Contents
Introduction
Iodine is an essential element used in a wide range of applications, including pharmaceuticals, X-ray contrast media, disinfectants, feed additives, and as a key raw material for polarizing films in liquid crystal displays (LCDs).
Japan is one of the world’s leading iodine producers, alongside Chile and the United States, and plays a major role in the global market.
Global Iodine Market Size (2022–2025)
- 2022: Approx. USD 1.1 billion
- 2023: Approx. USD 1.23 billion
- 2024 (estimated): Approx. USD 1.35 billion
- 2025 forecast: Approx. USD 1.42 billion (CAGR: 6.5%)
Stable demand from the pharmaceutical/healthcare sector and electronic materials (LCD-related applications), combined with technological advancements in underground brine extraction—rather than seaweed-based sourcing—are strengthening global supply capabilities.
Price Trends (2020–2025)
- Average price in 2020: Approx. 32 USD/kg
- Average price in 2022: Approx. 42 USD/kg
- Expected price at the end of 2024: Approx. 38 USD/kg
- 2025 outlook: Stable in the 36–40 USD/kg range
Recent price increases were driven by supply constraints in Chile, production maintenance in Japan, and poor harvests in seaweed-dependent regions.
With supply and demand gradually stabilizing, prices are expected to soften slightly and remain relatively stable.
Demand Trends by Application
- Pharmaceuticals & contrast media: Consistent demand for X-ray and CT contrast agents; expected to rise further with aging populations.
- Liquid crystal displays (LCDs): A core raw material for polarizing films; demand remains solid with screen size increases and higher display resolutions.
- Agriculture & feed: Growing use in animal supplements and disinfectant applications.
- Industrial applications: Used in resin synthesis, catalysts, and photographic chemicals, among others.
Major Producing Countries and Supply Landscape
- Japan: The world’s second-largest producer, relying primarily on underground brine extraction in the Chiba and Niigata regions.
- Chile: The largest supplier, with large-scale extraction facilities operated by companies such as SQM.
- United States: Production centered on underground brine extraction in states such as Oklahoma.
In some regions, environmental regulations and constraints on underground resources may pose future risks to supply stability.
Future Outlook and Challenges
With steady growth in the medical and display materials sectors, medium- to long-term demand for iodine is expected to continue increasing.
However, price volatility and high dependence on specific production regions remain challenges, making supply chain resilience and diversified production systems increasingly important for the industry.
