Iodine Market

The iodine market is projected to see an upward consumption trend over the next eight years, with a forecasted CAGR of +2.6% in volume and +5.0% in value from 2022 to 2030. Consumption increased in 2022, ending a three-year declining trend, with China, the United States, and Norway leading in consumption. Production, exports, and imports also showed growth, with Chile being the biggest producer and exporter. Belgium and Norway were key importers. Iodine per capita consumption saw significant growth in Norway, Chile, and Italy. The global market is expected to continue growing in the near future, with prices also on the rise.

Market Forecast

Driven by increasing demand for iodine worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 45K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $2.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Iodine

In 2022, consumption of iodine increased by 1.7% to 37K tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 5.1%. As a result, consumption reached the peak volume of 38K tons. From 2019 to 2022, the growth of the global consumption remained at a lower figure.

The global iodine market revenue soared to $1.5B in 2022, increasing by 30% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a modest expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (6.8K tons), the United States (5.1K tons) and Norway (5K tons), together comprising 46% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Norway (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest iodine markets worldwide were China ($315M), the United States ($208M) and Norway ($207M), with a combined 49% share of the global market.

Norway, with a CAGR of +14.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of iodine per capita consumption was registered in Norway (919 kg per 1000 persons), followed by Chile (43 kg per 1000 persons), Italy (38 kg per 1000 persons) and the Netherlands (33 kg per 1000 persons), while the world average per capita consumption of iodine was estimated at 0.1 kg per 1000 persons.

In Norway, iodine per capita consumption expanded at an average annual rate of +10.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Chile (+3.3% per year) and Italy (+3.5% per year).

Production

World Production of Iodine

For the fifth year in a row, the global market recorded growth in production of iodine, which increased by 3.6% to 37K tons in 2022. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 9.9% against the previous year. Over the period under review, global production reached the peak volume in 2022 and is likely to see gradual growth in the near future.

In value terms, iodine production stood at $1.2B in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 17%. Over the period under review, global production attained the maximum level at $1.3B in 2013; however, from 2014 to 2022, production failed to regain momentum.

Production By Country

Chile (22K tons) remains the largest iodine producing country worldwide, accounting for 59% of total volume. Moreover, iodine production in Chile exceeded the figures recorded by the second-largest producer, Japan (8.9K tons), twofold. The third position in this ranking was held by the United States (2.2K tons), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Chile stood at +2.3%. In the other countries, the average annual rates were as follows: Japan (-0.5% per year) and the United States (+0.2% per year).

Imports

World Imports of Iodine

In 2022, supplies from abroad of iodine increased by 5% to 38K tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 6.7%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, iodine imports skyrocketed to $1.8B in 2022. In general, imports recorded a perceptible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The countries with the highest levels of iodine imports in 2022 were China (6.2K tons), Belgium (6K tons), Norway (5K tons), the United States (4.3K tons) and India (4.3K tons), together finishing at 68% of total import. It was distantly followed by Italy (2.3K tons), committing a 6% share of total imports. The following importers - Germany (1.6K tons), France (1.4K tons), the Netherlands (1.4K tons), Brazil (1.2K tons), Canada (0.9K tons) and the UK (0.9K tons) - together made up 20% of total imports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +11.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest iodine importing markets worldwide were China ($329M), Belgium ($280M) and Norway ($228M), together accounting for 46% of global imports.

Among the main importing countries, Norway, with a CAGR of +15.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average iodine import price amounted to $47,714 per ton, surging by 45% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Global import price peaked at $47,914 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($57,681 per ton), while Canada ($19,297 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+5.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Iodine

In 2022, global exports of iodine totaled 38K tons, picking up by 6.9% compared with 2021 figures. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 9.1% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, iodine exports surged to $1.9B in 2022. In general, exports posted perceptible growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

Chile was the major exporting country with an export of about 21K tons, which accounted for 55% of total exports. Belgium (5.6K tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Japan (13%). The Netherlands (1.6K tons) and the United States (1.3K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to iodine exports from Chile stood at +2.2%. At the same time, the Netherlands (+29.4%), Belgium (+5.2%) and Japan (+2.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +29.4% from 2012-2022. By contrast, the United States (-2.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Belgium increased by +3.8 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($1.1B) remains the largest iodine supplier worldwide, comprising 59% of global exports. The second position in the ranking was taken by Belgium ($327M), with a 17% share of global exports. It was followed by Japan, with a 10% share.

In Chile, iodine exports expanded at an average annual rate of +2.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Belgium (+6.1% per year) and Japan (+4.4% per year).

Export Prices By Country

The average iodine export price stood at $49,552 per ton in 2022, growing by 49% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($57,910 per ton), while the Netherlands ($35,744 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform