The potassium iodide market was estimated at US$ 0.8 billion in 2021 and is expected to grow at a CAGR of 5.4% during 2022-2028 to reach US$ 1.1 billion by 2028.
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One primary driver of the potassium iodide market is its widespread application in pharmaceuticals. Potassium iodide is utilized in the treatment of thyroid-related disorders, such as iodine deficiency and hyperthyroidism. With an increasing prevalence of thyroid disorders globally, the demand for potassium iodide in pharmaceutical formulations is on the rise.
Furthermore, the food industry is a significant consumer of potassium iodide. It is used as a nutritional supplement in salt to prevent iodine deficiency disorders, particularly in regions where iodine levels in the soil are low. As awareness regarding iodine deficiency grows, the demand for potassium iodide in food applications is expected to escalate.
Moreover, potassium iodide plays a crucial role in radiation emergency preparedness.
With growing concerns about nuclear safety and the increasing number of nuclear power plants worldwide, the demand for potassium iodide for emergency preparedness is anticipated to surge.
The potassium iodide market is also witnessing innovations, such as the development of novel formulations and applications, enhancing its efficacy and expanding its utility across various industries. However, challenges such as stringent regulations, fluctuating raw material prices, and the emergence of substitutes pose constraints to market growth.
In conclusion, the potassium iodide market is poised for steady expansion fueled by its diverse applications, increasing healthcare awareness, and rising concerns regarding nuclear safety. Stakeholders need to stay abreast of evolving market trends and regulatory developments to capitalize on emerging opportunities in this dynamic market landscape.