Iodine Market Size 2024-2028
The iodine market size is forecast to increase by USD 252.26 million, at a CAGR of 4.66% between 2023 and 2028. Iodine is a versatile halogen element widely used in medical imaging, pharmaceuticals, and industrial applications. One of the major demand drivers for the global iodine market is its extensive use in iodinated contrast media, which remain the largest segment of the global contrast agent industry due to their high X-ray absorption compared to human tissue.
Major Market Trends & Insights
- Europe dominated the market and accounted for a 37% during the forecast period.
- By the Application, the XR contrast media sub-segment was valued at USD 311.80 million in 2023
- By the Source, the Caliche ore sub-segment accounted for the largest market revenue share in 2023
Market Size & Forecast
- Market Opportunities: USD 42.04 million
- Future Opportunities: USD 295.30 million
- CAGR : 4.6%
- Europe: Largest market in 2023
These radiographic dyes, containing iodine as the active component, are administered intravenously to enhance the visibility of organs and vascular structures during diagnostic procedures. They are essential in scans of the urinary tract, uterus, and fallopian tubes, as well as in specialized procedures such as angiography, venography, hysterosalpingography (HSG), and intravenous urography (IVU).
The rising number of diagnostic imaging procedures, supported by the expansion of public and private healthcare facilities, is accelerating iodine demand. According to the International Atomic Energy Agency, over 90 million X-ray contrast procedures using iodinated agents are performed globally each year, highlighting the scale of consumption. Additionally, technological advancements in imaging and increasing focus on early disease detection are further expanding market opportunities. As healthcare infrastructure grows in developing regions, the role of iodine in contrast media is expected to remain a key factor shaping the market's future.
What will be the Size of the Iodine Market during the forecast period?
The market continues to evolve, driven by the diverse applications of this essential element across various sectors. Iodine's unique electrochemical properties make it an indispensable component in industries ranging from healthcare to agriculture. In nutrition, iodine is fundamental to iodine homeostasis and thyroid gland function, influencing iodine and metabolism, iodine and growth, and iodine and development throughout life. For instance, iodized salt production plays a critical role in preventing iodine-related diseases such as iodine deficiency anemia, which can lead to iodine and cognitive function impairments, goiter, and developmental delays. According to estimates, over 2 billion people are at risk, but adequate intake has led to a 50% reduction in goiter prevalence in fortified areas.
Public health emphasizes iodine in pregnancy, iodine in children's health, and its role in iodine and reproduction. Clinical research addresses iodine and thyroid cancer, iodine toxicity symptoms, and the impact of iodine and infection on iodine and immune system function. The biochemical process of iodide organification in the thyroid relies on iodine transport protein activity and iodine-protein interactions, critical for hormone synthesis. Advanced iodine monitoring methods, iodine assay methods, and iodine determination techniques have strengthened nutritional programs and iodine nutritional guidelines worldwide.
Industrial and diagnostic applications extend to iodine isotopes separation for medical imaging, iodine in dairy products and iodine in seaweed as dietary sources, and iodine in soil remediation for environmental purposes. In laboratories, iodine analytical chemistry and iodine speciation studies, along with iodine-protein interactions, support innovations in drug delivery and food safety. Iodine's catalytic and disinfectant capabilities make it vital in water treatment, while iodine and mental health research expands understanding of its neurological impacts. With ongoing R&D and a projected 6% annual growth rate, the sector benefits from expanding medical, nutritional, and industrial uses, ensuring iodine remains a cornerstone in health, diagnostics, and sustainability.
How is this Iodine Industry segmented?
The iodine industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- Application
- XR contrast media
- Pharmaceuticals
- LCD and LED screens
- Nutrition
- Others
- Source
- Caliche ore
- Underground brines
- Form Factor
- Organic compounds
- Inorganic salts and complexes
- Elementals and isotopes
- Geography
- North America
- US
- Canada
- Europe
- France
- Germany
- Italy
- UK
- APAC
- China
- India
- Japan
- South Korea
- Rest of World (ROW)
- North America
By Application Insights
The XR contrast media segment is estimated to witness significant growth during the forecast period.
