Potassium Iodide Market to Undertake Strapping Growth During 2024
Transparency Market Research (TMR) observes that the global potassium iodide market is moderately concentrated. The key players are focusing on expanding their manufacturing facilities to increase their global share through higher production. Furthermore, collaborations, mergers and acquisitions, and joint ventures will also be key development strategies of companies operating in the global potassium iodide market. The top three leading players in the global market as of 2015 were Iofina Plc, Nippoh Chemicals Co., Ltd, and Adani Pharmaceuticals. This cream of the crop held a share of 23% in the global market.
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According to the research report, the global potassium iodide market is expected to be worth US$ 1.14 bn by the end of 2024 from US$607.9 mn in 2015. During the forecast period of 2016 and 2024, the global market is expected to surge at a CAGR of 7.3%. The pharmaceutical industry will be the key end user in the global market as it is poised to acquire a share of 27.9% by the end of 2024, in terms of revenue. The demand for potassium in the pharmaceutical industry is expected to spike as it is known to be an excellent solution for preventing thyroid-related issues.
From a geographic point of view, Asia Pacific is slated to dominate the global potassium iodide market in the coming years. The booming pharmaceutical and food and beverages sector are expected to bolster the growth of this regional market. Analysts expect that Asia Pacific potassium iodide market will account for a share of 44.2% by the end of 2025.
Growing awareness about nutritional deficiencies has played a significant role in soaring demand for potassium iodide market. In tandem with the same reason, the pharmaceutical industry has become an important end user in the global market as manufacturers are using potassium for making supplements to combat thyroid-related health issues. Pharmaceutical industry is also using potassium iodide for making supplements to help patients with arthritis and treating cough. Additionally, the global market is likely to benefit from the growing demand for potassium iodide in the food industry as global consumers are leaning toward a healthy diet. The consumption of potassium iodine is slated to increase in the coming years as rising number of consumers are trying to avert diseases such as goiter, cretinism, and hyperthyroidism.
The extensive usage of potassium iodine is also seen in the textile industry as a nylon stabilizer and heat dispersant. It is used for making iodine solution, which is then used for testing the desizing property of the textile. Thus, the growing number of application of potassium in areas such as film photography and x-ray contrast media along with the aforementioned are expected to benefit the market in the near future.
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On the flip side, the global potassium iodide market faces a few challenge. The key restraint in the overall market is the side effect of potassium iodide. Joint pain, swelling of arms, legs, face, and throat are some of the commonly seen side effects of potassium iodide. Research shows that prolonged usage of potassium iodide can also lead to burning of mouth, irregular heartbeat, and a metallic taste in the mouth. Thus, these factors are likely to act as an impediment for the global potassium iodide market over the forecast period.
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