Potassium Iodide Market Analysis | 2022-2028

Market Insights

The potassium iodide market was estimated at USD 0.8 billion in 2021 and is likely to grow at a CAGR of 5.4% during 2022-2028 to reach USD 1.1 billion in 2028.

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Market Dynamics

Introduction

Potassium iodide (KI) is a chemical compound made up of potassium and iodine. It is a white crystalline powder that is highly soluble in water and used in various applications, including medicine, photography, and laboratory research. Potassium iodide is primarily used in the medical field as a thyroid blocking agent to protect against radioactive iodine in the event of a nuclear accident.

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the global potassium iodide market. Potassium iodide is an important compound used in various industries, including pharmaceuticals, food, and chemical processing. Here are some of the impacts of the pandemic on the market:

Increase in demand for potassium iodide as a pharmaceutical ingredient: Potassium iodide is used in the production of several drugs, including those used to treat thyroid disorders. The pandemic has led to an increase in demand for these drugs, which has, in turn, led to an increase in demand for potassium iodide as a pharmaceutical ingredient. The pandemic has caused disruptions in the supply chain of several industries, including the potassium iodide market.

The restrictions on travel and transportation have led to delays in the shipment of potassium iodide from the manufacturers to the end-users, resulting in a shortage of the compound in some regions. The pandemic has led to changes in consumer behaviour, with people becoming more health-conscious and adopting healthier lifestyles. This has led to an increase in demand for potassium iodide as a food additive, as it used as a source of iodine, which is an essential nutrient for the human body.

The pandemic has led to an increase in government regulations and policies, which have affected the production and distribution of potassium iodide. For example, the FDA issued guidelines for the use of potassium iodide as a radiation protective agent during the pandemic, which has led to an increase in demand for the compound.

Overall, the COVID-19 pandemic has had a mixed impact on the potassium iodide market, with an increase in demand in some sectors and disruptions in the supply chain in others. The market is expected to continue to grow in the coming years, driven by the increasing demand for potassium iodide in various industries, including pharmaceuticals, food, and chemical processing.

Market Drivers

The global potassium iodide market is expected to grow steadily in the coming years due to the increasing use of the compound in the medical field, as well as in other industries such as food, animal feed, and pharmaceuticals. The demand for potassium iodide is also driven by the growing need for iodine supplementation in diets, particularly in regions where iodine deficiency is prevalent.

Overall, the potassium iodide market is expected to grow steadily in the coming years, driven by the increasing demand for iodine supplementation in diets, as well as the growing use of the compound in various industries.

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Key Players

The following are the key players in the potassium iodide market:

• Adani Pharmachem Private Limited
• Ajay-SQM Group
• American Elements
• Calibre Chemicals Pvt. Ltd.
• Deepwater Chemicals, Inc.
• Glide Chem Pvt. Ltd.
• GodoShigen Co. Ltd.
• IodiTech
• Iofina plc
• ISE CHEMICALS Corp.
• Lasa Supergenerics Co. Ltd.
• Nippoh Chemicals Co., Ltd.
• Salvi Chemical Industries Ltd
• Samrat Remedies Ltd.
• Thermo Fisher Scientific Inc.
• Zibo Wankang Pharmaceutical Chemical Co. Ltd

Segment Analysis

By Product Type

"Solid form of potassium iodide is the more dominant segment in the market during the forecast period"

The market is segmented into Solid and Liquid, the solid form of potassium iodide is the most commonly used form and is available in the form of crystals, powder, or tablets. Solid potassium iodide is used as an iodine supplement in animal feed and is also used in various pharmaceutical products, such as thyroid hormone replacement therapy, radioactive iodine therapy, and as a radiation protective agent. Solid potassium iodide is also used as a food additive, and in the chemical industry as a reagent in several processes.

The liquid form of potassium iodide is less common than the solid form and is available in the form of a solution. Liquid potassium iodide is used in several industrial applications, such as in the production of iodinated contrast agents used in medical imaging and as a reagent in the chemical industry. Liquid potassium iodide is also used in the production of animal feed and as a food additive.

