Iodine
is a non-metallic halogen element obtained from seaweed, chile saltpeter and
underground brines. Iodine is used in various industrial, medical and
agricultural applications. In industries, iodine is used as catalysts,
stabilizing agents, radiation protection agents and disinfectant. In medical
applications, iodine is mainly used as an expectorant and antiseptic in topical
applications. Iodine is also necessary for the production of thyroid hormones.
It plays a key role in many essential bodily functions and healthy growth and
development.
The Global Iodine Market is estimated to be valued at
US$ 1,551.2 Mn in 2022 and is expected to exhibit a CAGR of 5.8% over the
forecast period 2024 to 2030.
Key Takeaways
Key players operating in the iodine market include Iofina Chemical, Inc.,
Sociedad QuÃmica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao
Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. The growing demand
for iodine in applications such as X-ray contrast media, biocides and catalysts
has been a major driver for the iodine market. Technological advancements such
as development of new production technologies to improve iodine yields have
also supported market growth.
Iodine
Market Demand in nutraceutical applications is expected to drive the
fastest growth in the iodine market owing to the growing awareness about iodine
deficiency disorders. Iodine is essential for the normal functioning of the
thyroid gland and production of thyroid hormones. It plays a crucial role in
many important bodily functions. The growing relevance of iodine in preventive
healthcare is expected to boost its demand from the nutraceutical industry.
Market Trends
Iodine
Market Size and Trends is the growing demand from the healthcare
industry. Iodine is widely used as an antiseptic in topical applications due to
its disinfectant properties. It is also used in contrast media for diagnostic
imaging procedures. Growing healthcare expenditure and increased diagnostics
are expected to drive the usage of iodine in medical applications.
The rising popularity of organic farming is another trend driving changes in
the iodine market. Organic crops are often deficient in iodine. Therefore,
iodine-based fertilizers and feed additives are gaining popularity among
organic farmers to overcome this issue. This is expected to open new growth
opportunities for players in the iodine market.
Market Opportunities
One of the major opportunities for the iodine market players is the increasing
adoption of iodine-based disinfectants owing to the COVID-19 pandemic. Iodine
is highly effective against viruses and is being increasingly used for surface
and hand disinfection. This is presenting new growth avenues for market
participants.
Growing consumption of iodine-fortified foods also provides opportunities. Many
countries are promoting iodine supplementation through salt iodization programs
to overcome iodine deficiency issues. This is creating sustained demand for
iodine.
Impact of COVID-19 on Iodine Market
Growth
The COVID-19 pandemic significantly impacted the growth of the iodine
market globally. During the initial lockdown phase, the demand from end-use
industries like medical X-ray, LCD, and others declined substantially due to
halting of operations. This led to oversupply in the iodine market. However, as
the pandemic continued, the demand for iodine from the pharmaceutical industry
increased steadily for manufacturing disinfectants and sanitizers. Iodine is an
essential element used in polymer and resin disinfectants. Meanwhile, the
supply chain disruptions created shortage of iodine in some parts of the world.
As lockdowns eased, the production and transportation also resumed gradually.
Many countries announced stimulus packages to boost their healthcare
infrastructure which further propelled the demand. In the post-pandemic period,
the iodine market is expected to witness significant growth owing to rising
healthcare expenditure, growing focus on hygiene and expanding use in
electronic speciality chemicals. However, continued geopolitical issues and
inflationary pressures remain challenges. Overall, while COVID-19 hampered
short term growth initially, it has opened new opportunities for iodine usage
in the long run.
Geographical Regions with High
Concentration in Iodine Market
Chile is currently the leading producer of iodine, accounting for
approximately 30% of global supplies. This is mainly because the Atacama Desert
in northern Chile is the world’s largest natural source of iodine. Other major
producing countries include Japan and China. In terms of consumption, East Asia
dominates the global iodine market due to large electronics manufacturing bases
and growing healthcare sectors in countries like China, South Korea and Japan.
North America is another major consumer zone led by pharmaceutical and medical
applications in the USA. In Europe, countries such as Germany, Italy and the
United Kingdom contribute significantly to the regional iodine demand. Going
forward, developing regions of Asia Pacific and Latin America are expected to
showcase high growth on the back of rising incomes, expanding middle classes
and increasing industrialization.
Fastest Growing Region for Iodine Market
Asia Pacific region is poised to be the fastest growing market for iodine
during the forecast period. This is due to presence of rapidly developing
economies such as China and India which are witnessing increased
infrastructural investments, expanding manufacturing industries and growing
medical needs of huge population bases. Further, Japan and South Korea are
major electronics manufacturing hubs escalating the demand from LCD and
semiconductor sectors. Rising health awareness and improving access to
healthcare will also drive the consumption of iodine in products like
disinfectants and nutritional supplements. The entry of new players and capacity
expansions by existing manufacturers across APAC are facilitating sufficient
supply to cater growing demands. With strong economic growth prospects, Asia
Pacific will continue dominating global iodine market in both production and
consumption.
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