Potassium Iodide Market – Global Industry Analysis, Size, Share, Forecast 2016 – 2024
Potassium iodide is an inorganic compound that is similar to table salt. Potassium iodide is medicinally used for thyroid storm, thyroid blockade and also as an expectorant. Potassium iodide is less hygroscopic than sodium iodide, making it easier to work with. Potassium iodide has industrial, pharmaceutical and medical applications. Potassium iodide is on the World Health Organization’s list of essential medicines, a list of the most important medication needed in a basic health system. The major use of potassium iodide is as a nutritional supplement in human diet and animal feeds. The U.S. Food and Drug Administration has approved the use of potassium iodide to protect thyroid glands from radioactive iodine involving accidents or fission emergencies. Potassium iodide is a common additive used to “iodize” table salt. The oxidation of iodide causes slow loss of iodide content from iodine salts that are exposed to air. Potassium iodide can also be used as a component in the electrolyte of dye sensitized solar cells (DSSC) along with iodine.
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The growth in end user industry is expected to increase demand for potassium iodide. The growth in pharmaceutical, photography and nutritional supplement industry is expected to increase demand for potassium iodide. In addition, changing lifestyle, increasing urbanization and rising demand for iodized salt in emerging economies of Asia Pacific, Latin America and Africa is expected to further boost demand for potassium iodide. However, availability of substitutes, fluctuating raw material prices and government regulations could hamper the growth of this market. Potassium iodate (KIO3) can replace potassium iodide for thyroid blocking in a radiation emergency.
Asia Pacific is expected to be the fastest growing market for potassium iodide followed by North America and Europe. China and India are expected to be the largest consumers of potassium iodide in Asia Pacific due to growing demand for nutritional supplements from urban population. Vietnam, Malaysia, Japan and Indonesia are expected to be other major consumers of potassium iodide in Asia Pacific. North America and Europe are mature markets and expected to grow at a moderate rate. Latin America is also expected to grow at a high rate with Brazil and Argentina being major consumers of potassium iodide.
The market is dominated by large and medium chemical and materials companies. Some of the key players in this market are Champa Purie-Chem Industries (India), Laksh Finechem Pvt. Ltd (India), Infinium Pharmachem Private Limited (India), Paradise Pharma Chem (India), Adani Pharmachem Private Limited (India), Zibo Qingxin Chemicals Factory (China), Zouping Changshan Town Zefeng Fertilizer Factory (China), Zhengzhou Debao Fine Chemical Co., Ltd.(China), YongHua Chemical Technology (Jiangsu) Co., Ltd. (China), Shaanxi TOP Pharm Chemical Co., Ltd.(China), Tianjin Yinlida Chemicals Co., Ltd. (China), Hangzhou Reb Technology Co., Ltd. (China), Shanghai Yuejiang Titanium Chemical Manufacturer Co., Ltd.(China), A . M Food Chemical (Jinan) Co., Limited (China), Jinan Shijitongda Chemical Co., Ltd. (China), Shanghai Renyoung Pharmaceutical Co., Ltd. (China), Nanjing Juhao Chemical Co., Ltd.(China), Baoji Guokang Bio-Technology Co., Ltd.(China), Suzhou Houjin Chemical Co., Ltd. (China), Ningbo Hi-Tech Zone Yefeng New Materials Technology Co., Ltd.(China), Ningbo Samreal Chemical Co., Ltd.(China), Xi’an Leader Biochemical Engineering Co., Ltd. (China), Tianjin Yuanlong Chemical Industry Co., Ltd.(China), Tianjin Yinlida Chemicals Co., Ltd. (China), Mercury Dye Chem Industries (India), Lasa Laboratory Private Limited (India) and Crescent Chemical Co., Inc. (U.S.) among others. Companies are using aggressive marketing tactics to increase their market share.
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