Iodine Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 3.58 Billion
CAGR (2026-2031)	6.79%
Fastest Growing Segment	Human Nutrition
Largest Market	North America
Market Size (2031)	USD 5.31 Billion

Market Overview

The Global Iodine Market will grow from USD 3.58 Billion in 2025 to USD 5.31 Billion by 2031 at a 6.79% CAGR. Iodine is a nonmetallic halogen element that serves as a critical component in various industrial, medical, and agricultural applications. The primary drivers supporting the market include the escalating demand for contrast media in medical diagnostics and the consistent requirement for pharmaceuticals and iodophors to treat thyroid disorders. Furthermore the agricultural sector sustains consumption through the essential inclusion of iodine in animal feed to prevent nutritional deficiencies in livestock, ensuring steady demand distinct from temporary market trends.

However the market faces a significant challenge regarding the high geographical concentration of production which renders the industry vulnerable to supply chain disruptions and price volatility. This reliance on limited sources can create instability that complicates long term planning for buyers. According to the U.S. Geological Survey, in 2024, spot prices for iodine crystal averaged about 69 dollars per kilogram during the first nine months of the year. Such pricing fluctuations highlight the economic risks that could impede broader market expansion.

Key Market Drivers

The most prominent factor propelling the Global Iodine Market is the rising global demand for X-ray contrast media in diagnostic imaging. Iodine serves as the essential opacifying agent in these pharmaceutical compounds, enabling enhanced visibility of vascular structures and organs during Computed Tomography (CT) and X-ray procedures. As healthcare systems globally expand their diagnostic capabilities to address aging populations and chronic diseases, the consumption of iodine-based contrast agents has surged. This trend is exemplified by the financial performance of major industry players; according to GE HealthCare, February 2025, in the 'Fourth Quarter and Full Year 2024 Financial Results', the Pharmaceutical Diagnostics segment experienced a 9 percent growth, driven significantly by the sustained need for imaging agents in key markets like the United States.

Parallel to this, the market is significantly driven by expanding pharmaceutical applications, particularly in thyroid therapies and antiseptic formulations. Beyond diagnostic uses, iodine remains a critical active ingredient for regulating thyroid function and manufacturing povidone-iodine disinfectants used widely in clinical settings. This diverse medical utility supports robust demand for iodine derivatives, even as other sectors fluctuate. According to Iofina plc, May 2025, in the '2024 Full Year Results', iodine derivatives sales increased by 31 percent to 16.9 million dollars, underscoring the vitality of this segment. Furthermore, the broader market's strength is evident in the results of leading producers; according to Sociedad Química y Minera de Chile (SQM), June 2025, in the 'Annual Report 2024', iodine and derivatives revenues reached approximately 968 million dollars, reflecting the critical nature of these applications in driving global consumption.

Download Free Sample Report

Key Market Challenges

The high geographical concentration of production constitutes a substantial barrier to the growth of the Global Iodine Market by creating a rigid and vulnerable supply chain structure. This heavy reliance on a select few regions means that the global market lacks the necessary diversification to absorb localized disruptions, whether they stem from logistical failures, political shifts, or operational bottlenecks. Consequently, downstream industries encounter elevated risks regarding material availability, which discourages long-term investment and complicates inventory management. Manufacturers in cost-sensitive sectors are often reluctant to expand their consumption or develop new iodine-based products when the continuity of supply cannot be guaranteed, directly stalling overall market momentum.

This centralized production landscape creates a dependency that exposes the entire industry to severe stability risks. According to the U.S. Geological Survey, in 2024, Chile maintained its position as the world's leading producer, accounting for approximately 66 percent of global iodine output in 2023. Such a dominant market share held by a single nation indicates that the global equilibrium is inextricably tied to the operational consistency of one jurisdiction. This lack of supply diversity forces buyers to operate with defensive procurement strategies rather than aggressive expansion plans, thereby impeding the broader commercial adoption required for significant market growth.

Key Market Trends

The Commercialization of Iodine-Based Perovskite Solar Cell Innovations is creating a novel high-value application stream that extends beyond traditional pharmaceutical and industrial uses. These next-generation photovoltaics utilize iodine-containing perovskite crystal structures to achieve superior light absorption and energy conversion efficiency compared to conventional silicon cells, thereby driving specific demand for high-purity iodine grades. This technology is rapidly transitioning from research concepts to industrial viability, evidenced by significant efficiency breakthroughs that signal readiness for mass market deployment and manufacturing scaling. According to Qcells, December 2024, in an official announcement, the company achieved a world record efficiency of 28.6 percent for a perovskite-silicon tandem solar cell, illustrating the technical maturation that is encouraging broader investments in iodine-dependent renewable energy technologies.

