Global Iodine Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Iodine Market Growth

As per the Organisation for Economic Cooperation and Development, the global GDP is expected to record a growth of 3.1% in 2024 and reach 3.2% in 2025. Major G20 economies such as India, Indonesia, and China are expected to grow at a rate of 6.6%, 5.1%, and 4.9% respectively. The expansion of the industrial sector is expected to raise the demand for biocides, which are used for controlling the spread of harmful microorganisms through biological and chemical action. They play a crucial role in agricultural and food processing, apart from healthcare and oil and gas (for preventing pipeline corrosion) industries. This is expected to surge the demand for iodine as it is a critical raw material for biocide production.

Over 1.7 billion automotive tyres are produced annually worldwide. Nearly 70% are meant for passenger vehicles, while 30% are used for manufacturing heavy-duty vehicles like trucks. The per capita vehicle ownership in New Zealand is 869 per million inhabitants (the highest in the world), which is followed by the United States (860), Poland (761), Italy, (756), Australia (737), and France (704). The burgeoning tyre replacement market in leading countries such as China and India is also expected to raise the demand for iodine, which is used as a catalyst in the production of synthetic rubber worldwide.

Key Trends and Developments

Global Iodine Market Trends

Tanzania is home to Africa’s second-largest cattle population after Ethiopia. It has 36.6 million cattle heads, which constitutes a share of 11% of Africa’s total cattle population. It has one of the fastest-growing populations of livestock in the world and accounts for 1.4% of the total cattle population. The animal husbandry industry employs nearly 4.6 million households, which represents 33% of the population. This is expected to raise the demand for animal feed, and thereby drive the market.

Global Iodine Industry Segmentation

Global Iodine Market Share

Based on end use, the market is segmented into pharmaceuticals, animal feed, medical imaging, and chemicals, among others. Over the forecast period of 2024-2032, the pharmaceuticals sector is estimated to grow at a CAGR of 4.6% as the demand for iodine as a nutritional supplement surges.

Leading Companies in the Global Iodine Market

The shift towards sustainability is prompting major iodine producers in Chile to boost their reliance on seawater to double their iodine production while providing fresh water to local communities under its CSR initiatives.

Iofina

Iofina was originally established in 1983 and was acquired by Iofina Chemicals in 2009. It is based in the United States and specialises in the manufacturing of iodine and the derivatives of speciality chemicals. It operates its Iosorb iodine extraction plants in Oklahoma and Kentucky.

ISE Chemicals Corporation

ISE Chemicals Corporation was founded in March 1927 and is headquartered in Tokyo, Japan. It is engaged in the...

Itochu Chemical Frontier Corporation

Itochu Chemical Frontier Corporation was founded in 1971 and is based in Tokyo, Japan. It is engaged in produc...

Iochem Corporation

Iochem Corporation, which is based in Oklahoma (U.S.A.) has over 35 years of experience in the production of r...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major market players are Woodward Iodine Corporation, Glide Chem Pvt Ltd., GODO SHIGEN Co.,Ltd., Kanto Natural Gas Development Co. Ltd., Nippoh Chemicals Co., Ltd., and Algorta Norte S.A., among others.