Potassium Iodide Market Business Opportunities, Survey, Growth Analysis And Industry Outlook

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Potassium Iodide Market: Steady Growth Driven by Rising Demand and Industrial Adoption

VANCOUVER, BC, CANADA, June 3, 2024 /EINPresswire.com/ — The global Potassium Iodide (KI) market size was USD 1.08 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.9% during the forecast period. The global Potassium Iodide market is experiencing steady growth, driven by a surge in demand for iodine supplements in diets and the adoption of potassium iodide in various industrial applications. A recent market research report highlights the key drivers and challenges influencing the market dynamics.

Key Market Drivers:

The rising demand for iodine-based contrast media for diagnostic imaging is a significant factor propelling market growth. With the increasing prevalence of chronic diseases and cancer, there’s a growing need for advanced imaging technologies. This demand is expected to escalate further due to the rising burden of diseases such as Cardiovascular Diseases (CVDs), cancer, diabetes, and respiratory ailments.

Manufacturers are witnessing a substantial uptick in orders and sales volumes, especially in the wake of emergency alerts such as the one related to nearby power plants. Potassium iodide plays a crucial role in contrast media formulations for diagnostic imaging, enhancing the visibility of specific anatomical structures during imaging procedures.

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Market Restraints:

Health-related hazards and stringent government regulations pose challenges to market growth. Contamination with potassium iodide can lead to allergic reactions and, in high exposure, thyroid cancer and disorders. Moreover, stringent quality control measures increase production costs, leading to pricing difficulties and potentially diminishing the competitiveness of potassium iodide in the market.

Segment Insights:

Product Type: The solid potassium iodide segment dominates the market due to its extensive use in the medical and chemical industries. Solid potassium iodide offers several industrial and laboratory applications, ensuring optimal performance and synthesis. Manufacturers are investing in Research & Development (R&D) to provide tailored products that meet specific application needs.

Grade: Industrial-grade potassium iodide is witnessing fast market growth due to its diverse applications in various industrial processes. It serves as a crucial component in the production of dyes, chemicals, and semiconductors. Additionally, it acts as a stabilizer in certain industrial processes, further driving segment growth.

Application: The X-rays segment is expected to hold a significantly large market share during the forecast period. Potassium iodide is widely adopted in the pharmaceutical sector for diagnostic imaging systems, where it helps dissipate X-rays and protect delicate imaging components. This widespread adoption contributes to the demand for cost-effective medical treatments.

End-Use: The medical segment is anticipated to register moderate market growth due to the rising demand for imaging materials in the diagnostic sector. Potassium iodide’s anxiety reduction and prevention of goiter make it an ideal solution for precise generation of images, especially in the event of a nuclear emergency.

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Potassium Iodide (KI) Top Companies and Competitive Landscape

The global Potassium Iodide market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective KI products.

Adani Pharmachem Private Limited

Deepwater Chemicals, Inc.

Calibre Chemicals Pvt. Ltd.

Godo Shigen Co., Ltd.

Blaustein Chemicals N.V.

Salvi Chemical Industries Ltd.

Carlyle Group LP

Sinopharm Weiqida Pharmaceutical Co., Ltd.

Iofina Plc

Nitto Kasei Co., Ltd.

Nippoh Chemicals Co., Ltd.

Ioditech

Tata Sons Private Limited

FUJI KASEI Co. Ltd.

BASF SE

Imsight Technology

Potassium Iodide Latest Industry News

On 20 October 2023, Iofina plc, experts in iodine exploration and production, as well as the manufacturing of specialty chemical products, signed an agreement with a new brine supply partner for the development of its latest IOsorb iodine plant in Western Oklahoma. The Board expresses confidence in the site’s suitability for the new plant, which will utilize IOsorb technology to extract iodine from the brine stream abundant in iodine.

Browse The Full Potassium Iodide Market Report Description, Along With The Tocs And List Of Facts And Figures @ https://www.emergenresearch.com/industry-report/potassium-iodide-market

Potassium Iodide Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global Potassium Iodide market on the basis of product type, grade, application, end-use, and region:

Product Type Outlook (Revenue, USD Billion; 2019-2032)

Solid

Liquid

Grade Outlook (Revenue, USD Billion; 2019-2032)

Industrial

Pharma

Application Outlook (Revenue, USD Billion; 2019-2032)

X-Rays

Plastics and Polymer

Nutraceuticals

Food and Feed Additives

Animal Feed

Dietary Supplements

Others

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Chemical Industry

Agricultural

Medical

Coatings

Others

Regional Outlook (Revenue, USD Billion; 2019–2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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