The Iodine Market is estimated to be valued at Us$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR Of 5.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Iodine finds application in various end-use industries such as medical, pharmaceuticals, electronics, agriculture, and more. It is commonly used as an antiseptic in medicinal preparations and as a constituent of some iodine-containing contrast radiographic media. Iodine helps improve the visibility of internal organs like blood vessels and tissues under X-ray imaging. It is also widely consumed in the LCD industry and in crop nutrition as a supplement for better plant and animal health.
Market Dynamics:
Growing demand for X-ray diagnostics and imaging procedures is expected to drive the growth of the iodine market during the forecast period. Iodine has significant applications in medical radiology as an intravascular contrast medium to enhance the visibility of blood vessels and internal organs in X-ray-based scans. With rising frequency of diagnostic imaging tests and increasing cases of chronic diseases globally, demand for iodine-containing contrast agents is increasing steadily. Additionally, increasing consumption of iodine as a supplement in animal feed across developed regions is also contributing to the market growth. Although, fluctuating supply of iodine from natural resources may hamper the market growth in the coming years.
SWOT Analysis
Strength: Iodine is essential for human nutrition and health. A steady supply of iodine helps avoid iodine deficiency and related disorders. The market has witnessed consistent demand from industrial and medical applications that boost the market growth. Governments across regions promote iodine nutrition programs to prevent iodine-deficiency disorders.
Weakness: Iodine production is dependent on natural resources. Fluctuations in raw material prices can negatively impact production volumes and downstream markets. Strict regulations regarding the safe handling and disposal of iodine can increase production costs.
Opportunity: Growing demand for iodine from the healthcare sector offers lucrative opportunities. Increasing adoption of iodine-based X-ray contrast media and increasing prevalence of thyroid disorders are expected to drive the medical iodine market. There is significant untapped potential in developing regions of Asia Pacific and Latin America.
Threats: Presence of substitute products poses threats. Alternatives like bromine can be used in place of iodine in certain applications. Political and economic instability in major producing countries can disrupt supply.
Key Takeaways
The global iodine market demand is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from medical applications. Iodine is used as an essential micronutrient in X-ray contrast media and disinfectants. The growing prevalence of thyroid disorders and increasing healthcare expenditure are projected to propel the demand.
Regional analysis:
North America dominates the global iodine market holding around 30% of the overall share, followed by Asia Pacific. The high consumption of iodine in medical applications in the US and Canada drives the North American market. China and Japan are the fastest growing markets in Asia Pacific due to large production bases and increasing industrial usage.
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Qumica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Key players are investing in expansion strategies to strengthen their production capacities and market presence across major regions.
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