the forecast period.
The industrial and manufacturing sectors in the country have been expanding at a significant pace. Demand for iodine in the United States is driven by a variety of applications, such as its use as a disinfectant, a stabilizer in plastics and other materials, and as a catalyst in the production of other chemicals. Sales of iodine are projected to continue to grow in the coming years due to the expanding use of iodine in various industries.
How is Demand for Iodine Shaping Up in India?
“Demand for Iodine Driven by High Prevalence of Iodine Deficiency and Extensive Industrial Use”
The market in India is projected to expand at a CAGR of 8.2 % during the forecast period. India is one of the world's largest consumers of iodine products in India, the high demand for iodine can be attributed to the large population affected by iodine deficiency, which is a prominent cause of preventable brain damage globally. The soil in many parts of the country is deficient in iodine, which further contributes to the widespread deficiency among the population.
Use of iodized salt is not universal in India, leading to a lack of adequate iodine intake. Use of iodine in various industries also contributes to the demand for iodine in the country. Efforts are being made to mitigate iodine deficiency and increase awareness about the importance of iodine for health.
Which Application is Anticipated to Account for High Demand for Iodine?
"Rising Adoption of Iodinated Contrast Media in Medical Imaging”
Based on application, the X-ray contrast media segment is expected to hold a prominent market share and is projected to grow at a CAGR of 7.7% during the projected period.
The iodine market is driven by the use of iodinated contrast media in medical imaging procedures, particularly X-ray and computed tomography (CT) scans. Iodine is used as a contrast agent to enhance the visibility of internal structures and organs, making it easier for physicians to diagnose and treat a variety of conditions.
Demand for X-ray contrast media is driven by the increasing use of imaging technologies in healthcare, particularly in developed countries. Additionally, the aging population and the growing prevalence of chronic diseases are contributing to the demand for X-ray contrast media. Use of iodine in X-ray contrast media is an important and growing application in the market.
Which Source is Most Popular for Iodine Manufacturing?
“Growing Utilization of Natural Brine for Production of Iodized Salt, Food Items, and Medicines”
Based on source, iodine from natural brines is prominently consumes in the global market. Natural brines account for 56% of the market in 2023.
Natural brine, rich in inorganic iodine, serves as a significant source of this essential element. Iodine is vital for proper thyroid function and hormone production, as the human body cannot synthesize it independently. Brine from iodine-rich regions, like the United States and Japan, plays a crucial role in providing iodine for iodized salt, food items, and medical uses, including the production of X-ray contrast media.
The global iodine market is estimated to consolidate in nature, with few key players holding a significant market share. Key manufacturers are striving to enhance their supply chain network to expand their market footprint and revenue. Prominent manufacturers are focusing on boosting their production capacity.
Manufacturers are investing in the development of innovative sustainable products to penetrate new markets. Key players are focusing on the development of typically cost-effective as compared to other substitutes, making them an attractive option for the key end users.
| Attribute | Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization and Pricing |
Available upon Request |
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The global iodine market reached a value of US$ 2.76 billion in 2022.
Worldwide demand for iodine rose at 32.1% CAGR from 2018 to 2022.
Natural brines account for a prominent share of 56% of the market in 2023.
The United States accounts for 89.4% share of the North American iodine market.
The market for iodine is projected to reach US$ 6.9 billion by 2033.
The global market is predicted to expand at a CAGR of 7.3% from 2023 to 2033.
Sociedad Química y Minera (SQM), ACF Minera S.A., Atacama Chemical S.A (Cosayach), Iofina inc, and IOCHEM Corporation account for 60% to 65% market share.
Manufacturers’ focus on increased iodine production and strengthening supply chains are key market trends.
China, the United States, Germany, India, and the United Kingdom are leading consumers of iodine.
China accounts for 54.3% share of the East Asia market and is projected to expand at a CAGR of 8.1% through 2033.
