The report "Iodine Market by Source (Caliche Ore, Underground Brines), Form(organic compounds, Inorganic Salts, Elemental & Isotopes), Application(X-ray contrast media, Pharmaceuticals, Optical Polarizing Films), and Region - Global Forecast to 2022", The global iodine market is estimated at USD 832.1 Million in 2017 and is projected to reach USD 1,041.0 Million by 2022, at a CAGR of 4.58% between 2017 and 2022. The market is witnessing growth due to the increasing use of iodine in optical polarizing films in LCD applications. Growing deficiency of iodine in developing countries and use in applications such as X-ray contrast media, fluorinated derivatives, and photography are some of the factors driving the market for iodine.

Caliche ore was the largest source for iodine extraction in 2016. The large share of caliche ore is because mining of iodine from caliche ore is less cumbersome and less capital intensive in comparison to its extraction from underground brines and seaweeds. Furthermore, the iodine mined from caliche ore contains more concentration (ppm) of iodine as compared to other extraction sources.

Organic compounds was the largest segment of the iodine market, by form in 2016. The large market share of organic compounds is due to their extensive use in pharmaceutical formulations, as additives in animal feed, and as pesticides and soil fumigants for agricultural purposes. They are also used as catalyst for many chemical syntheses. Thus, the above factors are responsible for making organic compounds the largest market for iodine, by form globally.