Iodine Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

The global iodine market reached around USD 3.82 Billion in 2024. The market is projected to grow at a CAGR of 4.30% between 2025 and 2034 to reach nearly USD 5.82 Billion by 2034.

Global Iodine Market Growth

As per the Organisation for Economic Cooperation and Development, the global GDP is expected to record a growth of 3.1% in 2024 and reach 3.2% in 2025. Major G20 economies such as India, Indonesia, and China are expected to grow at a rate of 6.6%, 5.1%, and 4.9% respectively. The expansion of the industrial sector is expected to raise the demand for biocides, which are used for controlling the spread of harmful microorganisms through biological and chemical action. They play a crucial role in agricultural and food processing, apart from healthcare and oil and gas (for preventing pipeline corrosion) industries. This is expected to surge the demand for iodine as it is a critical raw material for biocide production.

Over 1.7 billion automotive tyres are produced annually worldwide. Nearly 70% are meant for passenger vehicles, while 30% are used for manufacturing heavy-duty vehicles like trucks. The per capita vehicle ownership in New Zealand is 869 per million inhabitants (the highest in the world), which is followed by the United States (860), Poland (761), Italy, (756), Australia (737), and France (704). The burgeoning tyre replacement market in leading countries such as China and India is also expected to raise the demand for iodine, which is used as a catalyst in the production of synthetic rubber worldwide.

Key Trends and Developments

Growing demand for animal feed; rising scientific research; increasing applications of iodine in forensic photography; and synthesis of dyes and pigments are the major trends impacting the iodine market expansion

July 2024

In the first half of 2024, Iofina PLC increased the production of crystalline iodine by over 14%, which reached 276.1 metric tons. It is expected to commission IO#10, a new form of iodine at a new facility in the second half of 2024.

April 2024

The Nitrates Iodine Division of SQM, a leading chemical manufacturing company based in Chile, is strategising the implementation of Tente en el Aire (TEA). Under this programme, the company aims to boost its control over oil and gas mining areas and increase iodine production to 23,000 tons by merely relying on seawater.

October 2023

Iofina PLC signed an agreement with a brine supply partner to build a new Iosorb iodine plant in the region of western Oklahoma.

December 2021

Researchers at the University of Colorado Boulders discovered that desert dust has the potential to destroy air pollution, due to its iodine concentration.

Growing Demand for Animal Feed

Iodine is a critical micronutrient for fetal development and lactation among pregnant cattle since it facilitates calf growth.

Rising Scientific Research

Cesium iodide can absorb particle radiation, gamma, and X-rays to emit visible light. This facilitates medical diagnostics, advancements in nuclear physics, and exploration of natural resources.

Applications of Iodine in Forensic Photography

Iodine vapours react with fingerprint oils to form latent images on porous surfaces, including paper. This facilitates crime investigation.

Synthesis of Dyes and Pigments

Iodine is used to synthesise vibrant colours, such as red#3, for applications in the cosmetics, food, and textiles industries. It also ensures the fastness and stability of dyes by reducing the impact of environmental exposure.

Global Iodine Market Trends

Tanzania is home to Africa’s second-largest cattle population after Ethiopia. It has 36.6 million cattle heads, which constitutes a share of 11% of Africa’s total cattle population. It has one of the fastest-growing populations of livestock in the world and accounts for 1.4% of the total cattle population. The animal husbandry industry employs nearly 4.6 million households, which represents 33% of the population. This is expected to raise the demand for animal feed, and thereby drive the market.

Global Iodine Industry Segmentation

The report titled “Global Iodine Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Source:

• Caliche Ore
• Underground Brines
• Recycling
• Seaweed

Market Breakup by End Use:

• Pharmaceuticals
• Animal Feed
• Medical Imaging
• Chemicals

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Iodine Market Share

Based on end use, the market is segmented into pharmaceuticals, animal feed, medical imaging, and chemicals, among others. Over the forecast period of 2025-2034, the pharmaceuticals sector is estimated to grow at a CAGR of 4.6% as the demand for iodine as a nutritional supplement surges.

Leading Companies in the Global Iodine Market

The shift towards sustainability is prompting major iodine producers in Chile to boost their reliance on seawater to double their iodine production while providing fresh water to local communities under its CSR initiatives.

Iofina

Iofina was originally established in 1983 and was acquired by Iofina Chemicals in 2009. It is based in the United States and specialises in the manufacturing of iodine and the derivatives of speciality chemicals. It operates its Iosorb iodine extraction plants in Oklahoma and Kentucky.

ISE Chemicals Corporation

ISE Chemicals Corporation was founded in March 1927 and is headquartered in Tokyo, Japan. It is engaged in the extraction of natural gas, and the manufacturing, processing, and distribution of nickel, and iodine compounds.

Itochu Chemical Frontier Corporation

Itochu Chemical Frontier Corporation was founded in 1971 and is based in Tokyo, Japan. It is engaged in producing and exporting organic chemicals, functional materials, feed additives, pharmaceuticals, and other industrial intermediates.

Iochem Corporation

Iochem Corporation, which is based in Oklahoma (U.S.A.) has over 35 years of experience in the production of resumblimed, flake, prill, and recycled iodine. It was founded in October 1987 and is a key iodine supplier for the US pharmaceutical and healthcare industry.

Other major market players are Woodward Iodine Corporation, Glide Chem Pvt Ltd., GODO SHIGEN Co.,Ltd., Kanto Natural Gas Development Co. Ltd., Nippoh Chemicals Co., Ltd., and Algorta Norte S.A., among others.