Iodine Market Size To Reach $4.88 Billion By 2030 | CAGR: 4.4%

Iodine Market Growth & Trends

The global iodine market size is expected to reach USD 4.88 billion by 2030, expanding at a CAGR of 4.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for medicines that address iodine deficiency in the thyroid gland is a key driver for the market. In addition, the requirement for enriched animal feed is also boosting product demand.

Based on segmentation by source, iodine is derived from caliche ore, underground brines, recycling, and seaweed. Caliche ore accounted for the largest revenue share in 2023 due to its widespread availability in the earth’s crust. The two naturally occurring crystalline forms of iodine in caliche ore are lautarite and dietzeite, constituting around 0.04% (400 ppm) of iodine.

Based on data from the World Iodine Association, about 2 billion people around the globe are afflicted by iodine deficiency, which is understood to be one of the most preventable causes of mental retardation in children and adults. It also results in decreased rates of metabolism, thereby impacting the general functioning and efficiency of people.

The global iodine industry is highly concentrated. The growth in the medical devices and pharmaceutical industry are the key market drivers. For instance, in May 2023 , GE Healthcare announced that it would expand its active pharmaceutical ingredient (API) manufacturing capacity in Lindesnes, Norway for an investment of USD 80 million. This would increase its production capacity by 30% at this site. This was following an agreement it signed in October 2022 with Sociedad Quimica y Minera de Chile S.A, for securing iodine supply for its Pharmaceutical Diagnostics business. In medical devices such as X-ray and Computed Tomography (CT) procedures, iodine continues to be a key ingredient for contrast media products.

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Iodine Market Report Highlights

• Based on source, caliche ore segment accounted for a revenue share of 48.5% of the market in 2023. It is widely available especially in arid regions and is easily extracted and cost-effective

• Based on countries, the U.S. is anticipated to register a CAGR of 3.5%, in terms of revenue, over the forecast period. The growth can be attributed to the increasing requirement for medical intervention to treat an underactive thyroid amongst the vast majority of the population, including pregnant women and geriatric patients

• Based on end-use, the medical imaging segment accounted for the highest revenue share of about 36.2% in 2023. It constitutes the X-ray contrast media used in diagnostic devices such as X-rays, CT machines, and angiography

• Competitive rivalry is high in the market, and players have been expanding their presence by investing in additional capacity. For instance, in November 2023,Japan-based AGC Wakaha Chemicals Co., Ltd. commissioned its new production line at its Kaminaka plant in Fukui Prefecture to boost its production capacity to 1.5 times of its current levels.

Iodine Market Segmentation

Grand View Research has segmented the global iodine market based on source, end-use, and region:

Iodine Source (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Caliche Ore

• Underground Brines

• Recycling

• Seaweed

Iodine End-use (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Pharmaceuticals

• Animal Feed

• Medical Imaging

• Chemicals

• Others

Iodine Region (Volume, Kilotons; Revenue, USD Million, 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

List of key players in the Iodine Market

• ACF Minera SA

• Cosayach

• Glide Chem Private Limited

• GODO SHIGEN Co. Ltd

• Iochem Corporation

• Iofina

• ISE Chemicals Corporation

• Itochu Chemical Frontier Corporation

• Kanto Natural Gas Development Co. Ltd

• NIPPOH CHEMICALS CO. LTD