The global potassium iodide market is characterized by intense competition on account of the presence of a large number of established organizations, collaborators, mergers, acquisitions, and joint ventures finds Transparency Market Research (TMR). Main players are gaining global shares through higher production. Leading companies in the market as of 2017 were GODO SHIGEN, Merck Millipore, Nippoh Chemicals, Adani Pharmaceuticals, and Iofina.
Main Consumer of Potassium Iodide to be Pharmaceutical Industry
The global potassium iodide market according to the research report is expected to rise from US$607.9 mn in 2015 to US$ 1.14 bn by the end of 2024. Market is likely to rise at a CAGR of 7.3 % within the forecast period of 2016 and 2024. The pharmaceutical industry is supposed to acquire a share of 27.9% by the end of 2024, in terms of revenue. Prevention of thyroid-related issues by potassium is resulting in higher demand of potassium in the pharmaceutical industry.
In the coming years Asia Pacific is about to dominate the global potassium iodide market. In regional market, pharmaceutical and food and beverages sector are aimed to shore up. Analyst believe that by the end of 2025 Asia Pacific potassium iodide market will account for a share of 44.2%.
Extensive Usage of Potassium Iodide to Steer Global Market
Nutritional deficiency has played major role in increasing demand for potassium iodide market. The same reason is being followed by the pharmaceutical industry as manufacturers are using potassium to combat thyroid related issues, arthritis and cough. Global consumers leaning toward a healthy diet has spiked the demand for potassium iodide in the food industry.
Nylon stabilizer and heat dispersant in the textile industry are seen to be using potassium iodide. It is used for making iodine solution which is used for checking the desizing property of the textile. Growing number of usage potassium in areas such as x-ray contrast media along with film photography are expected to profit the market in future.
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On the other hand, the global potassium iodide market is getting challenged by the side effect which results in swelling of arms, face, legs, joint pain, and throat. Researchers have found that excessive consumption of potassium iodide can lead to irregular heartbeat, burning of mouth, and a metallic taste in mouth. Other factors to hamper the growth of the market are unsteady raw material cost, availability of substitutes, and regulations by government. Potassium iodide can be replaced by potassium iodate for thyroid blocking. These factors are supposed to cause obstruction for the expansion of global potassium iodide market over the forecast period.