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.

The iodine market is majorly driven by its wide range of medical applications. Iodine is an essential micronutrient required by the human body for proper functioning of thyroid glands. Deficiency of iodine can lead to thyroid disorders like goiter. Iodine is commonly used as an antiseptic in various topical ointments and solutions due to its disinfectant properties. It is also used as a contrast medium for medical imaging procedures like CT scans.

 

Market Overview:

Iodine is a halogen element obtained from seaweed and salt deposits. The leading applications of iodine include X-ray contrast media, biocides, pharmaceuticals, LCD polarizing films, and catalysts. Iodine possesses antibacterial and disinfecting properties which makes it useful for production of various healthcare and sanitation products. Around 60% of the global iodine production is consumed by medical applications which is a major growth driver for the market.

 

Market key trends:

The increasing demand from medical applications is expected to drive the iodine market over the forecast period. Iodine is an indispensable element for thyroid functioning and production of thyroid hormones. As the prevalence of thyroid disorders like goiter and hypothyroidism continues to rise globally, the demand for iodine from pharmaceutical industry is growing substantially. Moreover, rising healthcare expenditure and expanding diagnostic facilities are further fueling the consumption of iodine-based X-ray contrast media across the world.
 

Porter’s Analysis
 

Threat of new entrants: High capital requirements and economies of scale in the iodine production limits new entrants. The established players focus on expansion and availability of raw materials are challenges to new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, established uses of iodine in applications provide stable demand.

Bargaining power of suppliers: Suppliers have high bargaining power due to limited number of raw material sources and concentration of production. Fluctuations in raw material costs can impact iodine producers.

Threat of new substitutes: Though substitutes exist in certain applications, established uses of iodine provide less threat from new substitutes. Iodine is irreplaceable in several applications.

Competitive rivalry: Intense as major players focus on expansion plans and securing raw material supplies.

 

SWOT Analysis

Strength: Wide applications and essential for human nutrition and industrial uses. Rising demand from healthcare and X-ray contrast media industries.

Weakness: Fluctuations in raw material prices. Supply concerns due to production concentration in few regions.

Opportunity: Growing demand for iodine from LCD polarizing films production. Scope for augmenting production from alternative sources.

Threats: Stringent environmental regulations regarding iodine production. Slow industrial growth during economic downturns affecting some end-uses.

 

Key Takeaways

The Global Iodine Market Growth is expected to witness high, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from medical applications. Iodine is used as an essential micronutrient for thyroid function and production of thyroid hormones. Rising healthcare expenditure and growing medical diagnostics are boosting iodine consumption.

Regionally, Asia Pacific dominates the global iodine market led by China, Japan and India. China accounts for around 60% of global iodine production due to abundant resources. North America and European markets are relatively mature owing to long-established industrial applications of iodine.

Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Major players are engaged in production capacity expansions and strategic partnerships to meet global iodine demand.

For more insights, read-  https://www.dailyprbulletin.com/iodine-market-share-size-and-growth-share-trends-analysis-demand-forecast/