US Iodine Market by Source, Form Factor, and Application - Forecast and Analysis 2024-2028
| Published: Mar 2024 | Pages: 140 | SKU: IRTNTR77739 |
US Iodine Market Forecast 2024-2028
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.
What will be the Size of the Market During the Forecast Period?
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Market Segmention
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.
Source Insights
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.
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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.
Form Factor Insights
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.
Market Dynamics
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.
Key Restraints
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.
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 resulting of market growth analysis.
- AGC Inc.: The company offers iodine such as ISEFLO prilled iodine, Iodine crude, Potassium iodide, Sodium iodide, Cuprous iodide, DIASAN CLEAN, ISEPHOR, ISEPHOR L, and others.
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.
Market Customer Landscape
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
Market Analyst Overview:
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.
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Market Scope |
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Report Coverage |
Details |
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Page number |
140 |
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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 4.62% |
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Market growth 2024-2028 |
USD 58.59 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
4.15 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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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. |
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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. |
What are the Key Data Covered in this Market Research and Growth 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 behaviour
- Growth of the market across US
- Thorough market analysis and market report of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Source
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Form Factor
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 11: Market segments
- 3.3 Market size 2023
- 3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 13: Data Table on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 14: Chart on US: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on US: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Iodine market in US 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on iodine market in US 2018 - 2022 ($ million)
- 4.2 Source Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Source Segment 2018 - 2022 ($ million)
- 4.3 Form Factor Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – Form Factor Segment 2018 - 2022 ($ million)
- 4.4 Application Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Source
- 6.1 Market segments
- Exhibit 27: Chart on Source - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Source - Market share 2023-2028 (%)
- 6.2 Comparison by Source
- Exhibit 29: Chart on Comparison by Source
- Exhibit 30: Data Table on Comparison by Source
- 6.3 Underground brine - Market size and forecast 2023-2028
- Exhibit 31: Chart on Underground brine - Market size and forecast 2023-2028 ($ million)
- Exhibit 32: Data Table on Underground brine - Market size and forecast 2023-2028 ($ million)
- Exhibit 33: Chart on Underground brine - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Underground brine - Year-over-year growth 2023-2028 (%)
- 6.4 Caliche ore - Market size and forecast 2023-2028
- Exhibit 35: Chart on Caliche ore - Market size and forecast 2023-2028 ($ million)
- Exhibit 36: Data Table on Caliche ore - Market size and forecast 2023-2028 ($ million)
- Exhibit 37: Chart on Caliche ore - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Caliche ore - Year-over-year growth 2023-2028 (%)
- 6.5 Market opportunity by Source
- Exhibit 39: Market opportunity by Source ($ million)
- Exhibit 40: Data Table on Market opportunity by Source ($ million)
7 Market Segmentation by Form Factor
- 7.1 Market segments
- Exhibit 41: Chart on Form Factor - Market share 2023-2028 (%)
- Exhibit 42: Data Table on Form Factor - Market share 2023-2028 (%)
- 7.2 Comparison by Form Factor
- Exhibit 43: Chart on Comparison by Form Factor
- Exhibit 44: Data Table on Comparison by Form Factor
- 7.3 Organic compounds - Market size and forecast 2023-2028
- Exhibit 45: Chart on Organic compounds - Market size and forecast 2023-2028 ($ million)
- Exhibit 46: Data Table on Organic compounds - Market size and forecast 2023-2028 ($ million)
- Exhibit 47: Chart on Organic compounds - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Organic compounds - Year-over-year growth 2023-2028 (%)
- 7.4 Inorganic salts and complexes - Market size and forecast 2023-2028
- Exhibit 49: Chart on Inorganic salts and complexes - Market size and forecast 2023-2028 ($ million)
- Exhibit 50: Data Table on Inorganic salts and complexes - Market size and forecast 2023-2028 ($ million)
- Exhibit 51: Chart on Inorganic salts and complexes - Year-over-year growth 2023-2028 (%)
- Exhibit 52: Data Table on Inorganic salts and complexes - Year-over-year growth 2023-2028 (%)
- 7.5 Elementals and isotopes - Market size and forecast 2023-2028
- Exhibit 53: Chart on Elementals and isotopes - Market size and forecast 2023-2028 ($ million)
- Exhibit 54: Data Table on Elementals and isotopes - Market size and forecast 2023-2028 ($ million)
- Exhibit 55: Chart on Elementals and isotopes - Year-over-year growth 2023-2028 (%)
- Exhibit 56: Data Table on Elementals and isotopes - Year-over-year growth 2023-2028 (%)
- 7.6 Market opportunity by Form Factor
- Exhibit 57: Market opportunity by Form Factor ($ million)
- Exhibit 58: Data Table on Market opportunity by Form Factor ($ million)
