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The global potassium iodide market size is estimated to grow by USD 269.7 million between 2023 and 2028 exhibiting a CAGR of 5.19%. The market's expansion hinges on multiple factors, notably the increasing need for potassium iodide in the nutraceutical sector, driven by its health-related benefits. Additionally, the growth in demand for thyroid-blocking agents amplifies market growth prospects, especially in regions with prevalent concerns about thyroid health. Potassium iodide (KI) is an inorganic compound that consists of potassium (K) and iodine (I) ions. The potassium iodide market encompasses various sectors, including pharmaceuticals, chemical manufacturing, dietary supplements, food fortification, laboratory reagents, and nuclear emergency preparedness. Industrial applications of potassium iodide also play a pivotal role, with sectors like pharmaceuticals, healthcare, and food processing embracing its versatile utility. The interplay of these factors underpins a strong market trajectory for potassium iodide, showcasing its relevance across various domains and indicating sustained growth potential driven by evolving industry demands and consumer preferences.
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The market experiences growth driven by increased demand for iodine supplements in diets and chemical processes. This growth reflects positively on market revenue growth and highlights potassium iodide's significance as a chemical compound and dietary supplement. However, challenges such as iodine deficiency and the need for thyroid health maintenance pose hurdles. Emerging trends include its use as a thyroid blocking agent in nuclear medicine and radiology, showcasing its versatility in medicine, photography, and laboratory research applications. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand for potassium iodide from the nutraceutical industry is the key factor driving the growth of the global market. Potassium iodide is used in the food industry as a source of iodine, which is an essential nutrient for the human body. In the dietary supplement industry, potassium iodide may be used in iodine supplements or added to certain products such as multivitamins, thyroid support formulas, and iodine-supplemented functional foods. The main manufacturers of potassium iodide supplements are NOW Foods and Life Extension. These products aim to provide people with a convenient and controlled source of iodine to meet their nutritional needs.
Moreover, nutraceutical products often need to comply with regulatory standards and guidelines regarding the composition, labeling, and safety of dietary supplements. Depending on the specific regulations in different regions, the demand for potassium iodide as an ingredient may be influenced by these requirements, which may boost the growth of the global market in focus during the forecast period.
High demand for laboratory reagents is the primary trend in the global market. The demand for laboratory reagents is often driven by the need for research and development in various scientific fields, such as pharmaceuticals, biotechnology, genetics, and environmental sciences. Advancements in these areas often require specific reagents for experiments and analysis. Laboratory reagents are essential for diagnostic tests in medical laboratories. As the healthcare industry continues to advance and new diseases emerge, the demand for diagnostic reagents increases. This can be witnessed during disease outbreaks or pandemics when widespread testing is necessary.
Moreover, regulatory bodies such as the Occupational Safety and Health Administration (OSHA) and Environmental Protection Agency (EPA) often enforce stricter standards for laboratory testing and analysis. Compliance with these standards may require the use of specific reagents to ensure accurate and reliable results. As regulations evolve, laboratories may need to update their reagent inventory, leading to the increased demand for potassium iodide, which, in turn, will have a positive impact on the growth of the global market during the forecast period.
The availability of alternatives to potassium iodide is a major challenge to the growth of the global market. There are alternative sources of iodine available in the market, such as iodine derivatives and other iodine salts. These alternatives offer similar properties and are more readily available or cost-effective, leading to reduced demand for potassium iodide. Lithium iodide, magnesium iodide, or zinc iodide can be used as substitutes for potassium iodide in certain applications. These salts can offer similar properties and functionalities as potassium iodide and may be suitable alternatives depending on the specific requirements.
Moreover, in some cases, elemental iodine can be used as a substitute for potassium iodide. Elemental iodine is typically available in crystal or powder form and can be utilized in various applications, including laboratory use, water treatment, and chemical synthesis. Thus, the availability of substitutes for potassium iodide may hamper the growth of the global market in focus during the forecast period.