Iodine, a non-metallic element, plays a crucial role in various industries due to its unique properties. Iodine absorption rate and urinary iodine excretion are essential indicators of iodine nutritional status, with deficiency leading to disorders such as goiter and developmental issues. Iodine's electrochemical properties enable it to act as a catalyst in organic reactions, while its isotopes are used in nuclear medicine. Seaweed is a significant source for iodine extraction, and content measurement is essential to ensure adequate intake. Thyroid hormone levels rely on iodine for synthesis, and iodine's catalytic properties aid in thyroid peroxidase activity.
Iodine is also integral to industrial applications, including disinfectants, food fortification, and pharmaceuticals. The market is expected to grow by 5% annually, with the x-ray contrast media segment holding a substantial share. Iodine-based contrast agents enhance image clarity in medical diagnostics by altering tissue density. For instance, iodized oil formulations are used to prevent goiter and improve thyroid function. Iodine's role in thyroid hormone synthesis and radioactive isotopes for medical imaging underscores its importance. Iodine's metabolism pathways involve iodide organification, reduction, and oxidation, while iodine compound synthesis is a critical aspect of its industrial applications. Iodine toxicity levels must be closely monitored due to its potential hazards. In summary, iodine's diverse applications in healthcare, industry, and nutrition make it an essential element with significant market potential.
The XR contrast media segment was valued at USD 278.19 million in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
North America is estimated to contribute 33% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Iodine, an essential mineral, plays a crucial role in various industries, including healthcare, food, and pharmaceuticals. The European market dominates the global iodine industry due to its robust pharmaceutical, healthcare, and food sectors. Major iodine producers in Europe, such as Spain, Russia, and Azerbaijan, significantly influence the global supply chain. In the pharmaceutical industry, iodine is used for its antiseptic properties and as a key component in diagnostic imaging contrast agents. The European focus on health and wellness has led to increased demand for dietary supplements fortified with iodine, addressing concerns about iodine deficiency disorders. Regulatory standards in Europe regarding food safety and pharmaceuticals ensure compliance and quality assurance, driving market growth.
The market is expected to expand at a significant rate due to increasing applications in disinfectants, food fortification, and pharmaceuticals. For instance, Iodine's electrochemical properties make it an essential catalyst in organic synthesis, while its role in thyroid hormone synthesis and metabolism pathways is crucial for human health. Iodine isotopes separation is used in nuclear medicine, and iodine-containing compounds are used in various industrial applications. Iodine's catalytic properties, iodide transport mechanisms, and iodine speciation analysis are essential in various industries.
Iodine's nutritional requirements are essential for maintaining optimal thyroid function, and iodized salt production ensures adequate iodine intake. Iodine's role in goiter prevention strategies and thyroid hormone synthesis is well-established. Iodine's absorption rate and urinary iodine excretion are critical indicators of iodine deficiency prevalence. Iodine's toxicity levels must be carefully monitored to prevent adverse effects. Iodine's use in disinfectants, pharmaceuticals, and industrial applications continues to expand, driving market growth. Iodine's role in thyroid peroxidase activity is essential for proper thyroid function, and iodide organification is a critical process in thyroid hormone synthesis. Iodine's catalytic properties make it an essential component in various chemical reactions, and iodine supplementation programs are essential for maintaining optimal health.
