Iodine Market Size, Share & Segmentation By Form (Organic Compound, Inorganic Salts & Complexes, and Elemental & Isotopes), Source (Caliche Ore, Underground Brines, Recycling, and Seaweed), End-Use Industry (Pharmaceuticals, Animal Feed, Medical Imaging, Chemicals, and Others), and Region | Global Forecast for 2025–2032

Iodine Market Report Scope & Overview

The iodine market size was valued at USD 3.48 billion in 2024 and is expected to reach USD 5.10 billion by 2032, growing at a CAGR of 4.89% over the forecast period of 2025-2032.

The iodine market analysis has experienced growth due to increased usage in the chemical industry, particularly in applications like catalysts and polarizing films. It is due to its indispensable role in numerous high-value applications within the growth of the chemical industry. Iodine, the element with the highest atomic weight that is stable, has a variety of uses and finds importance as a catalyst in chemical reactions, particularly for producing acetic acid and several other industrial chemicals. Such catalysts play a fundamental role in increasing the efficiency and selectivity of conversions, which is essential to implement in the bulk production of the native compounds. Furthermore, iodine is an important element necessary for the manufacturing of polarizing films, which are a vital part of the liquid crystal display (LCD) that makes up the screen of our electronic devices, such as televisions, smartphones, and computer monitors.

According to the U.S. Geological Survey USGS offers extensive data concerning the production, consumption, and trade of iodine. Their report for 2024 estimated a decline of U.S. iodine production from 2022, while iodine imports averaged USD 61/kg in 2023, 30% higher than in 2022.

Market Dynamics

Drivers

• Growing Use of Iodine in Medical Imaging Drives the Market Growth.

The expansion in the iodine market is primarily due to the increasing use of iodine in medical imaging. Iodine-based contrast agents are widely used in diagnostic procedures, including X-ray imaging, computed tomography (CT), and angiography. Such agents act as contrast enhancers that provide greater clarity as well as precision in imaging organs, blood vessels, and tissues that aid in disease diagnosis and further planning for treatment. With the global improvement of healthcare infrastructure and an increase in chronic diseases, the population willing to undergo advanced imaging techniques is also rising. Which again drives the demand for iodine compounds for these contrast agents. Furthermore, developments in imaging techniques, as well as rising awareness for early diagnosis, also contribute to continuous growth in Iodine in this application, which is also very important for driving the iodine market growth.

Iodine was produced from brines in 2024 by three companies in Oklahoma. Estimates were withheld in 2024 to avoid revealing company proprietary data, but production was estimated to have sustainability increased relating to 2023. The U.S. imported roughly 3,300 metric tons of iodine for use back in 2024. Chile retained its lead as the largest supplier with 90% of imports, followed by Japan at 9%.

 Restrain

• Complex and Costly Extraction Processes may hamper the Market Growth.

The iodine-extraction-from-brine process is complex, costly, and the main obstacle to expanding the iodine market. The extraction of iodine traditionally involves complex technology and specialized equipment, resulting in prohibitively high O&M costs. So also, iodine often located in low concentrations in natural sources, brine wells, seaweed, and mineral deposits, requiring large amounts of labour and effort to extract. Such elements may restrict new entrants into the industry, but also limit production levels from current producers looking to increase production capacity. Furthermore, this could drive up the price of iodine and iodine products, iodine industry. Hence, it is expected that the difficulties and the cost of extracting iodine can be a deterrent and will restrain the overall market, although the demand is expected to rise from various end-use applications.

Opportunity

• Development in nuclear energy projects creates opportunities for market growth.

Expansion in nuclear energy initiatives is a promising growth aspect of the iodine market. Key aspects for the nuclear activity (both in the case of power generation and nuclear safety), iodine (in particular iodine-131 and iodine-129). In radiation monitoring, as well as in reactor control systems (especially safety protocols for environmental protection, which use natural and artificial isotopes to control and prevent releases of radioactive materials). Due to national efforts to ramp up nuclear energy and the expected growth of the iodine market with rising electricity demand and carbon reduction efforts, demand and use of iodine-based materials will likely grow. Moreover, with the focus on safer and better nuclear technologies, advanced reactor systems will increase iodine demand. With nuclear power gaining traction beyond domestic borders, iodine producers are presented with opportunities to meet the growing demand for these key materials needed to support the nuclear energy industry, which drives the iodine market trends.