Potassium Iodide (KI) is a white crystalline powder commonly used in various applications such as drugs for thyroid-related conditions and iodine supplements. Its significance extends to diets and potassium iodide itself, playing a pivotal role in chemical processes and contributing to market revenue growth due to its widespread use. As a chemical compound, it serves as a vital dietary supplement particularly beneficial for addressing hyperthyroidism and managing iodine deficiency. Additionally, potassium iodide acts as a thyroid blocking agent and a crucial radiation shield for thyroid health maintenance and antithyroid qualities. Its applications span across nuclear medicine and radiology, making it an essential component in the medical and photography fields, as well as in laboratory research.
The market share growth by the solid segment will be significant during the forecast period. Solid segment is an inorganic compound that is commonly used in applications such as pharmaceuticals, photography, analytical chemistry, and in iodized salt production.
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The solid segment was valued at USD 576.70 million in 2018. Solid segment is used as a dietary supplement or fortifier in the food and beverage industry to address iodine deficiencies. There is a global trend toward greater health consciousness and a focus on preventive healthcare. This trend can drive the demand for dietary supplements, including those containing potassium iodide, as individuals seek to support their overall well-being.
Moreover, it is also used in analytical chemistry for the detection and determination of certain compounds. The widespread application of solid potassium iodide in various industries such as pharmaceuticals, photography, nutraceuticals, polymer, food and feed additives, x-ray contrast media, film photography, agriculture, and chemicals and laboratory research will boost the demand which, in turn, will have a positive impact on the growth of the global market in focus during the forecast period.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The demand in APAC varies based on several factors, such as population size, government regulations, health policies, and industrial requirements. As many Asian countries have large populations and diverse industrial sectors, the demand in countries such as India and China could be significant.
Countries in Asia with a higher risk of iodine deficiency disorders may have a higher demand for potassium iodide to ensure an adequate supply for their populations. Some countries have regulations mandating the use of iodized salt or the addition of iodine to specific food products. These regulations drive the demand in the food and beverage industry. Thus, increased use of potassium iodide in pharmaceuticals will have a positive impact on the growth of the regional market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adani Pharmachem Pvt. Ltd.: The company offers potassium iodide which is used as a source of iodine, as an antiseptic, and also it is an ingredient in baby formula milk.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
American Elements, Crystran Ltd., Deepwater Chemicals Inc., FCHEM, FUJI KASEI Co. Ltd., GODO SHIGEN Co. Ltd., HEBEI CHENGXIN CO.LTD., IodiTech, Lasa Supergenerics Ltd., Merck KGaA, Nippoh Chemicals Co. Ltd., Samrat Pharmachem Ltd., Taiye Chemical Industry Co. Ltd., Thermo Fisher Scientific Inc., and Zibo Wankang Pharmaceutical Chemical Co. Ltd.
Qualitative and quantitative market growth and forecasting analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market research and growth, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is experiencing significant growth driven by diverse factors. One key aspect is its widespread use in diets and chemical processes, contributing to market revenue growth. As a crucial chemical compound, KI plays a vital role in hyperthyroidism treatment and various medical applications, bolstering demand across sectors like the agricultural and coatings industries. Its significance extends to iodine-based contrast media for diagnostic imaging in addressing chronic diseases like cancer, enhancing the visibility of specific anatomical structures. The market landscape depends on various factors such as the iodine shortage, nuclear-related accidents, and conventional usage. In modern healthcare, KI ensures nuclear safety, supported by online orders and tailored products for research and development. Its thyroid health maintenance attributes, including thyroid blocking agent and antithyroid qualities, are crucial in nuclear medicine and radiology. Amid concerns like nuclear accidents, KI's radiation shield and iodine supplement roles stand out, emphasizing its integral position in nuclear safety measures and radiation shielding across sectors like the food additive industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
Market growth 2024-2028 |
USD 269.7 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.84 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, Germany, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adani Pharmachem Pvt. Ltd., American Elements, Crystran Ltd., Deepwater Chemicals Inc., FCHEM, FUJI KASEI Co. Ltd., GODO SHIGEN Co. Ltd., HEBEI CHENGXIN CO.LTD., IodiTech, Lasa Supergenerics Ltd., Merck KGaA, Nippoh Chemicals Co. Ltd., Samrat Pharmachem Ltd., Taiye Chemical Industry Co. Ltd., Thermo Fisher Scientific Inc., and Zibo Wankang Pharmaceutical Chemical Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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