* Elemental iodine (I₂): This is the active ingredient responsible for the antimicrobial properties.

* Potassium iodide (KI): This acts as a solubilizer for iodine, making it more soluble in water.

* Water (H₂O): The solvent for the iodine and potassium iodide.

The exact proportions of iodine and potassium iodide can vary depending on the intended use of the solution. A common concentration is 2% iodine and 10% potassium iodide, but other formulations exist.

Note: Iodine solution is a powerful disinfectant and should be used with caution. It can cause skin irritation and burns if not used properly. Always follow the instructions on the product label and consult a healthcare professional if you have any questions.