Potassium Iodide Market - Global Industry Analysis and Forecast – 2024
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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.
This
130 page report gives readers a comprehensive overview of the Potassium
Iodide Market. Browse through 12 data tables and 55 figures to unlock
the hidden opportunities in this market.
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.
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.
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.
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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.
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