Potassium Iodide Market SWOT Analysis Of Top Key Player Forecasts To 2024

Potassium Iodide Market: Snapshot

Potassium iodide is a crystalline salt and finds application mainly in the pharmaceutical industry. Owing to the rapid expansion of the pharmaceutical industry, on the back of a rise in health and wellness awareness programs and increasing population, the demand for several iodine compounds to make different pharmaceutical formulations has grown, thereby propelling the potassium iodide market.

Emerging as one of the most commercially significant iodide compounds, the demand for potassium iodide also stems from the food and textile sectors. Growing health concerns and the rising demand for nutritional foods are factors promoting the use of potassium iodide. A diet that includes this iodine compound as a nutritional supplement is known to help prevent a slew of conditions such as hyperthyroidism, goiter, and cretinism. The US Food and Drug Administration (FDA) recommends the use of potassium iodide as a food additive for human consumption as well as a dietary supplement in animal feed.
The global potassium iodide market was valued at US$607.9 mn in 2015 and is projected to reach US$1.14 bn by 2024, at a strong CAGR of 7.3 % therein.

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Potassium Iodide used in Pharmaceutical Sector owing to its Ability to Produce High-quality Images

On the basis of end use, the global potassium iodide market has been segmented into pharmaceutical, x-ray contrast media, film photography, nutrition, and others such as the textile and chemical industries. Accounting for the dominant share in the market in 2015, the segment of x-ray contrast media has been driven by the continued use of potassium iodide in the food and beverages and pharmaceutical industries. Potassium iodide is used as an intravascular contrast medium for several imaging applications and techniques such as computed tomography (CT) and radiography. Iodine-based contrast media are used in radiology owing to their relatively harmless interaction with body tissues. Moreover, potassium iodide helps generate better-quality intravenous images for crystograms and pylograms.

However, research analysts predict that this segment will lose market share in the coming years. The overall pharmaceutical sector is anticipated to gain traction as an end user over the course of the forecast period with the rising use of potassium iodide to treat various thyroid-related problems. Although potassium iodide has been used for film photography in the past, this end-use segment will exhibit little to no growth by 2024 owing to the popularity of and preference for digital photography.

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APAC to Hold On to its Lead Spot in Global Potassium Iodide Market

By way of geography, the global potassium iodide market has been divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Asia Pacific accounted for the dominant share in 2015 in terms of demand owing to the rapid growth of the food and beverages and pharmaceutical industries and a consistent rise in population in countries such as India and China. Europe is also a key market for potassium iodide, thanks to advancements in imaging technologies using x-rays and the expansion of the food and pharmaceutical sectors. Apart from this, recent progress made in industrial chemistry will support the potassium iodide market in Europe over the coming years.

The growth of the North America market can be attributed to several preventive measures taken in response to nuclear radiation. The prevalence of iodine deficiency syndrome is a key factor driving the potassium iodide market in the Middle East and Africa, while the Latin America market is fueled by rising demand from the food, pharmaceutical, and health industries.

Prominent vendors in the worldwide potassium iodide market include GODO SHIGEN Co., Ltd., Merck Millipore, Nippoh Chemicals Co., Ltd., Adani Pharmaceuticals, and Iofina Plc.

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