by The global 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 is a halogen element found in the human body in small amounts. It helps regulate many metabolic processes and is essential for proper thyroid function. Iodine is extracted from underground deposits or harvested from seaweed or brine wells. The major end uses of iodine include medical, chemicals, personal care products, industrial and others. Iodine possesses antiseptic properties and is used as an additive in topical antiseptics. It also finds application in the manufacture of iodine tincture which is used as disinfectants and cleaning solutions. Iodine is one of the key micronutrient required for human health.
Market key trends:
Growing health concerns and rising population are paving way for greater demand for iodine from various end use industries including medical and personal care. Iodine deficiency disorders remain a major health issue across developing economies. As a result, consumption of iodized salt has increased significantly over the past few years. Furthermore, advancement in medical technologies has bolstered the use of iodine in manufacturing X-ray contrast media. Rapid industrialization and rising disposable income are also augmenting the demand for iodine in personal care products and electronics industry. Stringent regulations regarding iodine deficiency are further projected to drive the iodine market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital investment is required to enter into mining and processing of iodine. However, opportunities are available for smaller players operating in extraction of iodine from seaweeds.
Bargaining power of buyers: The bargaining power of buyers is high as iodine has many substitutes. Buyers can switch to substitutes easily if pricing is not competitive in global market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are limited number of suppliers operating in the market globally. However, easy availability of raw materials keeps the pricing and supply in balance.
Threat of new substitutes: The threat of new substitutes is high as iodine has many substitutes available across applications. Continuous research and development can lead to new alternatives replacing iodine.
Competitive rivalry: Competition in the market is high due to presence of global players.
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 healthcare and X-ray contrast media applications. Iodine plays a crucial role in treating various health conditions and finds wide usage in medical procedures.
The Asia Pacific region is expected to dominate the global iodine market during the forecast period. The region accounts for over 50% of global iodine production led by countries like China and Japan. Abundant availability of raw materials and large consumer base drives the market growth in the region.
Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad QuÃmica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. These companies are focusing on capacity expansion plans and adopting sustainable mining practices to cater to the growing demand for iodine globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