 The U.S. Department of Energy (DOE) estimates nuclear capacity could triple, reaching approximately 300 GW by 2050. Such growth can be on existing and newly shuttered sites, or in the repurposed remains of coal plants where new reactors can be started.

Additionally, in May 2025, Sweden's parliament voted to fund new generation nuclear reactors, calling for the construction of four large reactors or an equivalent amount of SMRs will be built by 2035, totaling 5000 MW(s) in capacity. The plan relies on billions in state loans and 40-year price guarantees, amounting to an estimated USD 31–62 billion.

Segmentation Analysis

By Form

Organic compounds held the largest iodine market share, around 62%, in 2024.  It is due to Iodine-containing organic compounds, like iodoform and methyl iodide, are essential in the pharmaceutical industry to prepare different types of drugs (e.g., antiseptics, disinfectants, and thyroid drugs). Moreover, these compounds are widely utilized in preparing contrast agents in medical imaging, a fast-growing area of science pushed by the progress of diagnostics technology and growing needs in health care around the globe. Iodine-based organic compounds are important intermediates in the manufacture of dyes, catalysts, and other specialties in the chemical industry.

Inorganic Salts & Complexes held a significant market share and were the fastest-growing segment over the forecast period. It is owing to the usage of compounds like potassium iodide, povidone iodine, calcium iodate, and sodium iodide that play a vital role in fields spanning from medicinal uses and dietary supplements to industry applications. Inorganic iodine salts play a vital role in medical and public health and possess great importance in the healthcare industry as they are used in antiseptics, disinfectants, and iodine supplements. These salts are also used widely in the production of iodized salt, a principal tool in iodine deficiency disorders throughout the world. In agriculture, inorganic complexes of iodine are suspended in animal feed to promote their healthy growth and reproduction.

By Source

The caliche ore formaldehyde segment held the largest market share, around 46%, in 2024. It is owing to the high iodine content and economic extraction process. Caliche ore is primarily found in countries such as Chile, and is nearly the richest natural source of iodine, and thus is one of the most popular raw materials for bulk iodine production. Caliche ore provides a much more efficient and concentrated source of iodine than brine or seaweed, and therefore is processing cost-effective and higher yielding. The already established mining infrastructure and expertise in areas where caliche ore is plentiful provide even more of an advantage to its uncontested position along the global supply chain.

Underground Brines segment held a significant market share and was the fastest-growing segment during the forecast period.  It is due to their sheer abundance and potential for more sustainable extraction. Located in countries like the US and Japan, these sources of brine contain naturally dissolved iodine that can be extracted economical using particular methods (blow-out, oxidation procedures etc.). This lower environmental footprint, which is an important consideration, is attributed to underground brines, as mining caliche ore entails many more surface disturbances and generates more waste material during processing. Additionally, the efficiency and cost-effectiveness of the extraction of iodine from brines has been improving, resulting in brines as a more attractive producer option.

By End-use Industry

Medical Imaging held the largest market share, around 32%, in 2024. It is owing to the significant use of iodine-based contrast agents during diagnostic procedures such as X-rays, computed tomography (CT) scans, and angiography. Because iodine has such a high atomic number, it completely absorbs X-rays and makes images more contrast, allowing for accurate imaging of internal organs, blood vessels, and tissues. This renders iodine compounds irreplaceable in contemporary diagnostic imaging, especially in the identification of cardiovascular diseases, cancers, and neurological disorders. Factors such as increasing incidences of chronic diseases, a rise in demand for early detection and diagnosis, along with interoperability of technology, are impactful factors for enabling the extensive use of medical imaging technologies across the globe in developed and developing nations.

Chemicals held a significant market share.  It is due to its catalytic properties, it plays an important role in the effective and high-yield reaction, especially in fine chemicals production and specialty materials. Besides, iodine is used in the synthesis of polarizing film for liquid crystal displays (LCDs), which is an integral part of electronics and display technology. The chemical industry has been constantly improving and searching for high-performance materials that have also promoted the use of iodine in a wide variety of applications, for example, dyes, pigments, and high-performance polymers.

