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The market dynamics of iodine present a complex landscape shaped by various factors influencing its production, demand, and overall market trajectory. Iodine, a critical element with applications in pharmaceuticals, healthcare, and industrial sectors, experiences dynamic market trends driven by diverse industries. One of the primary drivers of the iodine market is the pharmaceutical and healthcare sector's demand for iodine-based compounds, such as iodine-based contrast media used in medical imaging. As medical diagnostics and treatments advance, the need for iodine as a crucial component in healthcare applications continues to grow, contributing significantly to market dynamics.
Global economic trends play a pivotal role in shaping the demand for iodine. Economic growth, increasing population, and rising healthcare awareness drive the demand for pharmaceuticals and medical treatments that utilize iodine. Conversely, economic downturns can impact consumer spending on healthcare-related products, influencing the iodine market. The cyclical nature of industries that heavily rely on iodine makes the market sensitive to economic fluctuations.
Technological advancements in iodine extraction and processing significantly impact the dynamics of the iodine market. Ongoing research and development efforts focus on improving extraction methods, enhancing purity levels, and expanding the range of iodine-based products. Innovations in iodine-based technologies, such as iodine-doped materials for electronics and catalysts, contribute to the material's diversified applications and market competitiveness.
Globalization is a significant factor influencing the iodine market, with manufacturers strategically positioning themselves to meet the international demand for iodine and iodine derivatives. Collaborations, partnerships, and investments in production facilities are common strategies employed by iodine manufacturers to strengthen their global presence and address the unique needs of different markets. The interconnectedness of markets requires an adaptive approach to address regional variations in regulations, market preferences, and economic conditions.
Supply chain dynamics, including the availability and pricing of iodine-rich raw materials like brine and caliche ore, significantly impact the iodine market. The geographical concentration of iodine reserves, particularly in Chile and Japan, adds a layer of complexity to the supply chain. Any disruptions in the supply chain, whether due to natural disasters, geopolitical factors, or shifts in production capacity, can influence iodine prices and overall market dynamics.
Price competitiveness remains a significant factor in the iodine market dynamics. End-users, including pharmaceutical companies, manufacturers of disinfectants, and industrial users, closely monitor iodine prices, as it directly impacts production costs. Iodine producers strive to optimize extraction processes, ensure a stable supply chain, and maintain competitive pricing to secure their position in the market.
Environmental sustainability considerations are increasingly influencing the dynamics of the iodine market. As industries worldwide focus on reducing their environmental impact, there is a growing demand for environmentally friendly extraction and processing methods in iodine production. Sustainable practices, responsible sourcing, and adherence to environmental standards have become integral components of the iodine market, aligning with global initiatives to promote eco-friendly industrial practices.
Regulatory factors significantly impact the iodine market dynamics, particularly in pharmaceutical and healthcare applications. Stringent regulations govern the production, distribution, and use of iodine-based products, ensuring safety and efficacy in medical and industrial applications. Compliance with regulatory standards is a critical consideration for iodine manufacturers, influencing their processes and market strategies.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Source, Application, and Region |
Iodine Market Highlights:
Global Iodine Market Overview
The Iodine Market Size was valued at USD 1.09 Billion in 2023. The Iodine industry is projected to grow from USD 1.31 Billion in 2024 to USD 1.52 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.80% during the forecast period (2024 - 2032). Iodine is a chemical element with the symbol I and atomic number 53. It is a non-metallic element that is found in small quantities in the Earth's crust and seawater. Iodine is an important nutrient for humans, as it is needed for the production of thyroid hormones, which regulate metabolism and growth. Iodine is commonly used in medicine as an antiseptic, disinfectant, and contrast agent for X-ray imaging. In its elemental form, iodine is a dark gray or purple-black solid with a metallic luster. It has a high melting point and is only slightly soluble in water, but is more soluble in organic solvents such as ethanol and chloroform. Iodine is a halogen and is part of the same group of elements as fluorine, chlorine, bromine, and astatine.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Iodine Market Trends
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Increasing investments in facilities for recycling iodine
Large corporations such as lOCHEM and God Shigen are making significant investments to build recycling plants. Because there are few resources accessible and they are scarce, recycling is considered crucial. The main suppliers of waste streams include industries including medicines, insecticides, salt, and specialized chemicals. Iodine byproducts and used materials are treated to achieve a purity of greater than 99.3%. This product's recycling is crucial from an economic and environmental standpoint since it enhances the supply of scarce and limited resources.
G.E. Healthcare’s Pharmaceutical Diagnostics business announced in October 2022 a long-term agreement with Chilean mining company Sociedad Quimica y Minera de Chile S.A. (SQM), to ensure its supply of iodine, a key ingredient used in X-Ray and Computed Tomography (C.T.) procedures as contrast media worldwide. In line with G.E. Healthcare’s commitment and investment plan to enable the production of an additional 30 million doses of iodinated contrast media annually by 2025, SQM will increase its iodine raw material supplies year-on-year under the agreement. The increased occurrence of chronic diseases globally has led to C.T. scans becoming more common; hence, there is a huge demand for iodinated contrast media that are used to increase visualization of organs, blood vessels, and tissues across clinical care pathways.