8 Market Segmentation by Application
- 8.1 Market segments
- Exhibit 59: Chart on Application - Market share 2023-2028 (%)
- Exhibit 60: Data Table on Application - Market share 2023-2028 (%)
- 8.2 Comparison by Application
- Exhibit 61: Chart on Comparison by Application
- Exhibit 62: Data Table on Comparison by Application
- 8.3 Medical - Market size and forecast 2023-2028
- Exhibit 63: Chart on Medical - Market size and forecast 2023-2028 ($ million)
- Exhibit 64: Data Table on Medical - Market size and forecast 2023-2028 ($ million)
- Exhibit 65: Chart on Medical - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Medical - Year-over-year growth 2023-2028 (%)
- 8.4 Optical polarizing films - Market size and forecast 2023-2028
- Exhibit 67: Chart on Optical polarizing films - Market size and forecast 2023-2028 ($ million)
- Exhibit 68: Data Table on Optical polarizing films - Market size and forecast 2023-2028 ($ million)
- Exhibit 69: Chart on Optical polarizing films - Year-over-year growth 2023-2028 (%)
- Exhibit 70: Data Table on Optical polarizing films - Year-over-year growth 2023-2028 (%)
- 8.5 Fluorochemicals - Market size and forecast 2023-2028
- Exhibit 71: Chart on Fluorochemicals - Market size and forecast 2023-2028 ($ million)
- Exhibit 72: Data Table on Fluorochemicals - Market size and forecast 2023-2028 ($ million)
- Exhibit 73: Chart on Fluorochemicals - Year-over-year growth 2023-2028 (%)
- Exhibit 74: Data Table on Fluorochemicals - Year-over-year growth 2023-2028 (%)
- 8.6 Biocides - Market size and forecast 2023-2028
- Exhibit 75: Chart on Biocides - Market size and forecast 2023-2028 ($ million)
- Exhibit 76: Data Table on Biocides - Market size and forecast 2023-2028 ($ million)
- Exhibit 77: Chart on Biocides - Year-over-year growth 2023-2028 (%)
- Exhibit 78: Data Table on Biocides - Year-over-year growth 2023-2028 (%)
- 8.7 Others - Market size and forecast 2023-2028
- Exhibit 79: Chart on Others - Market size and forecast 2023-2028 ($ million)
- Exhibit 80: Data Table on Others - Market size and forecast 2023-2028 ($ million)
- Exhibit 81: Chart on Others - Year-over-year growth 2023-2028 (%)
- Exhibit 82: Data Table on Others - Year-over-year growth 2023-2028 (%)
- 8.8 Market opportunity by Application
- Exhibit 83: Market opportunity by Application ($ million)
- Exhibit 84: Data Table on Market opportunity by Application ($ million)
9 Customer Landscape
- 9.1 Customer landscape overview
- Exhibit 85: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 86: Impact of drivers and challenges in 2023 and 2028
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 87: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 88: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 89: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 90: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 91: Matrix on vendor position and classification
- 12.3 AGC Inc.
- Exhibit 92: AGC Inc. - Overview
- Exhibit 93: AGC Inc. - Business segments
- Exhibit 94: AGC Inc. - Key news
- Exhibit 95: AGC Inc. - Key offerings
- Exhibit 96: AGC Inc. - Segment focus
- 12.4 Ajay Europe SARL
- Exhibit 97: Ajay Europe SARL - Overview
- Exhibit 98: Ajay Europe SARL - Product / Service
- Exhibit 99: Ajay Europe SARL - Key offerings
- 12.5 Algorta Norte SA
- Exhibit 100: Algorta Norte SA - Overview
- Exhibit 101: Algorta Norte SA - Product / Service
- Exhibit 102: Algorta Norte SA - Key offerings
- 12.6 American Elements
- Exhibit 103: American Elements - Overview
- Exhibit 104: American Elements - Product / Service
- Exhibit 105: American Elements - Key offerings
- 12.7 Calibre Chemicals Pvt. Ltd.
- Exhibit 106: Calibre Chemicals Pvt. Ltd. - Overview
- Exhibit 107: Calibre Chemicals Pvt. Ltd. - Product / Service
- Exhibit 108: Calibre Chemicals Pvt. Ltd. - Key offerings
- 12.8 Deepwater Chemicals Inc.
- Exhibit 109: Deepwater Chemicals Inc. - Overview
- Exhibit 110: Deepwater Chemicals Inc. - Product / Service
- Exhibit 111: Deepwater Chemicals Inc. - Key offerings
- 12.9 Iochem Corp.
- Exhibit 112: Iochem Corp. - Overview
- Exhibit 113: Iochem Corp. - Product / Service
- Exhibit 114: Iochem Corp. - Key offerings
- 12.10 Iofina Plc
- Exhibit 115: Iofina Plc - Overview
- Exhibit 116: Iofina Plc - Product / Service
- Exhibit 117: Iofina Plc - Key offerings
- 12.11 K and O Iodine Co. Ltd.
- Exhibit 118: K and O Iodine Co. Ltd. - Overview
- Exhibit 119: K and O Iodine Co. Ltd. - Product / Service
- Exhibit 120: K and O Iodine Co. Ltd. - Key offerings
- 12.12 KIVA Holding, Inc.
- Exhibit 121: KIVA Holding, Inc. - Overview
- Exhibit 122: KIVA Holding, Inc. - Product / Service
- Exhibit 123: KIVA Holding, Inc. - Key offerings
- 12.13 Nippoh Chemicals Co. Ltd.
- Exhibit 124: Nippoh Chemicals Co. Ltd. - Overview
- Exhibit 125: Nippoh Chemicals Co. Ltd. - Product / Service
- Exhibit 126: Nippoh Chemicals Co. Ltd. - Key offerings
- 12.14 Sociedad Quimica y Minera de Chile SA
- Exhibit 127: Sociedad Quimica y Minera de Chile SA - Overview
- Exhibit 128: Sociedad Quimica y Minera de Chile SA - Business segments
- Exhibit 129: Sociedad Quimica y Minera de Chile SA - Key offerings
- Exhibit 130: Sociedad Quimica y Minera de Chile SA - Segment focus
- 12.15 Spectrum Laboratory Products Inc.
- Exhibit 131: Spectrum Laboratory Products Inc. - Overview
- Exhibit 132: Spectrum Laboratory Products Inc. - Product / Service
- Exhibit 133: Spectrum Laboratory Products Inc. - Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 134: Inclusions checklist
- Exhibit 135: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 136: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 137: Research methodology
- Exhibit 138: Validation techniques employed for market sizing
- Exhibit 139: Information sources
- 13.5 List of abbreviations
- Exhibit 140: List of abbreviations
- Exhibit 140: List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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iodine market in us market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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