Global Iodine Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

Iodine Market Size

• The global Iodine market size was valued at USD 1.15 billion in 2024 and is expected to reach USD 1.76 billion by 2032, at a CAGR of 5.40% during the forecast period
• This growth is driven by advancements in extraction and purification technologies

Iodine Market Analysis

• Iodine is a vital trace element widely utilized in diverse industries such as pharmaceuticals, nutrition, animal feed, X-ray contrast media, and electronics, due to its unique chemical properties including high atomic number, antimicrobial activity, and reactivity with organic compounds
• The market demand for iodine is largely driven by increasing prevalence of iodine deficiency disorders (IDDs), the growing use of iodine-based contrast media in medical imaging, and rising applications in LCD polarizers and photovoltaic cells within the electronics and energy sectors
• Expanding usage in industrial catalysts, coupled with increased agricultural applications in animal feed and soil treatment, is reinforcing iodine’s strategic importance across both developed and emerging economies
• Europe is expected to dominate the iodine market, with the largest market share of 37.11%, due to its strong industrial base, especially in the pharmaceutical and chemical sectors, where iodine plays a crucial role in production processes
• Asia-Pacific is expected to witness the highest compound annual growth rate (CAGR) in the iodine market due to the region's rapidly expanding healthcare, chemical, and electronics industries
• The caliche ore segment is expected to dominate the Iodine market with the largest share of 49.32% in 2025 due to the sustainable and cost-effective extraction process associated with caliche ore, making it a preferred choice for iodine production

Report Scope and Iodine Market Segmentation       

Iodine Market Trends

“Rising Adoption of Iodine in Medical Imaging and Diagnostics”

• The use of iodine-based contrast agents is growing rapidly in radiology and nuclear medicine, owing to its high atomic number and superior X-ray attenuation properties
• The increasing global burden of chronic diseases such as cardiovascular disorders, cancer, and neurological conditions is accelerating the number of diagnostic procedures, boosting iodine demand
• Technological advances in non-invasive imaging and personalized healthcare are encouraging the integration of iodine-based agents in CT scans, angiography, and interventional radiology 
  • For instance, in February 2024, GE HealthCare announced the launch of a next-generation low-osmolar iodine contrast agent for enhanced safety in cardiovascular imaging
• This trend underscores the growing relevance of iodine in precision diagnostics and positions the healthcare sector as a major end-user driving innovation and volume growth

Iodine Market Dynamics

Driver

“Rising Demand in Animal Nutrition and Feed Additives”

• The use of iodine-based contrast agents is growing rapidly in radiology and nuclear medicine, owing to its high atomic number and superior X-ray attenuation properties
• The increasing global burden of chronic diseases such as cardiovascular disorders, cancer, and neurological conditions is accelerating the number of diagnostic procedures, boosting iodine demand
• Technological advances in non-invasive imaging and personalized healthcare are encouraging the integration of iodine-based agents in CT scans, angiography, and interventional radiology
  • For instance, in February 2024, GE HealthCare announced the launch of a next-generation low-osmolar iodine contrast agent for enhanced safety in cardiovascular imaging
• This trend underscores the growing relevance of iodine in precision diagnostics and positions the healthcare sector as a major end-user driving innovation and volume growth

Opportunity

“Expansion of Iodine Applications in the Electronics Industry”

• Iodine is increasingly being used in the manufacturing of LCD polarizers, semiconductor etching chemicals, and electrolytes for energy storage systems, driven by technological advancements in electronics
• The global shift toward smart devices, flat panel displays, and renewable energy systems is expanding the material demand for high-purity iodine compounds
• Growing investments in electric vehicles (EVs), photovoltaic cells, and 5G infrastructure are creating new revenue streams for iodine manufacturers
  • In October 2023, Nippon Shokubai announced a partnership with a display technology firm to supply iodine-based compounds for OLED panel production
• The diversification of iodine’s industrial utility beyond traditional medical and nutritional domains presents a strong opportunity for long-term market expansion

Restraint/Challenge

“Volatility in Raw Material Supply and Price Fluctuations”

• Iodine is increasingly being used in the manufacturing of LCD polarizers, semiconductor etching chemicals, and electrolytes for energy storage systems, driven by technological advancements in electronics
• The global shift toward smart devices, flat panel displays, and renewable energy systems is expanding the material demand for high-purity iodine compounds
• Growing investments in electric vehicles (EVs), photovoltaic cells, and 5G infrastructure are creating new revenue streams for iodine manufacturers
  • In October 2023, Nippon Shokubai announced a partnership with a display technology firm to supply iodine-based compounds for OLED panel production
• The diversification of iodine’s industrial utility beyond traditional medical and nutritional domains presents a strong opportunity for long-term market expansion

Iodine Market Scope

The market is segmented on the basis of source, form, and application.

