Iodine Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Iodine Market Forecast 2024-2028

The iodine market size is projected to increase by USD 252.26 million at a CAGR of 4.66% between 2023 and 2028. The growth of the market is propelled by the huge availability of iodine reserves, although its progress is hindered by the on-availability of iodine in some developing and underdeveloped countries. Furthermore, there is a notable upward trend in the flourishing global medical tourism industry. Market growth is significantly propelled by the abundance of iodine reserves, crucial for its extraction and utilization across diverse industries like pharmaceuticals and electronics. These reserves, sourced from brine or caliche ore, are prevalent in nations including Japan, Chile, the US, Turkmenistan, Azerbaijan, and Indonesia. Japan boasts the largest reserves globally, trailed by Chile, the US, Azerbaijan, and other nations such as Russia, Indonesia, Turkmenistan, and China.

What will be the Size of the Market During the Forecast Period?

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Market Definition

Iodine and its derivatives are used as intermediates in industrial chemicals and for human nutrition. It is sourced from water bodies such as oceans and water pools, as well as from seaweed. Its deficiency in humans results in health-related issues such as goiter, heart disease, mental retardation, and eyesight problems.

Market Segment Insights

Application Insights

The XR contrast media segment is estimated to witness significant growth during the forecast period. The high atomic number and density of iodine help increase the contrast between tissues, organs, and blood vessels with similar X-ray densities in the body. When iodine-based and barium-sulfate contrast materials are present in a specific part of the body, they block or limit the ability of X-rays to pass through

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The XR contrast media was the largest and was valued at USD 278.19 million in 2018. Advances in imaging technologies have enhanced the utilization of existing contrast media agents while presenting new innovative media. The market is also influenced by the increasing number of diagnostic centers. The growth of the X-ray contrast media segment can be attributed to the growing applications of contrast agents due to advantages such as image enhancement and wide indication coverage, speed, safety, and ease of use over other non-invasive imaging modalities and the growing number of public and private diagnostic centers. Extensive research is being carried out in the field of contrast agents, and this is expected to drive the market for X-ray contrast media during the forecast period.

Source Insights 

Based on the source, the market has been segmented into caliche ore and underground brines. The caliche ore?segment will account for the largest share of this segment.?In the entirety of the composition of the earth, It is one of the rarest nonmetallic elements. The amounts are usually incredibly minute wherever and whenever they occur, making it necessary to use highly advanced chemical techniques to find them. The two crystalline forms which naturally exist in caliche, the natural saltpeter Chilean mineral, are lautarite (Ca(IO3)2) and dietzeite (Ca(IO3)2CaCrO4). In general, three procedures are used to produce iodate solutions: heap leaching of caliche with low nitrate and content, heap leaching of caliche with high nitrate and high content, and vat leaching. Thus, the increasing demand will drive the growth of the segment in the market during the forecast period.

Market Regional Insights

North America

North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

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Another region offering significant growth opportunities to vendors is Europe. Europe drives the market through its robust pharmaceutical, healthcare, and food sectors. With major producers such as Spain, Russia, and Azerbaijan, Europe significantly influences the global supply chain. The pharmaceutical industry in Europe relies heavily on its antiseptic properties and as a key component in diagnostic imaging contrast agents. Additionally, the continent's focus on health and wellness has led to increased demand for dietary supplements fortified with iodine, addressing concerns about its deficiency disorders. Regulatory standards in Europe regarding food safety and pharmaceuticals also shape market trends, ensuring compliance and quality assurance. Therefore, owing to the above-mentioned factors, the regional market will witness positive growth during the forecast period.

Market Dynamics and Customer Landscape

Iodine, a member of the halogen family, holds significant importance across various industrial applications due to its versatile properties. Extracted from diverse iodine sources, it undergoes refining and purification processes to produce valuable iodine compounds and derivatives.

Iodine refining companies play a pivotal role in the market, offering comprehensive iodine refining services, iodine refining solutions, and iodine refining systems for iodine refining operations. Refining methods and iodine refining techniques, coupled with advanced machinery, ensure adherence to iodine refining regulations, iodine refining standards, and iodine refining certifications to maintain iodine refining safety and iodine refining compliance.

As the industry continues to evolve, a focus on refining safety and sustainability remains paramount, driving the development of robust refining processes and regulatory frameworks.

Major Market Driver

The huge availability of iodine reserves is notably driving market growth. Idoine reserves play a significant role in the extraction of iodine, which is further used for various purposes in various industries such as pharmaceuticals, electronics, and others. It is found in brine or caliche ore in countries such as Japan, Chile, the US, Turkmenistan, Azerbaijan, and Indonesia. Japan has the largest reserves in the world, followed by Chile, the US, Azerbaijan, and other countries, including Russia, Indonesia, Turkmenistan, and China. Iodine from Chile is produced from caliche ore, which is mined in the Atacama Desert of northern Chile and west of the Andes Mountains. In terms of production, Chile is the major producer after Japan. Thus, the availability of iodine in large quantities will encourage research into newer applications of iodine. Thus, these large iodine reserves can drive the growth of the market during the forecast period.

Key Market Trend

The flourishing global medical tourism industry is an emerging trend shaping market growth. Medical tourism involves organized traveling across international borders to avail treatment, which may or may not be available around the traveler's location. Tourists travel internationally for cardiovascular treatment, dental treatment, neurological treatment, health restoration, or even enhancement through affordable healthcare facilities available in other countries. Outbound medical tourism mainly originates from the US, owing to the US Patient Protection and Affordable Care Act. The major hotspots for the medical tourism industry are India, the US, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey. The growth of the industry will drive the demand for X-ray contrast media, which will, in turn, increase the demand for the market during the forecast period.

Significant Market Challenge

Non-availability of iodine in some developing and underdeveloped countries is a significant challenge hindering market growth.  Its deficiency affects a major part of the world's population. The various iodine deficiency disorders affecting humans include thyroid enlargement (goiter) and severe/irreversible brain damage (endemic cretinism). The thyroid hormone is essential for normal brain development in the fetus and throughout childhood. The populations of countries such as Somalia, Sudan, Mauritania, and Ukraine face acute deficiency. The challenge for the iodine manufacturers is to reach such places due to underdeveloped infrastructure and the lack of awareness among people about iodine deficiency. Thus, its manufacturers have to drive awareness campaigns to highlight the harmful effects. Thus, the non-availability of iodine in some developing and underdeveloped countries can become a major challenge for the growth of the market during the forecast period.

Who are the Major Market Companies?

Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.

Adani Pharmachem Pvt. Ltd - The company offers iodine such as povidone which is used on the skin to decrease the risk of infection.

The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20  market companies, including 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., and Salvi Chemical Industries Ltd.

The market analysis and report of 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 market 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.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecast growth strategies.

Global Market Customer Landscape

Market Analyst Overview 

Iodine production is integral to various industrial applications, owing to this essential chemical element's versatile properties. Iodine compounds find use across diverse sectors, benefiting from the characteristics of the halogen family. The process of iodine extraction and subsequent refining involves sophisticated techniques and equipment. Iodine derivatives are sourced from multiple iodine refining methods, with iodine refining purification and technologies ensuring quality output. Iodine refining facilities, operated by leading iodine refining manufacturers and iodine refining companies, adhere to stringent iodine refining regulations and iodine refining standards for safety and environmental iodine refining compliance.

Despite iodine refining challenges, such as iodine refining environmental impact, the iodine refining industry is witnessing iodine refining innovations and iodine refining advancements, ensuring sustainability and a positive iodine refining future outlook. Ongoing iodine refining research, iodine refining studies, and iodine refining publications contribute to the sector's growth, alongside iodine refining conferences and iodine refining events fostering collaboration and knowledge exchange. Iodine, a crucial chemical element, finds its way into various industrial sectors through diverse iodine sources. The iodine refining industry employs sophisticated purification techniques and processes supported by cutting-edge technologies and equipment in iodine refining plants.

Suppliers offer comprehensive iodine refining services and innovative iodine refining solutions, encompassing iodine refining systems and iodine refining operations. Iodine refining machinery plays a pivotal role in iodine refining production, facilitating efficient processes and ensuring high-quality output. The iodine refining market presents ample growth opportunities and ongoing iodine refining developments, with certifications and iodine refining safety standards ensuring industry iodine refining sustainability. Iodine refining reports and iodine refining journals provide valuable insights into iodine refining strategies and the sector's iodine refining growth trajectory. In the realm of iodine production, purification stands as a critical process, ensuring quality and efficacy in various applications. Refining techniques and processes play pivotal roles, with advancements in technologies and iodine refining equipment enhancing efficiency. Iodine refining suppliers provide essential components and expertise for iodine refining, facilitating seamless operations.

Amidst the refining processes, numerous iodine refining opportunities emerge, driving market growth and innovation. Iodine refining certifications and a strong emphasis on iodine refining safety underscore the industry's commitment to quality and reliability. Moreover, sustainability is a key focus, with efforts directed towards minimizing environmental impact while meeting global demand for iodine. In essence, the iodine market presents a dynamic landscape with vast potential, guided by principles of excellence, safety, and sustainability.

Market Scope
Report Coverage	Details
Page number	164
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 4.66%
Market Growth 2024-2028	USD 252.26 million
Market structure	Fragmented
YoY growth 2023-2024(%)	4.2
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 33%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	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., and Salvi Chemical Industries Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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