Potassium Iodide Market Size to Surpass USD 3.38 Billion by 2032 |...

Potassium Iodide Market Size to Surpass USD 3.38 Billion by 2032

Posted 2023-10-17 08:43:15

Market Synopsis: The global potassium iodide market was valued at USD 1.12 billion in 2022 and is projected to reach USD 3.38 billion by 2032, exhibiting a revenue CAGR of 6% during the forecast period. The growth in market revenue is primarily driven by increased demand for potassium iodide in the pharmaceutical industry, growing consumer awareness of its benefits, and a rise in iodine-deficient disorders.

The pharmaceutical industry's demand for potassium iodide is rising due to its various applications, including the treatment of Hyperthyroidism, emergency radiation treatment, and as a nutritional supplement. This increasing demand is fueled by the aging global population and the prevalence of thyroid-related issues. Additionally, government initiatives and awareness programs promoting the benefits of iodine for healthy thyroid function are expected to further boost the potassium iodide market.

Iodine deficiency poses a significant public health concern, leading to Intellectual or Developmental Disabilities (IDD) such as goiter, cretinism, and hypothyroidism. To combat IDD and drive market revenue growth, potassium iodide is used in salt iodization programs, food fortification, and nutritional supplements.

The production of X-ray contrast media also contributes to the demand for potassium iodide. Its usage in diagnostic imaging techniques like Computed Tomography (CT) scans and angiography is driving revenue growth in this segment.

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However, strict government regulations and competition from alternative iodine sources, such as seaweed and other seafood, could limit market revenue growth.

Over the forecast period, the pharmaceutical application is expected to dominate the potassium iodide market due to increasing demand for the treatment of hyperthyroidism and radiation emergencies.

Geographically, Asia Pacific is expected to lead the potassium iodide market, driven by government measures to address iodine deficiency and rising demand in the pharmaceutical and X-ray contrast media industries.

Product Outlook: The global potassium iodide market is categorized into solid, liquid, and gaseous forms based on product types. The solid category accounted for the largest revenue share in 2021, mainly due to its ease of storage, transportation, and use in pharmaceutical, medical, and food applications.

The liquid form of potassium iodide is projected to have the fastest revenue CAGR during the forecast period, driven by its use as a common reagent in chemical synthesis, analytical chemistry, and production of iodine derivatives. It also serves as a disinfectant and treatment for radiation crises.

The gaseous state of potassium iodide has limited applications, including gas purification and calibration gas for analytical instruments, leading to a slight increase in revenue over the predicted period.

Application Outlook: The global potassium iodide market includes applications in pharmaceuticals, food and beverage, animal feed, X-ray contrast media, and other sectors. Pharmaceuticals accounted for the largest revenue share in 2021, as potassium iodide is widely used in the treatment of thyroid conditions and radiation emergencies. It is also employed in producing various iodine-containing medications.

The food and beverage segment is projected to have the highest revenue CAGR during the forecast period due to the demand for iodized salt and increased awareness of the importance of iodine in human nutrition.

The animal feed segment is expected to experience modest revenue growth, driven by the need to protect livestock and poultry from iodine-deficient disorders.

The X-ray contrast media sector is anticipated to have consistent revenue growth, attributed to the increasing prevalence of chronic diseases and the rising demand for diagnostic imaging.

Regional Outlook: North America is anticipated to dominate the global potassium iodide market in terms of revenue, primarily due to the region's increasing demand in the food and pharmaceutical sectors. The presence of major manufacturers and suppliers in North America further boosts demand for potassium iodide.

The Asia-Pacific region is predicted to experience rapid growth, driven by the expanding food and beverage sector and increased demand in agriculture for fertilizers containing potassium iodide. The region also faces rising thyroid issues, contributing to the demand for potassium iodide in treatments.

Europe is expected to witness moderate growth, with the food and beverage sector being the main driver for potassium iodide demand, particularly in iodized salt production and pharmaceutical applications.

The Middle East and Africa may show slow growth due to limited use of potassium iodide; however, increased focus on agriculture and the use of potassium iodide as fertilizer may lead to long-term market expansion.

Overall, the global potassium iodide market is expected to grow steadily, driven by increasing demand in various end-use industries, rising awareness about iodine-deficient disorders, and the adoption of sustainable manufacturing processes. The market is also expected to expand significantly due to the use of potassium iodide in LCD screen production and growing consumer demand for eco-friendly products.

Major Companies and Competitive Landscape: The global potassium iodide market is highly competitive, with several large and medium-sized players contributing to a significant portion of market revenue. Key players are adopting strategies such as mergers and acquisitions, strategic agreements, and the introduction of more effective products to strengthen their positions in the market.

Strategic Developments:

Nitto Kasei Co., Ltd. acquired ISO 9001:2015 certification for its Potassium Iodide manufacturing facility in Japan in 2021, reinforcing its commitment to quality management and product safety.
Iofina Plc acquired Wm. B. Reilly & Co., Inc. in 2020 to expand its product offerings in the US market, particularly in iodine derivatives and Potassium Iodide.

New Product Launches:

Godo Shigen Co., Ltd., Sinopharm Weiqida Pharmaceutical Co., Ltd., and Calibre Chemicals Pvt. Ltd. introduced new Potassium Iodide products designed for use in the healthcare industry, promoting them as high-quality and safe sources for the prevention and treatment of thyroid-related diseases.

Market Segmentation: The report covers market segmentation based on product type (solid, liquid, gaseous), application (pharmaceuticals, food and beverages, animal feed, X-ray contrast media, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Conclusion: The global potassium iodide market is expected to experience steady growth, primarily driven by increasing demand in pharmaceuticals, food and beverage, and agriculture sectors. The prevalence of iodine-deficient disorders and the rising adoption of sustainable manufacturing processes further fuel market expansion. Major regions like North America and Asia Pacific are projected to lead in market revenue, while the pharmaceutical application of potassium iodide is expected to dominate over the forecast period.

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