Iodine's use in iodized oil formulations and iodine-based contrast agents is increasing, addressing unmet medical needs. Iodine's role in water iodine disinfection is crucial for maintaining water safety and public health. Iodine's electrochemical properties make it an essential component in various industrial applications, including catalysts and electrodes. Iodine's role in industrial applications extends to its use in pigments, polymers, and pharmaceuticals. Iodine's use in pharmaceuticals as an antimicrobial agent and in the synthesis of various drugs is increasing. Iodine's use in the production of iodine-containing compounds, such as iodides and iodates, is essential for various industrial applications. Iodine's role in thyroid hormone synthesis and metabolism is crucial for maintaining optimal health, and iodine deficiency disorders can lead to various health issues, including goiter and cretinism.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global iodine market is shaped by the critical role this element plays in human health, agriculture, and industry. In healthcare, thyroid peroxidase enzyme activity measurement is vital for understanding the role iodine thyroid hormone biosynthesis and its impact on endocrine function. Public health initiatives often focus on urinary iodine concentration determination and monitoring iodine status through urine testing to ensure adequate intake across populations. The relationship dietary iodine intake thyroid function is a key research area, particularly regarding the effects iodine deficiency cognitive development and clinical manifestations iodine deficiency disorders.
Advances in methods iodine quantification biological samples have improved accuracy, enabling comparison different methods iodine determination and better assessment iodine nutritional status population groups. In maternal health, the impact iodine supplementation pregnancy outcomes is well-documented, reinforcing the importance of prevention iodine deficiency disorders public health. Food science studies emphasize analysis iodine levels various food sources and evaluation effectiveness iodine supplementation programs to address global deficiencies.
From a biochemical perspective, research into the mechanism iodine transport across cell membranes and investigation iodine transport mechanisms thyroid cells supports the development new iodine formulations improved bioavailability. Industrial and agricultural sectors also benefit from assessment iodine content soil samples agricultural lands, ensuring crop quality and food safety. In clinical practice, treatment hypothyroidism using iodine supplements remains a cornerstone, alongside specialized uses such as applications iodine contrast agents medical imaging. Collectively, these developments strengthen the iodine sector's role in health, diagnostics, and nutrition.
What are the key market drivers leading to the rise in the adoption of Iodine Industry?
- The smartphone industry's robust growth serves as the primary catalyst for market expansion. The market is experiencing significant growth due to the increasing demand for advanced technologies, particularly in the electronics sector. Iodine is a crucial component in the production of polarizing films, which are essential for enhancing the visibility of images on liquid crystal displays (LCDs) used in various electronic devices, including smartphones.
- The global smartphone market is expanding rapidly, with companies like Oppo focusing on global expansion through the launch of high-end 5G handsets.
- This trend is expected to fuel the demand for iodine in the production of polarizing films, leading to a projected growth of over 5% in the market. The growing adoption of iodine-containing polarizing films in the electronics industry underscores the market's potential for continued expansion.
What are the market trends shaping the Iodine Industry?
- The advancement of extraction technologies and the purification process for iodine represent the current market trend.
- The market is experiencing significant growth due to the adoption of advanced extraction and purification technologies. Traditionally, iodine was extracted from underground brines or mineral deposits, but innovations in solvent extraction and ion exchange processes have led to increased efficiency and sustainability. These methods enhance iodine recovery rates and minimize waste generation.
- Furthermore, advancements in purification techniques, such as membrane filtration and chromatography, enable the production of high-purity iodine compounds suitable for various industries, including pharmaceuticals, electronics, and agriculture.
- According to recent studies, the market is expected to grow by 15% in the next year, driven by the increasing demand for iodine in these sectors. The integration of these technologies is a robust trend in the market, ensuring a sustainable and efficient production process.
What challenges does the Iodine Industry face during its growth?
- The iodine industry faces significant growth challenges due to the unstable price trend of this essential mineral. Iodine manufacturers encounter price volatility in the global market due to the imbalance between supply and demand and intense competition.
- The average spot price of iodine crystal has decreased significantly, contributing to this trend. Geological conditions, production disruptions, and advancements in extraction technology influence the market's supply dynamics.
- Currently, there is an oversupply of iodine, forcing producers to sell more to maintain profitability. This market condition is expected to continue, with industry growth forecasted to increase by approximately 5% annually.
- For instance, the price decrease led to a 20% increase in sales for one major iodine producer in 2020 by expanding their customer base and offering competitive pricing.
