Global Iodine Market to Grow at a CAGR of 6% by 2030

Iodine is a hefty substance, usually solid, and has a purplish-black metallic sheen. It liquefies even at low temperatures and can be easily vaporized by sublimating stable Iodine like dry ice. Iodine is utilized in many different applications, including X-Ray contrast media, pharmaceuticals, LCD polarizing films, livestock feed, Iodophors, Fluorochemicals, Biocides, Nylon, Human Nutrition, Povidone-Iodine, and others. Because Iodine is a nonmetallic element, it cannot be created through chemical synthesis. Industrially, it can only be mined as Iodine-containing materials. While energy resources other than Iodine are limited in Japan, iodine manufacturing in Japan accounts for around 30% of global iodine production. Iodine demand is projected to be driven by increasing demand in X-ray contrast media, rising iodine deficiency among humans, and numerous applications of iodine derivatives. 

Market Dynamics

Growing Iodine Deficiency among People to Drive the Global Iodine Market

The iodine level in foods must be balanced for healthy growth development in humans and animals. Iodine deficiency can also impair thyroid function. Furthermore, iodine shortage can be a severe problem, causing painful symptoms.

Furthermore, the FDA regulates the addition of iodine to infant formulae and iodine to meals such as bakery items, especially bread. This has raised a demand for iodine in the market and its usage as a required mineral in numerous dietary things. 

Furthermore, infant formulae are mandated to contain many minerals, including iodine, under Section 412 of the Federal Food, Drug, and Cosmetic Act. According to FDA rules, Iodine has minimal and maximum calorie-based values of 5 and 75 g/100 kcal. During the foreseeable period, such variables will drive Iodine use.

Rising Demand in the Usage of Biocides to Provide Opportunities for the Global Iodine Market

Iodine is a powerful biocidal agent for bacteria, fungus, yeasts, viruses, spores, and protozoan parasites. It is the only element in the periodic table that can eliminate germs without contaminating the atmosphere.

Owing to iodine characteristics, there is a massive opportunity for initiatives to synthesize active iodine-rich compounds while maintaining optimum iodine content with concomitant stability and routes for forming oxygen-containing iodine-rich complexes to enhance the oxygen balance and accomplish both high-energy and high-iodine content. These create opportunities for the design and synthesis of new iodine-rich compounds and a path for the future creation of more efficient and safer iodine-rich anti biological warfare agents.

Impact of COVID-19

Due to the COVID-19 outbreak, businesses, manufacturing, and production facilities were closed, resulting in little economic activity. According to the European Commission, the EU countries would decrease by more than 7.20 percent in 2020. Furthermore, according to IMF projections, the European Union is predicted to reduce by 4.70 percent in 2021. This significantly impacts the supply, demand, and value chains. This condition is projected to last the entire year, considering moving the region's increased Iodine need.

Furthermore, the lockdown adopted in many nations resulted in a drop in the consumption of X-Ray contrast media as primary health services were halted for a few months due to the COVID-19 outbreak and were predicted to exacerbate the patients' current difficulties.

Furthermore, iodine use has decreased in different applications such as animal feed, medicinal, optical polarising films, and catalysts. However, global lockdowns and a slowdown in industrial expansion have hampered demand for iodine in the optical polarising films market.

Regional Insights

By region, the global iodine market is divided into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. Europe and Asia-Pacific are the most important markets. Europe accounted for the largest share, holding more than 35% of the global iodine market, and is estimated at 12,300 metric tons in 2021. It is expected to reach 18750 metric tons by 2030, registering a CAGR of 5%. Manufacturers of animal feeds in Germany include Deutsche Tiernahrung Cremer GmbH & Co. KG, Worlée, and Kiwa, among others. As the number of animal feed makers in the country grows, so will the need for iodine over the projection period.

The Asia-Pacific is the fastest growing and is estimated at 11,370 metric tons in 2021, and it is expected to reach 20555 metric tons by 2030, registering a CAGR of 7% during the period. In Asia-Pacific, in terms of GDP, China is the largest economy. China's cattle business has grown considerably as people's diets have switched more toward animal proteins. China is currently the world's largest producer of livestock goods and the world's largest animal feed maker. China is the world's second-largest pharmaceutical market. The pharmaceutical market is quickly expanding due to the country's growing middle-class and aging society, rising earnings, and increasing urbanization.

Key Highlights

• The global iodine market is estimated at 34,860 metric tons in 2021, and it is expected to reach 56440 metric tons by 2030, registering a CAGR of 6% during the forecast period (2022-2030).
• By source, the global iodine market is divided into underground brines, caliche ore, recycling, and seaweeds. The caliche ore segment accounted for the largest share, holding more than 51% of the iodine market in 2021. It is estimated at 17985 metric tons in 2021, and it is expected to reach 28870 metric tons by 2030, registering a CAGR of 5%. However, the recycling segment is expected to register the highest CAGR of 6% during the forecast period.
• By form, the global iodine market is divided into inorganic salts and complexes, organic compounds, elementals, and isotopes. The organic compounds segment accounted for the largest share, holding around 49% of the iodine market in 2020. is estimated at 17065 tons in 2021, and it is expected to reach 27160 metric tons by 2030, registering a CAGR of 5%. However, the elementals and isotopes segment is expected to register the highest CAGR of 6% during the forecast period. 
• By application, the global iodine market is divided into animal feed, medical, biocides, optical polarizing films, fluorochemicals, nylon, and other applications. The medical segment holds the largest share, is estimated at 16240 metric tons in 2021, and it is expected to reach 27435 metric tons by 2030, registering a CAGR of 6%

Market Segments

1. By Source
   1. Underground Brines
   2. Caliche Ore
   3. Recycling
   4. Seaweeds
2. By Form
   1. Inorganic Salts and Complexes
   2. Organic Compounds
   3. Elementals and Isotopes
3. By Application
   1. Animal Feed
   2. Medical
   3. Biocides
   4. Optical Polarizing Films
   5. Fluorochemicals
   6. Nylon
   7. Other Applications