New York, NY -- (SBWIRE) -- 12/24/2020 -- The potassium iodide market is presumed to clock a revenue of USD 1.38 billion by 2027, with increasing applications of potassium iodide in different end-user industries. The market's growth is likely to occur at a CAGR of 6.8% over the projected period. With a broad array of medicinal applications in pharmaceutical, the demand for potassium iodide is elevating.

Market Drivers

In combination with anti-thyroid medicines, potassium iodide is used for treating conditions like hyperthyroidism and thyroid gland removal. Moreover, this compound reduces the risk of thyroid cancer by preventing the radioactive iodine absorption in the thyroid. Potassium iodide is widely used as a mucoactive agent for people suffering from different breathing disorders, including asthma, bronchitis, and emphysema. Such medicinal benefits are positively impacting market growth. Additionally, potassium iodide finds its substantial application in medical imaging as an intravascular contrast medium. This compound is deployed in the imaging procedures, which are X-ray-based, such as computed tomography and radiography, for enhancing the internal structures' visibility. Due to potassium iodide's various immunomodulatory properties, the saturated solution of this compound is highly used by a dermatologist as an essential drug.

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Key participants include: Merck Millipore, Adani Pharmaceuticals, Nippoh Chemicals Company Limited, Iofina PLC, GODO SHIGEN Company Limited, Hanwei Chemical, JIODINE Chemical, Boyuan Pharmaceutical, William Blythe, and Lingang Chemical, among others.

For the purpose of this report, Reports and Data have segmented the global potassium iodide market on the basis of application, distribution channel, industry vertical, and region:

Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Adsorbent & Absorbent
Corrosion Inhibitors & Anti-Scaling Agents
Intermediates
Finishing Agents
Plasticizers
Surface Treating Agents
Others

Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Online
Offline

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Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Pharmaceutical
Electrical & Electronics
Chemical
Personal Care
Water Treatment
Others

Regional Outlook:

Owing to the swift growth of the food & beverage and pharmaceutical industries in APAC, the region has contributed to the largest share and is foreseen to dominate the market in the forecast years. The rising population in countries like India and China is also responsible for the region's dominance. Other regions like Europe, Latin America, and North America are also observing steadfast growth in the market.

Further key findings from the report suggest:

By application, adsorbent & absorbent held a substantial market share in 2018. Potassium iodide is used as an absorbent for glandular swellings or hyperplastic fibrous tissues and protection of the thyroid gland in a radioactive emergency, among others.

By distribution channel, the online distribution channel is projected to grow at a faster rate of 9.4% in the forecast period, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.

By industry vertical, the personal care industry is expected to witness the highest growth rate of 7.3% in the forecast period.

The market in the Asia Pacific region contributed to the largest market share in 2018 and is expected to witness a growth rate of 7.5% in the forecast period. The market dominance of the APAC region may be attributed to the swift growth of the pharmaceutical and food & beverage industries and a constant rise in population in emerging economies like China and India…Continued

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Market segments segregated on the basis of type, application, and geography.
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