July 24, 2024

Rising Demand From Medical And X-Ray Contrast Agents To Drive The Growth Of Iodine Market

Market Overview:

Iodine is an essential micronutrient that is needed for the proper functioning of the thyroid gland. It is mainly used in medical applications such as x-ray contrast agents, pharmaceuticals, biocides and in LCD and LED manufacturing. Iodine plays an important role in many bodily functions like growth, mental and physical development in children. This makes iodine deficiency a serious health concern globally. Due to its wide range of applications especially in the medical field, the demand for iodine is increasing.

Market key trends:

Rising cases of iodine deficiency disorders globally is driving the demand for iodine in medical and pharmaceutical applications. As per WHO, 2.2 billion people globally are at risk of iodine deficiency. Developing nations especially in Africa and Southeast Asia are focusing on iodine fortification programs to address this issue. Furthermore, increasing demand for X-ray contrast agents which use iodine is also supporting the market growth. Growing healthcare spending and rising prevalence of chronic diseases are factors boosting consumption of medical imaging procedures using iodine contrast agents. However, fluctuations in raw material prices remains a key challenge for market players.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires high capital investment for new mining projects and production facilities. Established players enjoy economies of scale.

Bargaining power of buyers: The bargaining power of buyers is low due to the specialized nature of iodine and lack of substitutes for certain applications. Buyers have limited influence on prices set by few global producers.

Bargaining power of suppliers: The bargaining power of suppliers is high as iodine production is highly concentrated in few countries like Chile. This gives existing miners strong influence over prices and supply.

Threat of new substitutes: The threat of new substitutes is low as iodine has distinct properties and few close substitutes for applications in various industries. Significant R&D is required to develop new substitutes.

Competitive rivalry: The rivalry is strong among the major global players due to limited number of iodine producers and supply concentration risks. Players compete based on production capacity, quality, and client relationships.

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 medical applications like X-ray contrast media. The market size for 2023 is estimated to be US$ 1641.17 Mn.

Regional analysis:

 

The Asia Pacific region dominates the global iodine market currently due to strong demand from medical and industrial sectors. China represents the largest consumer as well as producer of iodine globally. North America and Europe are other major markets driven by growing consumption in healthcare and x-ray contrast media.

Key players:

 

Key players operating in the iodine market are Iofina Chemical, Inc., Sociedad QuĂ­mica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Players compete based on production capacity, quality, and client relationships to gain market share. Significant manufacturing presence in major consuming regions provides key players an added advantage.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it