Potassium Iodide Market Estimated to Reach US$ 1.14 Bn by 2024: Transparency Market Research
ALBANY, New York, May 30, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Potassium Iodide Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global potassium iodide market was valued at US$ 607.9 Mn in 2015 and is anticipated to reach US$ 1.14 Bn by 2024, expanding at a CAGR of 7.3% between 2016 and 2024.
Potassium Iodide is a water-soluble crystalline salt mainly find applications in the pharmaceutical industry. The potassium iodide compound which is mentioned in the World Health Organization's List of Essential Medicines, is the most important medication needed in a basic health system since it is the source of iodine. 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.
In terms of end uses, 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 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 are increasing at a fast pace than other sectors. Potassium iodide is used for thyroid-related problems such as thyroid storm and thyroid blockade. It can absorb radioactive iodine and prevent the thyroid gland from getting affected by radioactivity. Potassium iodide is used as a key nutritional supplement in the food industry. A healthy diet that contains potassium iodide as a nutritional supplement can prevent diseases such as goiter, hyperthyroidism, and cretinism caused by iodine deficiency. Potassium iodide is used in the film photography industry, wherein it is used as a component for the preparation of emulsion. The less hygroscopic nature of potassium iodide is explored in the film photography industry. The others segment of the potassium iodide market include end-use industries such as textile and chemical (wherein it is used as a corrosion inhibitor).
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In terms of volume, Asia Pacific accounted for a significant share in potassium iodide market in 2015 followed by Europe and North America. This trend is expected to continue during the forecast period due to the increasing demand for iodide compounds in these regions. Further rise in population is another factor that is expected to propel the potassium iodide market in Asia Pacific. Rapid growth in the food and pharmaceutical sectors is projected to increase the demand for potassium iodide in the in the next few years. In Europe, the growth of potassium iodide is ascribed to the recent advancement in technologies which in turn will raise the need for potassium iodide for various applications (for example, computed tomography and MRI).
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The rising demand from pharmaceutical industry owing to the growing number of iodine deficiency syndrome is fuelling the potassium iodide market in the North America region. In Middle East & Africa, market opportunity for potassium iodide is propelled by the growing number of reported cases of iodine deficiency disorders. In Latin America, the market opportunities are ascribed to demand from particularly from the nutritional sector.
Major players in the potassium iodide market include Merck Millipore, GODO SHIGEN CO.,LTD, Adani Pharmaceuticals, NIPPOH CHEMICALS CO., LTD and Iofina Plc
The potassium iodide market has been divided into the following segments.
Potassium Iodide Market - End Use Analysis
- X-Ray Contrast Media
- Pharmaceuticals
- Nutrition
- Film Photography
- Others
Potassium Iodide Market - Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Egypt
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Browse Other Market Research Report:
- Potassium Chloride Market: http://www.transparencymarketresearch.com/potassium-chloride-market.html
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