Simultaneously, the Strategic Diversification of Supply Chains via Non-Traditional Brine Sources is gaining momentum as a critical measure to mitigate the risks associated with geographical centralization. Producers are increasingly investing in advanced recovery technologies to extract iodine from oilfield produced water and other iodine-rich brine streams, establishing robust alternative supply hubs outside of the dominant Chilean reserves. This shift not only enhances global supply security but also leverages circular economy principles by capitalizing on previously underutilized industrial byproducts. This operational expansion is exemplified by recent production surges in North America; according to Iofina plc, October 2025, in the 'Q3 2025 Corporate Update', the company produced 215.8 metric tonnes of crystalline iodide from its brine-based plants, representing a 32 percent increase compared to the same period in the previous year.

Segmental Insights

According to market analysis, Human Nutrition is emerging as the fastest-growing segment within the Global Iodine Market, driven by a critical global focus on eradicating Iodine Deficiency Disorders (IDDs). This expansion is fundamentally supported by government-led universal salt iodization mandates, which align with strategic guidelines from the World Health Organization (WHO) to prevent thyroid dysfunction and cognitive impairment. As public awareness regarding preventive healthcare rises, the demand for iodine in dietary supplements and fortified foods has surged. These regulatory and consumer shifts toward nutritional security are catalyzing sustained adoption across developing and developed regions alike.

Regional Insights

North America leads the global iodine market due to substantial demand from the pharmaceutical and diagnostic sectors, particularly for iodinated contrast media used in medical imaging. The region benefits from established domestic production facilities in the United States that support supply chain stability. Additionally, the United States Food and Drug Administration enforces rigorous quality standards for iodine in healthcare and nutrition, fostering a regulated environment that encourages consistent consumption. This combination of industrial capability and strong healthcare application drives the continued market dominance of the region.

Recent Developments

In November 2025, Sociedad Química y Minera de Chile (SQM) reported its financial results for the third quarter, highlighting a 5% year-on-year increase in revenues from its iodine and derivatives segment. The company noted that the average price of iodine remained robust at approximately $73 per kilogram during the period, driven by sustained demand in the X-ray contrast media market. SQM also provided updates on its capacity expansion projects, including the ongoing construction of a seawater pipeline expected to support future production increases at its Nueva Victoria operations, positioning the company to meet projected market growth in the coming years.
In July 2025, Iofina plc announced that its newest iodine extraction facility, IO11, was in the final stages of commissioning in Western Oklahoma. The company reported that the plant, developed in partnership with a brine supply partner, had begun hydro-testing and was expected to commence initial production later that month. Once fully operational, the facility was projected to contribute approximately 100 metric tons of crystalline iodine annually to the company’s total output. This development marked a continuation of the company's strategy to expand its production capacity in its core operating region and capitalize on favorable market conditions.
In January 2025, GE HealthCare announced a significant investment of $138 million to expand its iodine contrast media manufacturing facility in Cork, Ireland. The company stated that this capital injection would enable the production of an additional 25 million patient doses annually by 2027. This move was described as a strategic step to meet the growing global demand for iodinated contrast media used in medical imaging procedures such as CT scans and X-rays. The expansion also aimed to strengthen the company's global supply chain resilience following previous industry shortages and ensure a reliable supply for healthcare providers worldwide.
In September 2024, Oxford PV announced the commercial launch of its perovskite-on-silicon tandem solar modules, marking the first commercial deployment of this iodine-dependent photovoltaic technology. The company delivered its initial shipment of 72-cell panels to a utility customer in the United States for a large-scale installation. These advanced modules, which utilize perovskite materials that rely on iodine as a key precursor, were reported to offer up to 20% higher energy generation compared to standard silicon panels. This launch represented a significant milestone in the commercialization of high-efficiency perovskite solar solutions and highlighted the growing industrial application of iodine in renewable energy technologies.