The choice of product form depends on the specific application and the required purity level. Solid potassium iodide is preferred for applications requiring high purity and accuracy, while liquid potassium iodide is preferred for applications that require easy handling and dispensing. The solid form is also more stable and has a longer shelf life than the liquid form.

Overall, the solid form of potassium iodide is the more dominant segment in the market, given its wide range of applications and higher demand in various industries, including pharmaceuticals, food, and chemical processing. However, the liquid form is expected to grow at a faster rate in the coming years, driven by increasing demand in the medical imaging and chemical industries.

By Application Type

"Pharmaceuticals segment is the largest application segment for potassium iodide, accounting for a significant share of the overall market"

The market is segmented into Pharmaceuticals, Nutraceuticals, Polymer, Food & Feed Additives, and Others. Potassium iodide is widely used in the pharmaceutical industry as a supplement for the treatment of thyroid disorders, such as hypothyroidism and hyperthyroidism. It is also used in radioactive iodine therapy, which involves the administration of radioactive iodine to destroy thyroid cells that are cancerous or overactive.

Potassium iodide is also used in the production of nutraceuticals and dietary supplements as a source of iodine. It is essential for maintaining healthy thyroid function and is required for the synthesis of thyroid hormones. Potassium iodide is used in the polymer industry as a stabilizer and as a catalyst for various polymerization reactions.

It is also used as a cross-linking agent in the production of synthetic rubber and latex products. Potassium iodide is used as a food and feed additive to prevent iodine deficiency in animals and humans. It is added to salt and other food products to increase their iodine content.

Others: Potassium iodide is also used in other applications such as photography, analytical chemistry, and as a disinfectant.

The pharmaceuticals segment is the largest application segment for potassium iodide, accounting for a significant share of the overall market. The increasing prevalence of thyroid disorders and the growing demand for radioactive iodine therapy are expected to drive the demand for potassium iodide in the pharmaceutical industry.

The nutraceuticals segment is also expected to grow at a significant rate, driven by the increasing demand for iodine supplements and dietary products. The food and feed additives segment is expected to grow steadily, driven by increasing awareness of the importance of iodine in maintaining healthy thyroid function.

Overall, the growing demand for iodine and its derivatives in various applications is expected to drive the growth of the potassium iodide market in the coming years.

Regional Analysis

"Asia-Pacific region is the largest and fastest-growing market for potassium iodide"

The Global Potassium Iodide Market can be segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North American market for potassium iodide is expected to grow steadily due to the high prevalence of thyroid disorders and the increasing use of radioactive iodine therapy in the region. The United States is a major market for potassium iodide in the region.

Europe is also a significant market for potassium iodide, driven by the increasing demand for iodine supplements and the growing awareness of iodine deficiency in the population. The United Kingdom, Germany, and France are the major markets for potassium iodide in the region.

Asia-Pacific region is the largest market for potassium iodide, driven by the increasing demand for iodine in various applications such as pharmaceuticals, nutraceuticals, and food additives. China and India are major markets for potassium iodide in the region. Overall, the Asia-Pacific region is the largest and fastest-growing market for potassium iodide, driven by the increasing demand for iodine in various applications and the growing population in the region. The growing prevalence of thyroid disorders and the increasing use of radioactive iodine therapy in North America and Europe are also expected to drive the demand for potassium iodide in these regions.

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Recent Development

In 2021, Merck KGaA announced that it had completed the expansion of its potassium iodide production facility in Germany. The company invested €18 million ($21 million) in the expansion, which is expected to increase the production capacity of the facility by 70%.

These investments are aimed at expanding the production capacity of potassium iodide and meeting the growing demand for the compound in various industries, including pharmaceuticals, food, and chemical processing. They also reflect the increasing importance of iodine and its derivatives in several industrial applications and the potential for growth in the potassium iodide market.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional potassium iodide market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market

The potassium iodide market is segmented into the following categories

• Solid 
• Liquid 

• Pharmaceuticals
• Nutraceuticals
• Polymer
• Food & Feed Additives
• Others

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

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