United States Iodine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Iodine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The United States iodine market was estimated at around 8403.37 tons in 2021 and the market is estimated to register a CAGR of more than 3% during the forecast period (2022-2027).

The COVID-19 pandemic impacted the market in 2020. As a result of months of lockdowns, international travel bans, and retail business closures, sales, purchases, and usage fell across many end-user segments. However, the demand for iodine increased for end-user applications like medical, etc. during the pandemic.

Key Highlights

• A major factor driving the market studied is the increasing demand from the medical sector, particularly after huge investments in the healthcare sector post the emergence of COVID-19.
• On the flip side, rising concerns about increasing health risks from excessive iodine intake are restraining the market growth​.
• Iodine recycling is a major opportunity for the market studied in the future.

Key Market TrendsIncreasing Demand from the Medical Sector

• Cancer is the second leading cause of mortality in the United States after heart disease. In 2022, the United States is anticipated to have 1.9 million new cancer cases and 609,360 cancer deaths, for a total of 1,670 deaths each day.
• Since the early 1940s, radioactive iodine (I-131) has been utilized to treat overactive thyroid diseases (hyperthyroidism). It is a highly successful therapeutic approach. It is becoming more commonly utilized as a first-line therapy than surgery.
• Radioactive iodine is absorbed by the thyroid and kills thyroid gland cells. This reduces the quantity of thyroxine produced by the thyroid gland and may also lower the gland's size.
• According to Statista, the revenue from the United States diagnostic imaging devices was USD 11,131 million in 2021, and it is expected to reach USD 13,504 million by 2026.
• Owing to the growing geriatric population, the demand for iodine for cancer treatment and medical imaging applications has been increasing steadily over the past few years.

Underground Brine is the Most Used Source to Produce Iodine

• Iodine is primarily retrieved from underground brines. They are water with many dissolved salts and ions associated with natural gas and oil deposits.
• The underground brine is pumped up from the stratum to produce biogenic natural gas (NG) and iodine.
• In addition to this, underground brines are used in iodine production because they could be a potential source of rubidium, cesium, boron, or strontium.
• Iodine is produced from sodium iodide solutions found in underground brines associated with petroleum and natural gas fields. Iodine is also made from subterranean brines. Furthermore, the United States produces iodine from sodium iodide solutions.
• Underground brines can be classified as chloride, sulfate, and hydrocarbonate. Among all three, only chloride brines, including sodium, calcium, and magnesium, are widely found.

Competitive Landscape

The US iodine market is highly consolidated. Some of the key players (not in any particular order) in the market studied include Iochem Corporation, Woodward Iodine Corporation (WIC) (Ise Chemicals Corporation), Iofina, and KIVA Holding Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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