Enjoy complimentary customisation on priority with our Enterprise License!
The US iodine market size is projected to increase by USD 58.59 million, at a CAGR of 4.62% between 2023 and 2028. Market growth hinges on various factors, including the expansion of the smartphone industry in the US, increased adoption of iodine recycling processes, and periodic fluctuations in iodine prices. These elements influence market dynamics, reflecting the evolving landscape of the iodine industry. With the smartphone industry's growth and the emphasis on sustainable practices like iodine recycling, coupled with price fluctuations affecting market conditions, the iodine market in US anticipates both challenges and opportunities for growth.
To learn more about this report, Request Free Sample
The market is crucial in the medical sector and healthcare sector, combating health risks including cancer and heart disease. It's pivotal in treating new cancer cases and preventing mortality. Radioactive iodine (I-131) aids in treating overactive thyroid diseases like hyperthyroidism. Extraction methods have evolved, utilizing chloride brines, sulfate brines, and hydrocarbonate brines. Iodine is also used in the smartphone industry. Continuous advancements in extraction technologies ensure efficient utilization of iodine reserves for volume consumption.
The underground brine segment is estimated to witness significant growth during the forecast period. Underground brines are a significant source of iodine, thereby significantly contributing to the iodine market in the US. These brines, primarily found in regions with salt deposits or in proximity to oceanic areas, contain dissolved iodine compounds. Further, the extraction of iodine from underground brines involves several steps. First, brine is extracted from underground reservoirs through drilling wells. The brine is then processed to remove impurities and concentrate the iodine content.
Get a glance at the market contribution of various segments View the PDF Sample
The underground brine segment was the largest segment and was valued at USD 119.72 million in 2018. Further, the US possesses significant underground brine reservoirs and established extraction operations. The utilization of underground brines as a source of iodine is favored due to its cost-effectiveness and efficiency compared with alternative sources such as seaweed or mineral deposits. Moreover, advancements in extraction technologies and increasing demand for iodine across various industries, including pharmaceuticals, agriculture, and electronics, will drive the demand for underground brine production, which in turn will boost the growth of the market during the forecast period.
The organic compounds?segment will account for the largest share of this segment.?Iodocompounds are organic substances consisting of iodine bound to carbon atoms, widely used in agrochemicals, biotechnology, and medicine. Iodoform, with germicidal properties, serves as an antiseptic, while iodinated contrast chemicals enhance internal organ visibility in medical imaging. Alkyl iodine compounds, crucial in organic synthesis, serve as reagents in pharmaceuticals, agrochemicals, and specialty chemicals. Iodine-based solvents find applications in various fields, driving the US iodine market growth.
The market plays a crucial role in the medical sector and healthcare sector, where it's utilized in X-ray contrast media and as a therapeutic approach for conditions like overactive thyroid diseases and hyperthyroidism. However, health risks associated with iodine consumption are also acknowledged, particularly in cases involving radioactive iodine (I-131). Despite this, iodine holds promise in reducing mortality rates from diseases like cancer and heart disease. Advancements in extraction technologies facilitate the purification and recycling of iodine, addressing concerns about its availability and sustainability. This is particularly important considering the volume consumption of iodine in various industries, including the smartphone industry and petroleum extraction from chloride brines, sulfate brines, and hydrocarbonate brines. As the global medical tourism industry expands, the demand for iodine-based medical treatments is expected to rise.
Key Driver
Growth of smartphone industry is the key factor driving the market. Smartphone touchscreens utilize liquid crystals activated by electric current, with polarizing films enhancing image visibility. Iodine-containing polarizing films are created by adsorbing iodine onto stretched polyvinyl alcohol. Companies like Apple Inc. are expanding globally with high-end 5G handsets, potentially influencing smartphone industry growth. Increased smartphone usage, driven by improved internet connectivity, is anticipated to boost the market.
Key Trends
Increasing adoption of recycling process is the primary trend shaping the market. Iodine producers in the US utilize recycling facilities to recover iodine and its derivatives from waste streams, with estimated recovery rates around 70%. Iodine functions as a catalyst or structural component in organic synthesis. While iodine used as a structural component becomes incorporated into final products, iodine used as a catalyst is recycled. Waste from various production processes, including LCD optical film polarizers and X-ray contrast media, also contributes to iodine recovery. Growing collection systems for electrical and electronic waste are expected to increase iodine recycling, particularly from LCD polarizing films, driving market growth.
Periodic fluctuation in prices of iodine is the major challenge that afcfcets the market growth. Iodine, primarily sourced from natural brine deposits and caliche ore, faces price volatility due to disruptions in production or extraction processes. Factors like geopolitical tensions, natural disasters, and changes in brine quality or adverse weather conditions affect the supply chain, leading to fluctuations in prices. The US iodine market is influenced by demand from end-user industries like pharmaceuticals, with fluctuations driven by healthcare demands, regulatory changes, and technological advancements.
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 resulting of market growth analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Ajay Europe SARL, Algorta Norte SA, American Elements, Calibre Chemicals Pvt. Ltd., Deepwater Chemicals Inc., Iochem Corp., Iofina Plc, K and O Iodine Co. Ltd., KIVA Holding, Inc., Nippoh Chemicals Co. Ltd., Sociedad Quimica y Minera de Chile SA, and Spectrum Laboratory Products Inc.
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.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.
Market Customer Landscape
The market is pivotal in various medical imaging applications and cancer treatment, contributing significantly to healthcare sectors worldwide. With advancements in diagnostic imaging devices and surgical techniques, iodine plays a crucial role in improving patient outcomes and reducing cancer deaths. Beyond healthcare, iodine extraction from oil deposits and biogenic natural gas (NG) supports purification processes for industrial applications. As a key element in sodium iodide solutions and strontium iodide, iodine's revenue generation extends to diverse market facets, influenced by industry leaders.
Further, iodine is integral in various sectors, including healthcare for surgery and addressing the needs of the geriatric population. It's also crucial in purification processes, where it separates from dissolved salts in geological formations like stratum. Additionally, iodine extraction often involves the presence of elements such as rubidium, cesium, boron, calcium, and magnesium. The process of purification of iodine underscores its significance in various industries, guided by industry influencers shaping market trends and developments.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
140 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.62% |
|
Market growth 2024-2028 |
USD 58.59 million |
|
Market structure |
Concentrated |
|
YoY growth 2023-2024(%) |
4.15 |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AGC Inc., Ajay Europe SARL, Algorta Norte SA, American Elements, Calibre Chemicals Pvt. Ltd., Deepwater Chemicals Inc., Iochem Corp., Iofina Plc, K and O Iodine Co. Ltd., KIVA Holding, Inc., Nippoh Chemicals Co. Ltd., Sociedad Quimica y Minera de Chile SA, and Spectrum Laboratory Products Inc. |
|
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 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Form Factor
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.