Potassium Iodide Market
Potassium Iodide Market - (End Use - X-Ray Contrast Media, Pharmaceutical, Nutrition, and Film Photography) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Potassium Iodide Market: Snapshot
Potassium iodide is a crystalline salt and finds application mainly in the pharmaceutical industry. Owing to the rapid expansion of the pharmaceutical industry, on the back of a rise in health and wellness awareness programs and increasing population, the demand for several iodine compounds to make different pharmaceutical formulations has grown, thereby propelling the potassium iodide market.
Emerging as one of the most commercially significant iodide compounds, the demand for potassium iodide also stems from the food and textile sectors. Growing health concerns and the rising demand for nutritional foods are factors promoting the use of potassium iodide. A diet that includes this iodine compound as a nutritional supplement is known to help prevent a slew of conditions such as hyperthyroidism, goiter, and cretinism. The US Food and Drug Administration (FDA) recommends the use of potassium iodide as a food additive for human consumption as well as a dietary supplement in animal feed.
The global potassium iodide market was valued at US$607.9 mn in 2015 and is projected to reach US$1.14 bn by 2024, at a strong CAGR of 7.3 % therein.
Potassium Iodide used in Pharmaceutical Sector owing to its Ability to Produce High-quality Images
On the basis of end use, the global potassium iodide market has been segmented into pharmaceutical, x-ray contrast media, film photography, nutrition, and others such as the textile and chemical industries. Accounting for the dominant share in the market in 2015, the segment of x-ray contrast media has been driven by the continued use of potassium iodide in the food and beverages and pharmaceutical industries. Potassium iodide is used as an intravascular contrast medium for several imaging applications and techniques such as computed tomography (CT) and radiography. Iodine-based contrast media are used in radiology owing to their relatively harmless interaction with body tissues. Moreover, potassium iodide helps generate better-quality intravenous images for crystograms and pylograms.
However, research analysts predict that this segment will lose market share in the coming years. The overall pharmaceutical sector is anticipated to gain traction as an end user over the course of the forecast period with the rising use of potassium iodide to treat various thyroid-related problems. Although potassium iodide has been used for film photography in the past, this end-use segment will exhibit little to no growth by 2024 owing to the popularity of and preference for digital photography.
APAC to Hold On to its Lead Spot in Global Potassium Iodide Market
By way of geography, the global potassium iodide market has been divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Asia Pacific accounted for the dominant share in 2015 in terms of demand owing to the rapid growth of the food and beverages and pharmaceutical industries and a consistent rise in population in countries such as India and China. Europe is also a key market for potassium iodide, thanks to advancements in imaging technologies using x-rays and the expansion of the food and pharmaceutical sectors. Apart from this, recent progress made in industrial chemistry will support the potassium iodide market in Europe over the coming years.
The growth of the North America market can be attributed to several preventive measures taken in response to nuclear radiation. The prevalence of iodine deficiency syndrome is a key factor driving the potassium iodide market in the Middle East and Africa, while the Latin America market is fueled by rising demand from the food, pharmaceutical, and health industries.
Prominent vendors in the worldwide potassium iodide market include GODO SHIGEN Co., Ltd., Merck Millipore, Nippoh Chemicals Co., Ltd., Adani Pharmaceuticals, and Iofina Plc.
Rising Demand for Use as Dietary Supplements to Propel Potassium Iodide Market Forward
The global potassium iodide market is estimated to observe considerable growth in the near future, thanks to its growing prominence as medical sector. A drug or medication refers to a substance that is utilized in the treatment, diagnosis, or prevention of illness. In the field of medicine, drug or pharmacotherapy plays a major role. For proper management and progression in the field of pharmacy, these therapies depend on pharmacology research. Apart from the nutrients already present in the body, there are specific supplements that a human body needs. These external foods are known as dietary supplements for a specific kind of nutrient pills. The additives are available in different forms, such as pills, tablets, capsules, and liquids. The crystalline salt potassium iodide is utilized as a chemical component, medicine, and dietary supplement. For the treatment of hyperthyroidism, emergencies of radiation, and for safeguarding the thyroid gland, potassium iodide is utilized in the form of a medicine. For patients with a low level of iodine in their bodies, potassium iodide is used as a supplement.
Scope of Use in Animal Feed to Widen Prospects for the Market in Near Future
Potassium iodide is utilized in the developing parts of the world to treat a range of skin problems like sporotrichosis and phycomycosis. Potassium iodide as been in use in the medical sector since 1820 and is found in one of the list of essential medicines of the WHO (World Health Organization). It is considered as the most safe and effective medicine for human beings.
Potassium iodide is available as a generic medicine across all the counters. The salt producers are incorporating this due to the increased demand for potassium iodide. This helps to satisfy consumers' iodine requirements. After potassium iodide has been consumed, there are less side effects observed. Potassium iodide may also be utilized as a dietary supplement in the feed for animals. Because the demand for iodine in all regions is rising and this is why the global potassium iodide market is expected to witness considerable growth.
Global Potassium Iodide Market: Overview
Potassium iodide is a crystalline salt which is soluble in water and utilized mainly in the pharmaceutical industry. It is one of the most commercially significant iodide compounds with the demand from various industries such as pharmaceutical, food and textiles. Potassium iodide is mentioned in the World Health Organization’s List of Essential Medicines, the most important medication needed in a basic health system. It is a common commercial additive to table salt, in order to produce iodized salt, lack of which leads to health problems such as goiter and cretinism. Potassium iodide is employed mainly in the x-ray contrast media, pharmaceutical industry, food industry, textile industry and photographic film industries.
Global Potassium Iodide Market: Segmentation
Based on the end use industries, global potassium iodide market is segmented as X-ray contrast media, pharmaceutical, nutrition, film photography and others which include textile industry and chemical industry. Potassium iodide is used as an intravascular contrast medium for imaging applications. The X-ray contrast medium is used in the X-ray based imaging techniques such as computed tomography and radiography for enhancing the visibility of internal structures. The number of uses of potassium iodide in the pharmaceutical sector is higher than other sectors. Potassium iodide is used for thyroid-related problems such as thyroid storm and thyroid blockade. A healthy diet that contains potassium iodide as a nutritional supplement can prevent diseases such as goiter, hyperthyroidism, and cretinism caused by iodine deficiency.
Global Potassium Iodide Market: Scope of the Report
The report estimates and forecasts the potassium iodide market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (Tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the end use segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the potassium iodide market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the potassium iodide market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes global average price trend analysis of potassium iodide end use industries.
Global Potassium Iodide Market: Research Methodologies
The report includes Porter’s Five Forces Model to determine the degree of competition in the potassium iodide market. The report comprises a qualitative write-up on market attractiveness analysis, wherein application and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for potassium iodide between 2016 and 2024.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
The study provides a comprehensive view of the potassium iodide market by dividing it into application and geography. The potassium iodide application segment has been segmented as X-Ray contrast media, pharmaceutical, nutrition, film photography and others. Application segments have been analyzed based on historic, present, and future trends, and the market has been estimated in terms of volume (Tons) and revenue (US$ Mn) between 2016 and 2024.
Global Potassium Iodide Market: Regional Outlook
Regional segmentation includes the current and forecast demand for activated alumina in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for end-user segments. Key countries such as the U.S., Germany, France, the U.K., Spain, Italy, India, China, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes demand for individual end-users in all the regions and countries.
Key Players Mentioned in this Report are:
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Merck Millipore, GODO SHIGEN CO.,LTD, Adani Pharmaceuticals, NIPPOH CHEMICALS CO., LTD and Iofina Plc. Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
The global potassium iodide market has been segmented as follows:
End Use Analysis