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Iodine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 150 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5025924
The iodine market was valued at over 34,800 tonnes in 2021, and it is expected to register a CAGR of greater than 5% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdown around the world, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market. However, the demand from the medical industry and recovering conditions in 2021 are expected to restore the growth trajectory of the market studied during the forecast period.

Key Highlights

  • The increasing demand for X-ray contrast media, growing iodine deficiency among people, and vast applications of iodine derivatives​​ are expected to drive the demand for iodine.
  • Moreover, the toxicity of iodine and health-related issues due to excessive consumption of iodine pose major restraints in the market studied.
  • By application, the medical sector is expected to dominate the market, owing to the increase in the usage of iodine to cure diseases like goiter.
  • Europe is dominating the global iodine market, with major consumption coming from countries such as Germany, the United Kingdom, and France.

Key Market Trends

Medical Segment to Dominate the Market

  • In the medical sector, the application of iodine includes X-ray contrast media, pharmaceuticals, iodophors, and povidone-iodine (disinfectants). Demand for iodine has increased over the past few years due to the rising need for X-ray contrast media, its low toxicity, high atomic number, and ease of adjunction with organic compounds.
  • The development of medical technologies has propelled the demand for iodine in this application. The radiographic contrast media containing iodine enhances the visibility of vascular structures and organs during radiographic procedures.
  • Radioactive iodine is an effective type of treatment for cancer of the thyroid gland. This is because the radioactive iodine from the drink or capsule is absorbed into the body and picked up by the thyroid cancer cells, even if they have spread to other parts of the body. The radiation then destroys the cancer cells.
  • EFPIA Oncology Platform provides an environment to support medical innovation in Europe and help deliver new treatments for the benefit of people living with cancer. Under this, research continues at pace with over 1,300 cancer medicines in development and over 1,200 oncology clinical trials started in 2020.
  • Moreover, iodine is used in pharmaceuticals for preparing disinfectants, bactericides, and analgesics, among others (for example, tincture of iodine), which is used in the synthesis of sodium iodide, potassium iodide, and iodine solution.
  • Furthermore, the pharmaceutical industry stands to be the largest in North America, followed by Europe and Asia-Pacific. Currently, in Asia-Pacific countries, such as India, China, and Indonesia, the pharmaceutical industry's growth is fast-paced and quickly evolving, with generic drug production dominating the regional pharmaceutical production.
  • According to IBEF, India’s domestic pharmaceutical market is estimated at USD 42 billion in 2021 and is expected to reach USD 120-130 billion by 2030.
  • With such initiatives, R&D, and heavy demand from the medical sector, the demand for iodine is expected to increase in the forecast period.

The United States is the Largest Consumer of Iodine

  • The United States is one of the world’s largest and most powerful economies. The development of medical technologies and the huge demand for annimal feed have propelled the demand for iodine in the country.
  • According to US Geological Survey (USGS), in the United States, the reported consumption of iodine amounted to 4,000 metric tons in 2021, with domestic production from the iodine-rich brine wells in northwestern Oklahoma.
  • According to the ITC trademap, the United States was the third-largest importer of iodine in 2020. The imported quantity of iodine was about 4,569 metric tons in 2020, which increased from 4,304 tons in 2019.
  • The pharmaceutical sector has been one of the major industries in the United States, as well as one of the most R&D-intensive industries in the country. According to Pharmaceutical Research and Manufacturers of America (PhRMA), the domestic revenue of the United States came to around USD 425 billion in 2020, which is expected to increase due to the spread of COVID-19 across the world.
  • The increasing geriatric population and the increasing requirement for medical facilities for the treatment of chronic diseases are expected to support the growth of the pharmaceutical sector and the consumption of iodine for the production of medicines in the country over the forecast period.
  • Furthermore, the United States is the largest feed-producing country globally, with an estimated 214 million metric ton (MMT), with beef (61.09 MMT), broilers (48.525 MMT), and pigs (44.86 MMT) as the leading species.
  • The demand for animal feed is very high in the United States as it is the world's largest producer and second-largest exporter of poultry meat. Poultry meat, including broilers, other chicken, turkey, beef, and pork, is in high demand in the country.
  • Therefore, with the abovementioned factors, the demand for iodine is expected to increase in the United States during the forecast period.

Competitive Landscape

The market studied is consolidated, with the top four players accounting for about 70% of the global market. Major companies (not in any particular order) in the market include SQM SA, ISE CHEMICALS CORPORATION, Algorta Norte, IOCHEM, and COSAYACH.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Demand in X-ray Contrast Media
4.1.2 Growing Iodine Deficiency among People
4.1.3 Vast Applications of Iodine Derivatives
4.2 Restraints
4.2.1 Toxicity of Iodine and Health-related Issues
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5.1 Source
5.1.1 Underground Brine
5.1.2 Caliche Ore
5.1.3 Recycling
5.1.4 Seaweeds
5.2 Form
5.2.1 Inorganic Salts and Complexes
5.2.2 Organic Compounds
5.2.3 Elementals and Isotopes
5.3 Application
5.3.1 Animal Feeds
5.3.2 Medical
5.3.3 Biocides
5.3.4 Optical Polarizing Films
5.3.5 Fluorochemicals
5.3.6 Nylon
5.3.7 Other Applications (Human Nutrition and Catalysts)
5.4 Geography
5.4.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.4.2 North America United States Canada Mexico
5.4.3 Europe Germany United Kingdom Italy France Rest of Europe
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Algorta Norte
6.4.2 Calibre Chemicals Pvt. Ltd
6.4.3 Cosayach
6.4.4 Deep Water Chemicals
6.4.5 Eskay Iodine
6.4.6 Glide Chem Private Limited
6.4.7 GODO SHIGEN Co. Ltd
6.4.8 IOCHEM
6.4.9 Iofina PLC
6.4.12 Kanto Natural Gas Development Co. Ltd
6.4.13 Nippoh Chemicals Co. Ltd
6.4.14 Parad Corporation Pvt. Ltd
6.4.15 Protochem
6.4.16 Salvi Chemical Industries Ltd
6.4.17 Samrat Pharmachem Limited
6.4.18 SQM SA
7.1 Rising Demand in Usage of Biocides

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Algorta Norte
  • Calibre Chemicals Pvt. Ltd
  • Cosayach
  • Deep Water Chemicals
  • Eskay Iodine
  • Glide Chem Private Limited
  • Iofina PLC
  • Kanto Natural Gas Development Co. Ltd
  • Parad Corporation Pvt. Ltd
  • Protochem
  • Salvi Chemical Industries Ltd
  • Samrat Pharmachem Limited
  • SQM SA