Potassium Iodide Market - Global Industry Analysis & Forecast | 2024
Transparency
Market Research (TMR) observes that the global potassium iodide
market is moderately concentrated. The key players are focusing on
expanding their manufacturing facilities to increase their global
share through higher production. Furthermore, collaborations, mergers
and acquisitions, and joint ventures will also be key development
strategies of companies operating in the global potassium iodide
market. The top three leading players in the global market as of 2015
were Iofina Plc, Nippoh Chemicals Co., Ltd, and Adani
Pharmaceuticals. This cream of the crop held a share of 23% in the
global market.
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Full Report:
Pharmaceutical
Industry to Remain Dominant Consumer of Potassium Iodide
According
to the research report, the global potassium iodide market is
expected to be worth US$ 1.14 bn by the end of 2024 from US$607.9 mn
in 2015. During the forecast period of 2016 and 2024, the global
market is expected to surge at a CAGR of 7.3%. The pharmaceutical
industry will be the key end user in the global market as it is
poised to acquire a share of 27.9% by the end of 2024, in terms of
revenue. The demand for potassium in the pharmaceutical industry is
expected to spike as it is known to be an excellent solution for
preventing thyroid-related issues.
From
a geographic point of view, Asia Pacific is slated to dominate the
global potassium iodide market in the coming years. The booming
pharmaceutical and food and beverages sector are expected to bolster
the growth of this regional market. Analysts expect that Asia
Pacific potassium iodide market will account for a share of 44.2% by
the end of 2025.
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Widening
Applications of Potassium Iodide to Drive Global Market
Growing
awareness about nutritional deficiencies has played a significant
role in soaring demand for potassium iodide market. In tandem with
the same reason, the pharmaceutical industry has become an important
end user in the global market as manufacturers are using potassium
for making supplements to combat thyroid-related health issues.
Pharmaceutical industry is also using potassium iodide for making
supplements to help patients with arthritis and treating cough.
Additionally, the global market is likely to benefit from the growing
demand for potassium iodide in the food industry as global consumers
are leaning toward a healthy diet. The consumption of potassium
iodine is slated to increase in the coming years as rising number of
consumers are trying to avert diseases such as goiter, cretinism, and
hyperthyroidism.
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The
extensive usage of potassium iodine is also seen in the textile
industry as a nylon stabilizer and heat dispersant. It is used for
making iodine solution, which is then used for testing the desizing
property of the textile. Thus, the growing number of application of
potassium in areas such as film photography and x-ray contrast media
along with the aforementioned are expected to benefit the market in
the near future.
On
the flip side, the global potassium iodide market faces a few
challenge. The key restraint in the overall market is the side effect
of potassium iodide. Joint pain, swelling of arms, legs, face, and
throat are some of the commonly seen side effects of potassium
iodide. Research shows that prolonged usage of potassium iodide can
also lead to burning of mouth, irregular heartbeat, and a metallic
taste in the mouth. Thus, these factors are likely to act as an
impediment for the global potassium iodide market over the forecast
period.
Global
Potassium Iodide Market Report is available at US$ 5795 -
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