Regional Analysis

Europe held the largest market share, around 38%, in 2024. It is due to the advanced infrastructure set up in the region as well as well well-established pharmaceutical industry, along with major investments in innovative technologies. The presence of leading manufacturers and research institutions in the region drives the overall iodine demand across multiple industries, such as healthcare, chemicals, and electronics. The high public health and environmental safety regulations of Europe are additionally fostering the use of iodine in medical imaging, pharmaceuticals, and nutritional supplements, and since then remarkable expansion in market growth. Moreover, the developed region and iodine companies are required to develop green extraction methods and recycling technologies, guaranteeing the supply of stable iodine. Bolstered by strong government ties and infrastructure for innovation and industrial development, Europe has been able to maintain its global iodine market-leading position.

For instance, in March 2024, the Ajay-SQM Group developed the production of pharmaceutical-grade iodine compounds. The enhanced purity and effectiveness of the iodine will facilitate better use in iodine-based medicinal throat preparations, and this is expected to revitalize iodine uptake in the high-value pharmaceutical industry sector.

North America held a significant market share and growing region in the forecast period. It is driven by the availability of natural resources, developed healthcare infrastructure, and the presence of key iodine producers in the region. The United States and the New World are abundant in underground brine reserves–the principal source for the extraction of iodine, which makes it stable and constant. Moreover, well well-established pharmaceutical industry in North America, which uses iodine in medical imaging and other medical applications, contributes to the steady demand. The market strength of the region is further enhanced by the highly developed and extensive research and development for technology related to iodine extraction and processing.

The U.S. Market size was valued at USD 530 million in 2024 and is expected to reach USD 880 million by 2032, growing at a CAGR of 6.51% in the forecast period 2025-2032. It is because of its stored underground brine assets, infrastructure for extraction, and an advanced industrial base. The country is among the largest producers of iodine in the world, reaping from extensive natural deposits that lie mostly in the states of Oklahoma and Arkansas. This large supply allows for consistent, large-scale iodine production to meet domestic and international needs. Furthermore, the US has an advanced pharmaceutical and healthcare industry, which propels the large use of iodine for clinical imaging, antiseptics, and dietary supplements. This is complemented by investments in innovative extraction technologies and R&D, which continue to increase the efficiency of production and the quality of products.

In 2023, Iofina Resources' crystalline iodine production totalled 559.3 metric tons (MT), an increase of 8% year-on-year. That increase was due to the full year of operation from the IO#9 production facility, as well as the start of construction for the IO#10 plant. To be commissioned in 2024, the facility at IO#10 will expand the annual iodine contribution by 100 to 150 metric tons, increasing the company's overall production capacity and sustaining its iodine market position.

Asia Pacific held a significant market share in 2024. It is owing to the rapidly growing industrial sector, growing healthcare demand in the region, and the presence of natural resources of iodine. Countries like China, Japan, and India have driven a massive growth of pharmaceuticals, animal feed, and chemical production in the area, which are all big iodine consumers. Awareness regarding iodine deficiency and government initiatives has increased the demand for iodine within supplements, particularly in large populous countries. Moreover, Asia Pacific has both caliche ore and brine sources (underground) that ensure stable iodine production availability. The region's leadership is well-supported by the presence of major iodine producers and continuous investment in extraction and processing technologies.  

 Key Players

The leading key players are Iofina PLC, SQM, Cosayach, ISE Chemicals Corporation, Nippoh Chemicals Co., Ltd., Deepwater Chemicals, Inc., Godo Shigen Co., Ltd., Toho Earthtech, Inc., Jiangxi Shengdian Sanyang Industry Co., Ltd., Zenith Chemicals, and others.

Recent Development:

• In 2024, Merck KGaA launched a new iodine-based contrast agent for medical imaging to improve diagnostic performance, especially for iodine allergic patients.

• In 2024, REMONDIS SE & Co.KG recently commissioned a plant in Germany for the recovery of iodine out of flue gas, generated during the incineration process of hazardous waste. By turning waste into resources, this initiative drives sustainability and supports the circular economy.