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The global potassium iodide market size is estimated to grow by USD 267.11 million between 2022 and 2027 exhibiting a CAGR of 5.36%. 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.
The growth of the market depends on several factors, including the rising demand for potassium iodide from the nutraceutical industry, the high demand for thyroid-blocking agents, and the growing industrial applications of potassium iodide.
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Our researchers analyzed the data with 2022 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 potassium iodide 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 potassium iodide 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.
Regulatory bodies such as 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 potassium iodide market during the forecast period.
The availability of alternatives to potassium iodide is a major challenge to the growth of the global potassium iodide 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.
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.
This report extensively covers market segmentation by Application (pharmaceuticals, nutraceuticals, polymer, food and feed additives, and others) and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth by the solid segment will be significant during the forecast period. Solid potassium iodide 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 559.98 million in 2017 and continued to grow by 2021. Solid potassium iodide 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, potassium iodide 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 surge the demand for potassium iodide 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 for potassium iodide 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 for potassium iodide 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 for potassium iodide 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 outbreak of COVID-19 hindered the growth of the potassium iodide market in APAC in 2020. However, in 2021, the initiation of vaccination drives and a slow revival in economic growth led to the growth of the regional potassium iodide market. Owing to the ease in lockdown restrictions, manufacturing units were restarted in 2021, which surged the demand for potassium iodide. Also, the growing pharmaceutical and nutraceutical industry in the region is expected to propel the growth of the potassium iodide market in APAC 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.
Global Potassium Iodide 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 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.
The potassium iodide market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Potassium Iodide Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
Market growth 2023-2027 |
USD 267.11 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.68 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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