Potassium Iodide Market

Potassium Iodide Market Statistics – 2030

The global potassium iodide market was valued at $0.8 billion in 2020, and is projected to reach $1.5 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030.

The potassium iodide market has been moderately impacted due to the wake of COVID-19 pandemic owing to its dependence on polymer and additives.

Potassium iodide is a stable salt containing iodine and potassium that is used in applications such as food & feed, life science, polymer additives, and chemical processing.        

Iodine is important as it helps to function thyroid properly, other body parts, and metabolic mechanism. In addition, goiter problem occurs due to deficiency of iodine. Hence, use of potassium iodide to prevent goiter is the key market trend. Potassium iodide can be used as thyroid blocker that helps prohibit secretion of radioactive iodine during nuclear radiation emergency. The use of potassium iodide as thyroid blocking agent is recommended by public officials. This is the key factor escalating the growth of the global market. On the other hand, potassium iodide is used to treat sporotrichosis and other skin inflammation diseases such as erythema nodosum, subacute nodular migratory panniculitis, and nodular vasculitis, thereby augmenting the global potassium iodide market growth.

However, long term consumption of potassium iodide leads to several allergic reactions such as swollen glands, vomiting, nausea, stomach ache, and headache. In addition, other side effects such as fever, rashes, joint pain, wheezing, shortness of breath & heartbeats, and formation of lumps under skin is a considerable factor predicted to hamper the market growth. 

On the contrary, solid potassium iodide contains potassium atoms and iodine atoms that are withheld with use of electrostatic force of attraction. The major applications of solid potassium iodide include table salt and protection of thyroid gland from nuclear radiation. Proper iodine content is necessary for proper functioning of thyroid glands. Thus, use of solid potassium iodide promotes proper thyroid functioning. This is the key market trend that boosts the potassium iodide market growth. Deficiency of iodine leads to metabolism problem and leads to enlargement of thyroid/goiter. Moreover, iodine deficiency inhibits development of fetal brain that in turn reduces 10-15 IQ points over lifetime. Thus, to overcome this problem, potassium iodide is used in the form of solid. Another major application of solid potassium iodide includes in production of iodized salt. Iodine content is abundantly available in sea food. However, unavailability of sea food in some parts of world has surged the demand of solid potassium iodide for production of iodized salt. This salt contains 0.006% to 0.010% potassium iodide and consumption of iodized salt promotes health conditions. This factor is anticipated to offer new opportunities for the growth of the global potassium iodide market. 

The potassium iodide market analysis is done on the basis of product type, application, and region. Depending on product type, the market is divided into solid and liquid. The applications covered in the study include pharmaceuticals, nutraceuticals, polymer, food & feed additives, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Potassium Iodide Market, by Region

The Asia-Pacific potassium market accounted for 38.3% of potassium iodide market share in 2020, and is projected to grow at the highest CAGR of 6.9% during the forecast period. Heat stabilizers are utmost important and are widely used during nylon compounding and during processing of nylon fiber. The most commonly used heat stabilizer includes potassium iodide. Polymer industry is experiencing growth owing to the development of innovative solutions. Polymer sector in China is the largest in the world and this factor is anticipated to augment the growth of the global market in the Asia-Pacific region.

Potassium Iodide Market, by Product Type

In 2020, the solid product type was the largest revenue generator, and is anticipated to grow at a CAGR of 6.2% during the forecast period. Solid potassium iodide contains potassium atoms and iodine atoms that are withheld with use of electrostatic force of attraction. The major application of solid potassium iodide includes table salt. It also helps protect thyroid gland from nuclear radiation, which augments the growth of solid potassium iodide market.

Potassium Iodide Market, by Application

In 2020, the pharmaceuticals application was the largest revenue generator, and is anticipated to grow at a CAGR of 6.1% during the forecast period. Iodine is important as it helps to function thyroid properly, other body parts, and metabolic mechanism. In addition, goiter problem occurs due to deficiency of iodine. Hence, use of potassium iodide to prevent goiter is anticipated to escalate the use of potassium iodide in pharmaceutical application. 

Key benefits for stakeholders

• The report outlines the current market trends and future estimations of global potassium iodide market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Potassium Iodide Market

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. 
• The potassium iodide market has been moderately impacted due to the wake of COVID-19 pandemic owing to its dependence on polymer, food additive, and feed additive end-users. 
• Food security majorly associated with cold chain food supply is gaining importance amid COVID-19 pandemic. Potassium iodide is used as food & feed additive in order to overcome iodine deficiency. In addition, use of potassium iodide as food additive is approved by FDA and it can be used as a nutrient in table salt. It can also be employed in dietary supplement for human consumption and in animal feed. This factor is anticipated to moderately affect the demand of potassium iodide in the pandemic situation.
• In addition, factors such as economic impact, business impact, and behavioral shift has negatively affected the manufacturing sector including polymer industry. Potassium iodide is used as polymer additives as it helps to stabilize heat and light in engineered polyimide. In addition, it can also be used as blending component with copper iodide during processing of polymers. Thus, demand for potassium iodide from polymer industry has been negatively affected due to wake of COVID-19 pandemic. 

 Potassium Iodide Market Report Highlights