Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 55

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 55
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ine derivatives are used as raw materials or catalysts in the formulation of products such as X-ray contrast media, biocides, antiseptics and disinfectants, pharmaceutical intermediates, polarizing films for LCD and LED screens, chemicals, organic compounds and pigments. Iodine is also added in the form of potassium iodate or potassium iodide to edible salt to prevent iodine deficiency disorders.
During 2024, X-ray contrast media was the leading application of iodine, accounting for approximately 37% of demand. Iodine’s high atomic number and density make it ideally suited for this application, as its presence in the body can help to increase contrast between tissues, organs, and blood vessels with similar X-ray densities. Other applications include pharmaceuticals, which we believe account for 13% of demand; LCD and LED screens, 13%; iodophors and povidone-iodine, 6%; animal nutrition, 7%; fluoride derivatives, 6%; biocides, 5%; nylon, 3%; human nutrition, 3% and other applications, 7%.
In 2024, our estimates indicate that the market experienced an upturn of approximately 7% compared to the previous year. This expansion can primarily be attributed to a series of key factors impacting various industries. First, the broader global economic recovery has led to a better-than-expected GDP in 2024, with industrial production boosting company investments, especially in India and China. Additionally, demand for contrast media has accelerated due to significant expansions and strong performance among major players in this industry, where government expenditures in healthcare and new technologies have played a key role. Finally, while high prices have slowed demand in certain sectors, such as iodophors and biocides, the decline in these applications was smaller than the growth seen in other industries, leading to a strong iodine demand.
The demand for X-ray contrast media emerged as a primary driver of growth in the iodine market. This increase is largely due to heightened healthcare expenditures, increased prevalence of chronic diseases necessitating diagnostic imaging, rising volume of CT procedures, advancements in imaging technology and demographic shift towards an aging population. The growing use of diagnostic imaging, particularly in China, Europe and the US, has significantly bolstered the demand for iodine-based contrast agents, counterbalancing some of the declines seen in other sectors.
Iodine: Our Products
We produce iodine in our Nueva Victoria plant, near Iquique, Chile, our Pedro de