Iodine Market Size, Share & Trends Analysis Report By Source (Caliche Ore, Underground Brines), By End-use (Pharmaceuticals, Animal Feed), By Region, And Segment Forecasts, 2023 - 2030

Iodine Market Size & Trends

The global iodine market size was estimated at USD 1.31 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. Growth in the pharmaceutical industry and increased requirements for fortified animal feed have been contributing to iodine demand. Various acquisitions across the industry value chain have resulted in streamlining iodine supply, thereby ensuring operational excellence and improved profitability for market players. For instance, an agreement with Quimica Sociedad y Minera de Chile was announced by GE Healthcare's Pharmaceutical Diagnostics business in October 2022.to secure its iodine supply. In medical imaging, such as X-ray and Computed Tomography procedures, iodine continues to be a key ingredient for contrast media products.

The medical segment held the largest revenue share in 2022 of the overall market. Iodine is an important trace element that must be obtained from food or nutritional supplements. It is required by the body to produce thyroxine and triiodothyronine, the thyroid hormone. This hormone assists in the formation of essential proteins and enzymes that aid in regulating metabolic activity.

Iodine-based levothyroxine drugs are manufactured with iodine being the primary constituent. Hence, the product demand has been high in the country. Without adequacy of the product, the thyroid hormones do not function properly, and lead to an under-active or overactive thyroid gland. This causes medical conditions, such as hypothyroidism and hyperthyroidism, that have various negative side effects on the body.

Rising demand in the U.S. for iodine has been attributed to increased usage of thyroxine medicines to correct thyroid deficiencies. The increasing population, risks associated with a sedentary lifestyle, and unhealthy eating habits have contributed to almost 7% of the country’s population being diagnosed with hypothyroidism. This is expected to increase, and result in positively influencing market growth across the forecast period.

The increasing demand for non-interventional investigative medical equipment such as X-rays and Computed Tomography is also a key driver for the market. For medical imaging studies, such as CT scans, angiograms, myelograms, and arthrograms, iodine-containing contrast media are widely used to make hollow structures in the body.

Source Insights

The caliche ore segment held the largest revenue share of about 48% in 2022 in the global market. This trend is anticipated to continue over the forecast period. This is available in abundance in Chile, where large volumes of iodine are extracted and processed for commercial use. Sociedad Quimica y Minera de Chile SA and Albemarle are key mining companies that process caliche ore in CSA and North America, respectively.

Caliche ore is widely available, especially in arid regions, easily extracted, and cost-effective. It is also known as calcrete, duricrust, or hardpan. It is a shallow layer of soil or sediment in which particles are cemented together by minerals, such as calcium carbonate, that have precipitated in interstitial spaces.

The underground brines segment held the second-largest share in 2022 in the global market. The main reserves of brines are in Chile, Japan, USA, CIS, and Indonesia, and are mainly associated with natural gas and oil deposits found in these regions. It is the most widely used technique for iodine production, however, volumes associated with caliche ore extraction are the highest in the world.

End-use Insights

In terms of end-use, the medical imaging segment held the largest revenue share of about 36% in 2022. This constituted the X-ray contrast media or medical imaging devices that are used in diagnostics such as X-ray, angiography, and CT scans. Iodinated-contrast media contain iodine atoms for imaging modalities. It is a preferred contrasting agent since its k-shell binding energy is similar to the average energy of X-rays used in radiography.

Chemicals that include iodophors, biocides, and fluorochemicals held a combined revenue share of about 21% in 2022. Iodophors are a preparation of iodine and an organic molecule, such as a polymer, from which the latter gets gradually released. It is widely used in the dairy industry and breweries as a disinfectant.

Biocides are chemicals that destroy or render inactive any harmful microorganism. They are widely used in the food & beverage industry. Iodine is also used in the synthesis of fluorochemicals, which are chemical compounds that contain fluorine. The increasing usage of these chemicals in various end-use industries is anticipated to boost the market growth during the forecast period.

Regional Insights

Europe held the largest revenue share of over 36% of the global market in 2022. The region has an established medical field, wherein CT devices are extensively utilized. According to the OECD, in Italy, the density of CT scanners per million of the population stood at 40.1 in 2021. This reflects the potential for iodine consumption, and this trend is expected to continue over the forecast period.

Asia Pacific is another vital region of the market. The increase in awareness of chronic lifestyle diseases, and the robust establishment of the pharmaceutical industry has led to the demand for both lifestyle medicines and medical imaging. For instance, in November 2022, Indian pharma company Zydus Lifesciences received approval from the US FDA to market its levothyroxine medicine in the US. This is expected to boost iodine consumption in the region over the forecast period.

There lies immense growth potential for the market in North America. The increasing number of lifestyle diseases and the correspondingly higher number of patients undergoing diagnostic imaging procedures are anticipated to boost product demand in the region, over the coming years.

Key Companies & Market Share Insights

The landscape is very competitive and concentrated as well. Key players have been devising strategies such as expanding market share, investing in R&D, and undertaking mergers & acquisitions. Key developments by players in the value chain have direct and positive implications for major companies in the market.

Iodine Market Report Scope

Global Iodine Market Report Segmentation

This report forecasts revenue and volume growth at the country and regional level and provides an analysis of the latest industry trends and opportunities in source and end-use segments from 2018 to 2030. For this study, Grand View Research has segmented the global iodine market report based on source, end-use, and region:

• Source Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • Caliche Ore

  • Underground Brines

  • Recycling

  • Seaweed

• End-use Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • Pharmaceuticals

  • Animal Feed

  • Medical Imaging

  • Chemicals

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa