The report titled "Global Industrial Salts Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032" offers strategic visions into the global industrial salts market along with the market size (Volume - Million Tons and Revenue - US$ Billion)
The said research study covers in-depth analysis of multiple market segments based on production methods, end use, and study across different topographies. The report is also inclusive of competitive profiling of the leading industrial salts vendors, and latest developments. Rock salt has been used widely over a while now, but since this product has so many widespread applications, the salt industry has become more competitive over time. This encourages manufacturers and consumers alike to determine the most competitive uses for industrial salt. Right from oil industry to chemical industry, industrial salts are being used for varied applications having no substitutes. Although it is not a rarest source itï¿½s high demand for safety and manufacturing purposes means that salt prices will continue to fluctuate for the foreseeable future. Hence, in order to ensure a flowing salt pipeline, several industrial salt consumers are considering salt from a variety of global sources. The application of industrial salts in caustic soda and chlorine manufacturing sectors are driving the growth of this market worldwide.
The global industrial salts market is expected to reach over US$ 13.9 Bn by 2024, growing at a CAGR of more than 2.0% during the forecast period 2018 to 2024.
Salt is extensively used as a de-icing salt in the developing regions as they fall under the snowfall regions in the world. The highway and automobile corrosion problems have been well documented and hence, high demand is reported for industrial salts from the developing economies such as North America and Europe among others. Fluctuating raw material prices may significantly hamper the growth of industrial salts market in the coming years.
The global industrial salts market has been segmented based on production methods, end use, and geography. Based on production methods, the global industrial salts market has been segmented into seawater solar evaporation, brine extracted through solution mining, and mined rock salt. Based on end use, the global industrial salts market has been segmented into chemical processing, water conditioning, road de-icing, food & beverages, and agriculture. Among various end uses, chemical processing accounted for major share in the global industrial salts market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of 2.6% from 2018 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for industrial salts over the forecast period from 2023 to 2032. Based on geography, the global industrial salts market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Asia Pacific accounted for largest share of global industrial salts market in 2017 and accounted for 40% share of global market. The countries such as China and India accounted as the major users of industrial salts owing to rising number of chemical industries. The increasing demand for industrial salts in chloralkali chemicals production is the foremost factor driving market growth in the region. North America followed Asia Pacific in terms of demand and accounted as the second largest region for growth of industrial salts. Europe and other regions such as Latin America and Middle East are also expected to boost market growth in the near future.
Some of the key manufacturers of industrial salts in the global market include Akzo Nobel, Cargill Inc., Cheetham Salt, Compass Minerals International Inc., Dampier Salt, Dev Salt, Dow Chemical, Exportadora De Sal, Henrique Lage Salineira, Hubei Shuanghuan Science and Technology, ICL Fertilizers, INEOS Group Ltd., Irish Salt Mining and Exploration, ITALKALI, Kopalnia Soli Klodawa Spolka Akcyjna, Mitsui & Co. Ltd., Swiss Saltworks, Solana Tuzla, Tata Group, United Salt, Vietnam national Salt and Wacker Chemie, among others.
By Production Methods
By End Use
Asia Pacific accounted for largest share of global industrial salts market. The countries such as China and India accounted as the major users of industrial salts owing to rising number of chemical industries.
The application of industrial salts in caustic soda and chlorine manufacturing sectors are driving the growth of this market worldwide.
Based on production methods, the industrial salts market is segmented into Seawater Solar Evaporation, Brine Extracted Through Solution Mining and Mined Rock Salt.
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