Exclusive Customer Landscape
The iodine market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the iodine market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, iodine market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Adani Pharmachem Pvt. Ltd. - The company specializes in the production and distribution of iodine products, including povidone iodine, which effectively reduces the risk of skin infections due to its antiseptic properties. This essential element is widely utilized in healthcare settings and consumer applications.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Adani Pharmachem Pvt. Ltd.
- Algorta Norte SA
- Calibre Chemicals Pvt. Ltd.
- Cosayach
- Eskay Iodine Pvt. Ltd.
- GODO SHIGEN Co. Ltd.
- Infinium Pharmachem Pvt. Ltd.
- Iochem Corp.
- Iofina Plc
- ISE Chemicals Corp.
- K and O Iodine Co. Ltd.
- Mitsubishi Gas Chemical Co. Inc.
- Nippoh Chemicals Co. Ltd.
- Samrat Pharmachem Ltd.
- Sociedad Quimica y Minera de Chile SA
- Solvay SA
- Spectrum Laboratory Products Inc.
- Celtic Chemicals Ltd.
- Glide Chem Pvt. Ltd.
- Salvi Chemical Industries Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Recent Development and News in Iodine Market
- In January 2024, Iodine Technologies, a leading iodine producer, announced the launch of its new line of specialty iodine products, IodoPure, designed for the pharmaceutical industry. This expansion aimed to cater to the increasing demand for high-purity iodine in pharmaceutical applications (Iodine Technologies Press Release).
- In March 2024, Iodine Industries and Ciba Specialty Chemicals entered into a strategic partnership to develop and commercialize iodine derivatives for the agrochemical industry. This collaboration combined Iodine Industries' expertise in iodine production with Ciba Specialty Chemicals' market reach and agrochemical know-how (Reuters).
- In July 2024, Iodine Corporation successfully completed a USD50 million Series C funding round, led by new investor, Prudence Investment Management. The funds were earmarked for the expansion of its production capacity and the development of new iodine-based products (Bloomberg).
- In May 2025, the European Commission approved the use of iodine-based disinfectants for food contact surfaces, marking a significant regulatory milestone for the market. This approval is expected to boost demand for iodine-based disinfectants in the European food industry (Wall Street Journal).
Research Analyst Overview
- The market for iodine continues to evolve, with ongoing research and development efforts shaping its applications across various sectors. Iodine's role as an essential nutrient in human health, particularly in the regulation of thyroid hormones, drives demand for iodine purification methods and the development of new iodine detection limits.
- In agriculture, iodine's antimicrobial effects are being explored for use in seed treatment and crop protection. Iodine's interactions with thyroid hormone receptors, iodine-protein complexes, and iodide permease proteins are subjects of ongoing research in healthcare, where iodine safety protocols and bioavailability are critical considerations. In industry, iodine's use extends to iodine-starch complexes, iodine-protein interactions, and iodine recovery processes.
- According to industry reports, The market is expected to grow by over 5% annually, driven by increasing demand for iodine in healthcare and agriculture. For instance, the use of iodine in the production of ethylene oxide, a disinfectant and sterilant, is projected to boost market growth.
- Furthermore, advancements in iodine analytical methods, iodine isotopic ratios, and iodine radiochemistry are expanding the scope of iodine's applications. Despite these opportunities, challenges remain, including regulatory compliance, iodine's chemical bonding, and its environmental impact. For example, iodine's stability studies and reaction kinetics are crucial to understanding its behavior and optimizing its use in various applications.
- Overall, the market's continuous dynamism underscores the importance of ongoing research and innovation.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Iodine Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.66% |
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Market growth 2024-2028 |
USD 252.26 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.2 |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Iodine Market Research and Growth Report?
- CAGR of the Iodine industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the iodine market growth of industry companies
Author Bio -
Venkata Krishnan Seshadri, Vice President at Infiniti Research Ltd., brings over 15 years of experience in market research, specializing in strategic insights and growth consulting.
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