In 2025, the caliche ore is projected to dominate the market with a largest share in source segment

The caliche ore segment is expected to dominate the Iodine market with the largest share of 49.32% in 2025 due to the sustainable and cost-effective extraction process associated with caliche ore, making it a preferred choice for iodine production.

The organic compounds is expected to account for the largest share during the forecast period in form segment

In 2025, the organic compounds segment is expected to dominate the market with the largest market share of 50.31% due to the growing demand for eco-friendly, biodegradable, and non-toxic solutions, driving the shift towards organic compounds in chemical production processes.

Iodine Market Regional Analysis

“Europe Holds the Largest Share in the Iodine Market”

• Europe is expected to dominate the iodine market, with the largest market share of 37.11%, due to its strong industrial base, especially in the pharmaceutical and chemical sectors, where iodine plays a crucial role in production processes
• The growing demand for iodine in the healthcare industry, particularly in diagnostic imaging and antimicrobial applications, is contributing significantly to the region's market dominance
• Countries such as Germany and the U.K. are key drivers of this growth, as they are home to some of the world’s leading pharmaceutical and chemical companies, increasing the demand for iodine-based products

“Asia-Pacific is Projected to Register the Highest CAGR in the Iodine Market”

• Asia-Pacific is expected to witness the highest compound annual growth rate (CAGR) in the iodine market due to the region's rapidly expanding healthcare, chemical, and electronics industries
• China and India are significant contributors, with growing demand for iodine in medical applications, such as contrast agents for imaging, and in the production of biocides for water treatment and sanitation
• The increasing use of iodine in electronics, especially in the production of semiconductors and LCD screens, along with rising awareness of iodine's benefits in public health, is further driving demand in the region

Iodine Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

The Major Market Leaders Operating in the Market Are:

• SQM S.A. (Chile)
• ISE CHEMIVALS CORPORATION (Philippines)
• IOCHEM (U.S.)
• Algorta Norte (Chile)
• NIPPOH CHEMICALS CO. LTD. (Japan)
• Kanto Natural Gas Development Co. Ltd. (Japan)
• GODO SHIGEN Co., Ltd. (Japan)
• TOHO EARTH TECH, INC. (Japan)
• Deep Water Chemicals, Inc. (U.S.)
• Toyota Tsusho Corporation (Japan)
• AJAY-SQM Group (India)
• AZER-YOD LLC (Azerbaijan)
• ACF Minera S.A. (Peru)
• Prachi Pharmaceuticals Private Limited (India)
• Salvi Chemicals Industries Ltd. (India)

Latest Developments in Global Iodine Market

• In October 2023, Iofina revealed its intention to build its 10th iodine extraction plant in a new location in Oklahoma. This strategic expansion marks a significant step in the company’s growth in the iodine extraction sector
• In June 2023, Iofina inaugurated its 6th iodine extraction plant in Oklahoma, utilizing its proprietary production technology. The company ramped up production soon after, capitalizing on high iodine prices throughout the year, which significantly enhanced its profitability in 2023
• In May 2023, REMONDIS SE & Co. KG, based in Germany, launched a new plant dedicated to the recovery of iodine from flue gas produced during hazardous waste incineration. This move aligns with the company's sustainability goals and its commitment to promoting the circular economy
• In August 2020, SQM S.A. outlined plans to cut brine extraction from the Salar de Atacama by 50% and reduce water consumption in its operations by 40%. This initiative is expected to support the production of carbon-neutral iodine alongside lithium and potassium
• In October 2022, SQM S.A. signed a multi-year agreement with GE Healthcare to supply iodine for contrast media. This agreement, which will bolster iodine supply year-on-year, underscores the importance of iodine in supporting Computed Tomography (CT) imaging and X-ray contrast media products

SKU-19490