Press release
Potassium Iodide (KI) Market Trends and Key Players' Tactics- Calibre Chemicals Pvt. Ltd. Godo Shigen Co., Ltd. Blaustein Chemicals N.V. Salvi Chemical Industries Ltd.
Potassium Iodide (KI) Market
Potassium Iodide Market Overview
Potassium iodide is a chemical compound used for various medical applications, including the treatment of hyperthyroidism. It is available in two main grades: industrial and pharmaceutical. The substance is in high demand across different industries, thanks to its versatile properties. From chemical and medical industries to agricultural applications, the use of potassium iodide is growing rapidly.
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Key Drivers of Growth
One of the major drivers of growth in the potassium iodide market is the rising demand for iodine-based contrast media used in diagnostic imaging. The prevalence of chronic diseases like cardiovascular conditions, cancer, and diabetes has fueled the need for advanced imaging technologies. As of 2020, 79% of global deaths were attributed to these conditions, and this number is expected to rise to 84% by 2030.
Potassium iodide is an essential component in contrast media formulations, enhancing the visibility of specific structures in medical imaging, making it critical to modern healthcare systems. This rising need is pushing the potassium iodide market forward.
Manufacturers have also noted a significant increase in demand for potassium iodide due to events like nuclear emergencies. For instance, after an alert in Canada about a power plant incident in 2020, there was a surge in online orders for potassium iodide pills, showing its importance in emergency preparedness.
Challenges and Restraints
However, the market does face challenges. Health-related risks associated with potassium iodide, such as allergic reactions and potential links to thyroid cancer, have raised concerns. Moreover, government regulations related to the distribution and stockpiling of potassium iodide add production costs, making it less competitive in the market. As a result, some potential buyers are turning to more cost-effective alternatives.
Segment Insights
The potassium iodide market is divided into various segments based on product type, grade, application, and end-use.
Product Type: The market is segmented into solid and liquid forms of potassium iodide. The solid form dominated the market in 2022, largely due to its extensive use in medical and chemical industries. Solid KI offers stability and effectiveness in numerous industrial processes, driving demand for this segment.
Grade: The industrial-grade potassium iodide is expected to see fast growth due to its role in chemical synthesis, the production of dyes, and its use in the electronics industry, particularly in semiconductor manufacturing. This grade is a stabilizer in many industrial processes, adding to its wide range of applications.
Application: Potassium iodide is used in various sectors, including x-rays, plastics, nutraceuticals, food additives. The x-rays segment is projected to hold a significant market share, driven by its use in the medical sector. Potassium iodide plays a critical role in medical imaging, making it essential for diagnostic procedures.
End-Use: The medical segment is poised to grow steadily due to potassium iodide's effectiveness in reducing radiation exposure during diagnostic treatments. It also plays an important role in managing conditions related to radiation, such as goiter prevention, further boosting demand in this sector.
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Potassium Iodide (KI) Top Companies and Competitive Landscape
The global Potassium Iodide market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective KI products.
Some of the major companies included in the global Potassium Iodide (KI) market report are:
Adani Pharmachem Private Limited
Deepwater Chemicals, Inc.
Calibre Chemicals Pvt. Ltd.
Godo Shigen Co., Ltd.
Blaustein Chemicals N.V.
Salvi Chemical Industries Ltd.
Carlyle Group LP
Sinopharm Weiqida Pharmaceutical Co., Ltd.
Iofina Plc
Nitto Kasei Co., Ltd.
Nippoh Chemicals Co., Ltd.
Ioditech
Tata Sons Private Limited
FUJI KASEI Co. Ltd.
BASF SE
Imsight Technology
Potassium Iodide Latest Industry Updates
On 20 October 2023, Iofina plc, experts in iodine exploration and production, as well as the manufacturing of specialty chemical products, signed an agreement with a new brine supply partner for the development of its latest IOsorb iodine plant in Western Oklahoma. The Board expresses confidence in the site's suitability for the new plant, which will utilize IOsorb technology to extract iodine from the brine stream abundant in iodine.
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Potassium Iodide Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global Potassium Iodide market on the basis of product type, grade, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Solid
Liquid
Grade Outlook (Revenue, USD Billion; 2019-2032)
Industrial
Pharma
Application Outlook (Revenue, USD Billion; 2019-2032)
X-Rays
Plastics and Polymer
Nutraceuticals
Food and Feed Additives
Animal Feed
Others
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Chemical Industry
Agricultural
Medical
Coatings
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Potassium Iodide (KI) Market Snapshots
Potassium Iodide (KI) Market Size: https://www.emergenresearch.com/industry-report/potassium-iodide-market/market-size
Potassium Iodide (KI) Market Share: https://www.emergenresearch.com/industry-report/potassium-iodide-market/market-share
Potassium Iodide (KI) Market Trends: https://www.emergenresearch.com/industry-report/potassium-iodide-market/market-trends
Potassium Iodide (KI) Regional Market Demand: https://www.emergenresearch.com/industry-report/potassium-iodide-market/regional-market-demand
Potassium Iodide (KI) Market Analysis: https://www.emergenresearch.com/industry-report/potassium-iodide-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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