Report Code: A14861 | Pages: 260 | Dec 2021 | 2703 Views | ||
Author(s) : Chidanand B, Nikhil M , Eswara P | Tables: 142 | Charts: 50 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Potassium Iodide Market
Request Now !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.
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.
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
Impact Of Covid-19 On The Global Potassium Iodide Market
Potassium Iodide Market Report Highlights
Aspects | Details |
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By Application |
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By Region |
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Key Market Players | American Elements, Thermo Fisher Scientific Inc., Samrat Pharmachem Limited, Adani Pharmachem Private Limited, Deepwater Chemical Inc., Nippoh Chemicals Co. Ltd., Godo Shigen Co. Ltd., Lasa Supergenerics Co. Ltd., IodiTech, Zibo Wankang Pharmaceutical Chemical Co. Ltd. |
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The global potassium iodide market is expected to exhibit high growth potential owing to use of potassium iodide as a nutritional supplement in animal feed and human diet. In addition, it can also be used before and after administration of medicine comprising radioactive iodine. Accident in nuclear power plants will release radioactive iodine and long exposure leads to several health disorders. Thus, potassium iodide can be used to block or suppress the concentration of radioactive iodine. Potassium iodide is used as food & feed additive 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.
Use of potassium iodide to treat fungal granulomatous disease and infections associated with zygomycetes is the key market trend. In addition, high dosage of potassium iodide can be used to treat acute thyrotoxicosis. Synthesis inhibitors are alternative over potassium iodide to treat thyrostatic effect. Potassium iodide can be employed in complex inorganic oxide pigments such as bismuth vanadate pigments and inducing polarizing functionality of polymer films that are used in touch screens. All these factors collectively drive the growth of the global market and is thereby predicted to offer new opportunities during the forecast period.
A. Increase in adoption of potassium iodide in pharmaceutical sector and polymer industry are the key factors boosting the Potassium Iodide market growth.
A. 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.
A. American Elements, Thermo Fisher Scientific Inc., Samrat Pharmachem Limited, Adani Pharmachem Private Limited, Deepwater Chemical Inc., Nippoh Chemicals Co. Ltd., Godo Shigen Co. Ltd., Lasa Supergenerics Co. Ltd., IodiTech, and Dow Inc. are the most established players of the global Potassium Iodide market.
A. Pharmaceutical industry is projected to increase the demand for Potassium Iodide.
A. The potassium iodide market is segmented on the basis of product type, application, and region. By product type, the market is segregated into solid and liquid. By application, the global potassium iodide market is classified into pharmaceuticals, nutraceuticals, polymer, food & feed additives, and others. Region-wise, the potassium iodide market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
A. Potassium iodide in form of liquid is used as an expectorant. Pulmonary disease leads to accumulation of mucus in the lungs. Liquid potassium iodide is utilized to loosen the mucus accumulated in the lungs and helps to treat pulmonary diseases. SSKI, Pima Syrup, and ThyroShield are some examples of syrups that contain liquid potassium iodide content used to enhance the lung secretion. In addition, saturated solution of potassium iodide is used in dermatology sector and to treat several diseases owing to its immunomodulatory characteristic.
A. Nutraceuticals and food & feed additive applications are expected to drive the adoption of Potassium Iodide market.
A. 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.
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