Potassium Iodide Market Expected to Reach $1.5 Billion by 2030

According to a new report published by Allied Market Research, titled, "Potassium Iodide Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,"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.

Potassium iodide is a chemical compound that is produced through reaction of iodine and hot solution of potassium hydroxide. 

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. Several research and development activities are carried out in order to study the use of liquid potassium iodide for treatment of inflammatory, immunemediated, and other infectious diseases. For instance, erythema nodosum, erythema multiforme and granuloma annulare are examples of inflammatory dermatoses disease that are treated with proper dosage of liquid potassium iodide. These factors are anticipated to escalate the growth of the global market.

 However, health associated risks such as swollen glands, metallic taste in the mouth, headache, and vomiting is anticipated to hamper the market growth.

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. 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 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 for 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 in the global potassium iodide market.

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. The solid product type dominated the global market in terms of revenue in 2020, with over three-fifths of the total share. 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 and to protect thyroid gland from nuclear radiation.

By application, the global potassium iodide market is classified into pharmaceuticals, nutraceuticals, polymer, food & feed additives, and others. The pharmaceuticals application dominated the global market in terms of revenue in 2020, with over three-sevenths of the total share. 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 escalates the demand for potassium iodide in pharmaceutical application.

Region-wise, the potassium iodide market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific potassium iodide market size is projected to grow at the highest CAGR during the forecast period and accounted for major potassium iodide market share in 2020. 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. In addition, use of potassium iodide as heat stabilizer in polymer products help enhance physical properties to the final product. Polymer industry is experiencing growth owing to development of innovative solutions in this sector. Polymer sector in China is the largest in the world and this factor is anticipated to augment the growth of the global market in Asia-Pacific region.

Key players operating in the global potassium iodide market include 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 Zibo Wankang Pharmaceutical Chemical Co. Ltd.

COVID-19 analysis

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 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 for 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 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.

Key findings of the study

• The solid product type is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.2% from 2021 to 2030.
• The nutraceuticals application is anticipated to register highest CAGR of 6.5% during the forecast period.
• Asia-Pacific garnered the highest share of 38.3% in 2020, in terms of revenue, growing at a CAGR of 6.9%