Iodine Market Segment Insights
Iodine Source Insights
The market segmentation, based on Source, includes Underground Brine, Caliche Ore, Recycling, and Seaweeds. The Caliche Ore segment may dominate the market. Caliche Ore is a cost-effective and efficient source of iodine production, making it an attractive option for manufacturers. The growing demand for iodine in various industries, including pharmaceuticals, food, and agriculture, is expected to drive the growth of the Caliche Ore segment in the market.
Iodine Application Insights
Based on Application, the global market segmentation includes X-Ray Contrast Media, Pharmaceuticals, Optical Polarization Films, Industrial Catalyst, Animal Feed, Fluorochemicals, Iodophors, Human Nutrition, Biocides, and Others. The X-Ray Contrast Media application is holding the largest market share and is used in medical imaging procedures to enhance the visibility of organs and tissues. Iodine is a key component in X-ray contrast media and is used to create a solution that can be injected into the body. The solution absorbs X-rays, making it easier for healthcare professionals to visualize the internal organs and tissues.
Figure 2: Iodine Market, by Source, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Iodine Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected as the leading market share in the Iodine industry, as it holds the highest demand for pharmaceuticals. The increasing demand for medicines, a growing number of emergencies, and casualties combined with the increasing geriatric population across the region are considered the major drivers of market growth across the region.
Asia-pacific region is also experiencing higher demand for the pharmaceutical industry, and the medical industry across the Asia-pacific region is evolving at a faster pace as well. After the relaxation of the government regulations, several pharmaceutical industries have gotten back to their pace and therefore Iodine industry is expected to witness healthy growth across the region.
Europe was at the leading position in the Iodine industry and the growing awareness regarding the significance of Iodine deficiency and the government initiatives to build awareness across the region are considered the prime factors that are expected to boost the overall growth of the Iodine industry
Figure 3: IODINE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Iodine Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Iodine industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Iodine industry to benefit customers and expand the market sector. Major market players, including GE Healthcare, EverstoneCapital, Calibre Chemicals Pvt. Ltd, Cosayach, and others are attempting to increase market demand by funding R&D initiatives.
GE Healthcare is a global medical technology and digital solutions company that provides innovative products and services to healthcare providers and patients worldwide. The company is a subsidiary of General Electric Company. GE Healthcare's product portfolio includes medical imaging and diagnostic equipment, healthcare IT solutions, life sciences and pharmaceutical manufacturing technologies, and medical equipment and supplies. The company's medical imaging and diagnostic equipment include magnetic resonance imaging (MRI), computed tomography (CT), X-ray, ultrasound, molecular imaging, and positron emission tomography (PET) systems. GE Healthcare's healthcare IT solutions include electronic medical records, imaging and clinical information systems, and remote patient monitoring technologies.
Calibre Chemicals Pvt. Ltd is an Indian-based company that is engaged in the manufacturing and distribution of a wide range of specialty chemicals and pharmaceutical intermediates and has manufacturing facilities in multiple locations across India. Calibre Chemicals offers a diverse portfolio of products that include industrial chemicals, pharmaceutical intermediates, specialty chemicals, and agrochemicals. Its product range includes acetonitrile, sodium methoxide, benzophenone, piperazine, pyridine, and other chemical intermediates. The company caters to various industries such as pharmaceuticals, agrochemicals, petrochemicals, flavors and fragrances, and specialty chemicals. It has a global presence and exports its products to several countries worldwide.
Cipla Health’s Naselin has launched a Naselin antiviral nasal spray with povidone-iodine, the first nasal spray in the market that is antiviral against coronavirus and respiratory tract infections. According to scientific studies, povidone-iodine can be employed as a preventative for the SARS-CoV-2 virus. Povidone-iodine is a very strong antiviral that can be used by many people, especially those who belong to high-risk communities, such as essential workers who are working during COVID times, said Cipla. Povidone iodine is one such molecule that has been proven effective against most viruses causing respiratory tract illnesses such as colds, sinusitis, or flu.
Key Companies in the Iodine market include
- ACF Minera
- American Elements
- Algorta Norte
- Calibre Chemicals Pvt. Ltd
- Cosayach
- Deep Water Chemicals
- Eskay Iodine
- GE Healthcare
- EverstoneCapital
- Infinium Pharmachem Pvt. Ltd
Iodine Industry Developments
October 2022: GE Healthcare’s Pharmaceutical Diagnostics business announced a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure its supply of iodine, a key ingredient for contrast media products used in X-Ray and Computed Tomography (CT) procedures globally.
In August 2021: EverstoneCapital, a Singapore-based private equity major, announced that it had acquired CalibreChemicals Pvt. Ltd for a reported sum of USD 100 million.
In October 2022, GE Healthcare Pharmaceutical Diagnostics business unit signed a long-term agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) to secure their iodine supply needed for X-ray and Computed Tomography (CT) contrast media products globally.
In August 2021, Singapore-based private equity major EverstoneCapital announced a USD100m acquisition of CalibreChemicals Pvt. Ltd.
Iodine Market Segmentation
Iodine Source Outlook
- Underground Brine
- Caliche Ore
- Recycling
- Seaweeds
Iodine Application Outlook
- X-Ray Contrast Media
- Pharmaceuticals
- Optical Polarization Films
- Industrial Catalyst
- Animal Feed
- Fluorochemicals
- Iodophors
- Human Nutrition
- Biocides
- Others
Iodine Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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