Key Market Players

Sociedad Química y Minera de Chile S.A.
Cosayach Compañía De Salitre Y Yodo
Nippoh Chemicals Co., Ltd.
Kanto Natural Gas Development Co., Ltd.
Toho Earthtech Co., Ltd.
GODO SHIGEN Co., Ltd.
SQM S.A.
Iofina plc
ISE CHEMICALS CORPORATION
IOCHEM Corporation

By Source	By Form	By Application	By Region
Underground Brines Recycling Seaweeds and Caliche Ore	Organic Compounds Elemental & Isotopes and Inorganic Salts & Complexes	X-Ray Contrast Media Animal Feed Pharmaceuticals Optical Polarizing Films Human Nutrition Biocides Catalysts in Polymer Processing Fluorochemicals and Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Iodine Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Iodine Market, By Source:

Underground Brines
Recycling
Seaweeds and Caliche Ore

Iodine Market, By Form:

Organic Compounds
Elemental & Isotopes
and Inorganic Salts & Complexes

Iodine Market, By Application:

X-Ray Contrast Media
Animal Feed
Pharmaceuticals
Optical Polarizing Films
Human Nutrition
Biocides
Catalysts in Polymer Processing
Fluorochemicals and Others

Iodine Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Iodine Market.

Available Customizations:

Global Iodine Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Iodine Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Iodine Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Source (Underground Brines, Recycling, Seaweeds and Caliche Ore)

5.2.2. By Form (Organic Compounds, Elemental & Isotopes, and Inorganic Salts & Complexes)

5.2.3. By Application (X-Ray Contrast Media, Animal Feed, Pharmaceuticals, Optical Polarizing Films, Human Nutrition, Biocides, Catalysts in Polymer Processing, Fluorochemicals and Others)

5.2.4. By Region

5.2.5. By Company (2025)

5.3. Market Map

6. North America Iodine Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Source

6.2.2. By Form

6.2.3. By Application

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Iodine Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Source

6.3.1.2.2. By Form

6.3.1.2.3. By Application

6.3.2. Canada Iodine Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Source

6.3.2.2.2. By Form

6.3.2.2.3. By Application

6.3.3. Mexico Iodine Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Source

6.3.3.2.2. By Form

6.3.3.2.3. By Application

7. Europe Iodine Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Source

7.2.2. By Form

7.2.3. By Application

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Iodine Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Source

7.3.1.2.2. By Form

7.3.1.2.3. By Application

7.3.2. France Iodine Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Source

7.3.2.2.2. By Form

7.3.2.2.3. By Application

7.3.3. United Kingdom Iodine Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Source

7.3.3.2.2. By Form

7.3.3.2.3. By Application

7.3.4. Italy Iodine Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Source

7.3.4.2.2. By Form

7.3.4.2.3. By Application

7.3.5. Spain Iodine Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Source

7.3.5.2.2. By Form

7.3.5.2.3. By Application

8. Asia Pacific Iodine Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Source

8.2.2. By Form

8.2.3. By Application

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Iodine Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Source

8.3.1.2.2. By Form

8.3.1.2.3. By Application

8.3.2. India Iodine Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Source

8.3.2.2.2. By Form

8.3.2.2.3. By Application

8.3.3. Japan Iodine Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Source

8.3.3.2.2. By Form

8.3.3.2.3. By Application

8.3.4. South Korea Iodine Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Source

8.3.4.2.2. By Form

8.3.4.2.3. By Application

8.3.5. Australia Iodine Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Source

8.3.5.2.2. By Form

8.3.5.2.3. By Application

9. Middle East & Africa Iodine Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Source

9.2.2. By Form

9.2.3. By Application

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Iodine Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Source

9.3.1.2.2. By Form

9.3.1.2.3. By Application

9.3.2. UAE Iodine Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Source

9.3.2.2.2. By Form

9.3.2.2.3. By Application

9.3.3. South Africa Iodine Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Source

9.3.3.2.2. By Form

9.3.3.2.3. By Application

10. South America Iodine Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Source

10.2.2. By Form

10.2.3. By Application

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Iodine Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Source

10.3.1.2.2. By Form

10.3.1.2.3. By Application

10.3.2. Colombia Iodine Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Source

10.3.2.2.2. By Form

10.3.2.2.3. By Application

10.3.3. Argentina Iodine Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Source

10.3.3.2.2. By Form

10.3.3.2.3. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Iodine Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Sociedad Química y Minera de Chile S.A.

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Cosayach Compañía De Salitre Y Yodo

15.3. Nippoh Chemicals Co., Ltd.

15.4. Kanto Natural Gas Development Co., Ltd.

15.5. Toho Earthtech Co., Ltd.

15.6. GODO SHIGEN Co., Ltd.

15.7. SQM S.A.

15.8. Iofina plc

15.9. ISE CHEMICALS CORPORATION

15.10. IOCHEM Corporation

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

What was the market size of the Global Iodine Market in 2025?

Which is the dominating region in the Global Iodine Market?

Which is the fastest growing segment in the Global Iodine Market?

What is the expected growth rate of the Global Iodine Market?