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The potassium iodide market size is forecast to increase by USD 269.7 million at a CAGR of 5.19% between 2023 and 2028. Potassium iodide (KI) is a crucial inorganic compound with significant applications in various industries, including healthcare, food additives, and electronics. In the healthcare sector, KI is primarily used as a thyroid protective agent during radiotherapy and nuclear emergencies to prevent allergic reactions, such as rashes, itching, and thyroid cancer. In the food industry, KI is used as a food additive to improve the stability of iodized salt, which is essential for preventing iodine deficiency. Moreover, KI finds extensive use as a laboratory reagent in research and development (R&D) activities, particularly in imaging treatments and as a reagent in chemical processes. Additionally, the potential risks associated with the use of KI, including the release of iodine gas, can pose safety concerns. For instance, the development of potassium iodide-based contrast agents for medical imaging and the production of high-purity KI for electronics applications are some of the emerging trends in the market. In conclusion, the market is driven by the rising demand from the nutraceutical industry and the high demand for laboratory reagents.
The inorganic compound, consisting of potassium and iodine, plays a significant role in various sectors, including medicine, photography, and laboratory research. In the medical field, KI is primarily known for its antithyroid qualities, particularly in the treatment of iodine deficiency and hyperthyroidism. Iodine supplements, often in the form of KI, are essential dietary components, as iodine is an essential nutrient for maintaining proper thyroid health. Moreover, the chemical processes involved in the production of KI have seen remarkable advancements, leading to increased market revenue growth. KI is used as a thyroid-blocking agent in nuclear medicine and radiology, where it acts as a radiation shield, protecting the thyroid gland from harmful radiation. Beyond medical applications, KI finds extensive use in photography, particularly in black-and-white film development. It serves as a crucial additive, enhancing the contrast and overall image quality.
Moreover, KI's antithyroid properties have been explored in laboratory research, contributing to the expansion of its market reach. Its ability to block the uptake of iodine by the thyroid gland makes it an essential tool in research related to thyroid function and metabolism. In summary, the market for Potassium Iodide (KI) is driven by its diverse applications in various industries, including medicine, photography, and laboratory research. The increasing demand for iodine supplements due to their importance in maintaining thyroid health further fuels the market growth. The continuous advancements in the production processes and the exploration of new applications for KI ensure a promising future for this versatile chemical compound.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The solid segment is estimated to witness significant growth during the forecast period. Potassium iodide, a solid inorganic compound, holds significant importance in various industries, including pharmaceuticals, photography, chemical synthesis, and agriculture. In pharmaceuticals, it is primarily utilized for its iodine content, which is essential in treating thyroid-related conditions like hyperthyroidism and thyroid storm. The compound's application extends to the food and beverage sector as a dietary supplement or fortifier to combat iodine deficiencies. The increasing emphasis on health consciousness and preventive healthcare in the US market can fuel the demand for potassium iodide dietary supplements. This compound is also used in the production of dyes, and semiconductors, and as a stabilizer in plastics and polymers.
Furthermore, potassium iodide finds applications in the agricultural sector as an animal feed additive and in the manufacturing of X-rays. In the chemical synthesis process, potassium iodide acts as a catalyst, expediting the reaction time and enhancing the overall efficiency of the process. In the field of semiconductors, it is used as a dopant to improve the electrical conductivity of the material. In the realm of dyes, potassium iodide is used as a reducing agent during the synthesis process. In summary, potassium iodide is a versatile compound with a wide range of applications, including pharmaceuticals, photography, chemical synthesis, agriculture, and various industries. Its role as a catalyst, stabilizer, and essential nutrient in different sectors underscores its importance and potential growth opportunities in the US market.
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The solid segment was valued at USD 576.70 million in 2018 and showed a gradual increase 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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Potassium iodide holds significant importance in various industries, particularly in radiology and nuclear safety measures. In the context of radiology, potassium iodide is utilized to protect the thyroid gland during radiological procedures and in the event of nuclear accidents or catastrophes. In such scenarios, an iodine shortage can arise, making potassium iodide a crucial component for maintaining thyroid health. Beyond radiology, potassium iodide finds applications in the nuclear industry for radiation shielding. Additionally, it serves as a valuable commodity in the food additive industry, with Deepwater Chemicals being a notable producer. The APAC region dominated The market in 2023 due to its large population and diverse industrial sectors.
Moreover, countries like India and China, with their substantial populations and industrial requirements, contribute significantly to the demand for potassium iodide in this region. Potassium iodide is a versatile compound, finding use in various industries such as pharmaceuticals, photography, nutraceuticals, polymer, food and feed additives, x-ray contrast media, film photography, agriculture, chemicals, and laboratory research. Its importance is further highlighted in the production of iodized salt, which is essential for preventing iodine deficiency in populations. The demand for potassium iodide in APAC is influenced by several factors, including population size, government regulations, health policies, and industrial requirements. The region's significant population and diverse industries make the potential demand for potassium iodide substantial.
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 nutraceutical industry is the key driver of the market. Potassium iodide (KI) is a crucial chemical compound in various industries, including the nutraceutical sector. In this industry, potassium iodide serves as a vital source of iodine, an essential nutrient for the human body. Iodine supplements are formulated using potassium iodide, which may also be incorporated into specific products, such as multivitamins, thyroid support formulas, and iodine-fortified functional foods. Major players in the market include American Elements and Adani Pharmachem.
Moreover, these companies provide consumers with controlled and convenient sources of iodine to meet their dietary requirements. The nutraceutical industry adheres to regulatory standards and guidelines regarding the composition, labeling, and safety of dietary supplements. Potassium iodide's applications extend beyond the nutraceutical sector, with significant uses in the medical, agricultural, and coatings industries. The market revenue growth for potassium iodide is driven by its versatility and essential role in various industries.
High demand for laboratory reagent is the upcoming trend in the market. Potassium iodide serves as a crucial reagent in various laboratory applications, particularly in titration and precipitation processes. The market for such reagents experiences consistent growth due to the escalating demand for research and development (R&D) in scientific sectors, including pharmaceuticals, biotechnology, genetics, and environmental sciences. The advancement of these industries necessitates the creation of tailored products for specific experiments and analyses. In the healthcare sector, laboratory reagents play a pivotal role in diagnostic tests. With the ongoing progress in medical research and the emergence of new diseases, the need for diagnostic reagents has significantly increased. Regulatory bodies, such as the Occupational Safety and Health Administration (OSHA) and the Environmental Protection Agency (EPA), enforce stringent regulations for laboratory testing and analysis.
Moreover, allergic reactions, such as rashes and itching, are potential risks associated with the use of potassium iodide. However, its importance in shielding the thyroid gland against the harmful effects of iodine gas during nuclear emergencies has led to its stockpiling. In addition, potassium iodide is employed as a food additive for improving electronic stability and is utilized as a reagent in imaging treatments and research.
The availability of alternatives to potassium iodide is a key challenge affecting the market growth. Potassium iodide is a crucial component in the production of iodine-based contrast media, which plays a significant role in diagnostic imaging for various chronic diseases, including cancer, cardiovascular diseases (CVDs), diabetes, and respiratory ailments. Modern healthcare relies heavily on imaging technologies to aid in the early detection and treatment of these conditions. However, alternative sources of iodine, such as iodine derivatives and other iodine salts, are gaining popularity due to their availability and cost-effectiveness. Lithium iodide, magnesium iodide, and zinc iodide are among the alternative sources that can be used as substitutes for potassium iodide in certain applications. These salts offer similar properties and functionalities as potassium iodide and may be suitable alternatives depending on the specific requirements.
However, 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. The use of iodine-based contrast media in diagnostic imaging is essential for nuclear safety and patient care. Online orders for these products have increased due to the convenience they offer. However, the availability and affordability of alternative sources of iodine may impact the demand for potassium iodide in the future. It is important for healthcare professionals and suppliers to stay informed about these developments to ensure they are providing the most effective and cost-efficient solutions for their patients and clients.
The market forecasting 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 market growth analysis strategies.
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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative 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. 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.
Potassium iodide (KI), a white crystalline powder, is a crucial chemical compound in various industries, including the medical, agricultural, and food additive sectors. In the medical field, KI is used as a dietary supplement and a thyroid-blocking agent in the treatment of hyperthyroidism and as an iodine source for iodine-deficient individuals. In the agricultural industry, KI is used as a catalyst and reagent in chemical synthesis processes, while in the coatings industry, it serves as a stabilizer and pigment in dyes and plastics and polymers. The market revenue growth for potassium iodide is driven by its extensive applications in modern healthcare, particularly in imaging technologies such as computed tomography (CT) and diagnostic imaging.
Moreover, KI is also used in nuclear safety measures, including as a radiation shielding agent and in the production of iodine-based contrast media for medical imaging treatments. Moreover, KI finds significant usage in the food additive industry, where it functions as a stabilizer and nutraceutical in food products. In the animal feed industry, KI is used as a supplement to maintain thyroid health and as an antithyroid quality in livestock feed. The nutraceuticals segment is expected to witness notable growth due to the increasing awareness of the importance of iodine in maintaining overall health and preventing chronic diseases such as cancer, diabetes, and cardiovascular diseases (CVDs).
Similarly, despite its numerous benefits, the use of potassium iodide comes with potential risks, including allergic reactions, rashes, and itching. It is essential to follow proper dosage instructions and consult a healthcare professional before using KI as a dietary supplement or therapeutic agent. Additionally, KI can be used as a catalyst in chemical processes, including the production of iodine gas and semiconductors. However, the handling and storage of KI require careful consideration due to its reactive nature and potential hazards.
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Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
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Market Growth 2024-2028 |
USD 269.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.84 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 38% |
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Key countries |
US, China, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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