The Global Iodine Market was valued at US$ 1,551.2 Million in 2022, exhibiting a CAGR of 5.8% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 2,428.5 Million by 2030.
Global Iodine Market, By Source (Natural Brines, Nitrite Ores, and Others), By Applications (X-Ray Contrast Media, Catalyst, Biocides, LED/LCD Polarizing Films, Feed Additives, Human Nutrition, and Others), By Region (North America, Latin America Europe, Asia Pacific, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Global Iodine Market- Driver
Growing prevalence of thyroid disorder
The rising prevalence of the thyroid disorder among the geriatric population is expected to drive the global iodine market growth. Iodine is a mineral that plays an important role in the production of thyroid hormone and prevents the deficiency associated with the lack of iodine such as enlargement of goiter and mental retardation in children and infants. Moreover, iodine deficiency in adults can lead to thyroid problems such as hyperthyroidism, thyroid nodules, hypothyroidism, and thyroid cancer. Thus, the growing prevalence of thyroid disorder is expected to fuel the market growth.
Global Iodine Market- Opportunities
Increasing awareness about the benefits of iodine and usage in animal feed
Increasing government initiatives for spreading awareness about the benefits of iodine through campaigns and advertisements are expected to boost the market growth. Additionally, the rising demand for iodine in animal feed applications and human nutrition are also projected to propel the global iodine market growth. Moreover, growth in the GDP of various developing countries is boosting the production of iodine which is again augmenting the market growth.
Global Iodine Market- Restraints
Rapid changes in iodine prices
Fluctuating prices of iodine due to its shortage is expected to restrict the market growth. Lack of skilled professionals for the production of iodine coupled with the high capital requirement for the production process are also expected to hamper the market growth over the forecast period.
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Key Takeaways:
On the basis of region, Asia Pacific is expected to grow at the fastest rate during the forecast period.
On the basis of source, the natural brines segment dominated the global iodine market with around 59% of market share in terms of revenue in 2022, followed by nitrite ores.
Global Iodine Market- Trends
Increasing demand for iodine from the pharmaceutical industry
The growing demand for iodine from the pharmaceutical industry in the formulation of various drugs is projected to augment the market growth. Moreover, the increasing use of iodine in LED/LCD polarizing films is further anticipated to augment the market growth over the forecast timeframe. Furthermore, growth in the chemical industry is another major factor contributing to the global iodine market growth over the forecast period. According to India Brand Equity Foundation, India’s domestic pharmaceutical market was worth US$ 42 billion in 2021 and is expected to reach US$ 120-130 billion by 2030.
Increasing consumption of iodine in X-Ray contrast media
Growing advancement in the medical technology for diagnosis of disease and the rise in the nuclear medicinal techniques has raised the demand for iodine in the last few years. Growing cases of cancer have increased the consumption of iodine in X-ray contrast media and the pharmaceutical industry. Such factors are expected to augment market growth of iodine over the forecast timeframe.
Global Iodine Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdown their manufacturing units which had an adverse impact on the global iodine market. Moreover, the lack of laborers brought mining and extraction activities to a halt.
