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The industrial salt market size is estimated to grow at a CAGR of 5.1% between 2022 and 2027. The market size is forecast to increase by USD 3,946.45 million. The growth of the market depends on several factors such as a wide range of industrial applications of industrial salt, an increase in the production of chlor-alkali chemicals, and Rising demand for industrial salt in de-icing and anti-icing applications.
This industrial salt market report extensively covers market segmentation by source (rock salt and natural brine), application (chemical processing, deicing, water treatment, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The wide range of industrial applications of industrial salt is the key factor driving the growth of the market. Chemical treatment, water treatment, and de-icing are some of the key application areas with high industrial salt demand. Other industrial salt applications include feedstock, metalworking, tanning treatments, rubber manufacturing processes, oil and gas exploration, pulp and paper production, pharmaceutical applications, and dyeing. Stedy industrialization is driving the growth of the global industrial salt market owing to the growing demand for salt in various industrial applications.
Moreover, the main application segment of salt is the chemical processing industry. Salt is used as an essential ingredient in the production of various chemical substances, such as sodium carbonate, caustic soda, and chlorine, which are used in the manufacture of a wide variety of industrial products, including solvents, and alumina, and synthetic products. The wide applicability of salt in the chemical processing industry is driving the global demand for salt. As a result, multiple industrial salt applications in several industries will drive the growth of the global industrial salt market during the forecast period.
The growing popularity of vacuum pan technology for salt production is a primary trend in the market. The need to produce high-quality salt has prompted some suppliers to choose advanced technological methods, such as the vacuum pan technology method. This method involves evaporating brine using the heat of the steam in large commercial evaporators called vacuum pans.
Moreover, the vacuum pan method yields very pure salt with a very fine texture. Salt obtained through vacuum tank technology is mainly used in applications such as food processing and chemical production, which require high-quality salt. In addition, salt production by vacuum pan technology is gaining attention across the globe. Hence, it will be the prevailing trend in the global industrial salt market during the forecast period.
The sluggish growth of the paper and pulp industry is a challenge that affects the growth of the market. Industrial salt demand in developed countries in Europe has declined in recent years due to the stagnant growth of the pulp and paper industry. This is one of the main constraints faced by suppliers in the European market. This leads to a decline in the demand for caustic soda, a salt-based product widely used in the chemical industry.
In addition, European suppliers face stiff competition from large industrial salt producers based in the APAC region. Likewise, the slow growth of the chemical industry in Western Europe is preventing suppliers from gaining market share in the global industrial salt market. Therefore, the slow growth of the pulp and paper industry in Europe is expected to impede the growth of the global industrial salt market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Industrial Salt Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The rock salt segment is estimated to witness significant growth during the forecast period. Due to its wide application in the deicing of roads, sidewalks, and others, particularly where there is a high level of snowfall requiring snow removal, it is envisaged that demand for rock salt will rise. Furthermore, rock salt is applied in water treatment applications including to dissolve and purify drinking water.
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The rock salt segment was the largest segment and was valued at USD 7,728.53 million in 2017. Rock salt is used in agriculture to enhance soil drainage and as a mineral supplement in animal feed. Agricultural activities and the need to increase crop and agricultural production will positively affect the use of rock salt. Therefore, the diverse applications of rock salt in various industrial processes, such as the production of plastics, paper, textiles, and detergents, will drive the growth of the rock salt segment of the market during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing demand for salt in developing countries, such as India and China, due to rapid industrial development has been one of the driving factors behind the growth of the Industrial Salt Market in the APAC region. In the APAC, China is the world's biggest salt producer. The growing market for industrial salt in this region is driven primarily by China's chloralkali industry.
Furthermore, India is another leading salt-producing country in the APAC region. The country exports its excess salt production to various countries, such as Japan, Bangladesh, Indonesia, South Korea, North Korea, Malaysia, the United Arab Emirates, and Vietnam. Most of India's salt demand comes from the main domestic salt industries, including caustic soda, soda ash, and chlorine. Furthermore, the Indian government plays an important role in the development of the salt industry. Hence, such factors are expected to drive market growth in the region during the forecast period.
The industrial salt market in the APAC region was negatively affected due to the outbreak of the COVID-19 pandemic in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, the demand for salt, which is used in the chlor-alkali industry, gradually recovered, and the increasing demand for caustic soda in APAC will drive the growth of the regional industrial salt market during the forecast period.
The industrial salt market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Salt Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
Market growth 2023-2027 |
USD 3,946.45 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.55 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, India, Australia, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Cargill Inc., CK Hutchison Holdings Ltd., Compass Minerals International Inc., Dev Salt Pvt. Ltd., Dominion Salt Ltd., Donald Brown Group, INEOS Group Holdings SA, Irish Salt Mining and Exploration Co. Ltd., Israel Chemicals Ltd., KS Aktiengesellschaft, MITSUI and CO. LTD., Nobian, Rio Tinto Ltd., Salins Group, Solvay SA, Sudwestdeutsche Salzwerke AG, Tata Sons Pvt. Ltd., Wacker Chemie AG, Wilson Resources Ltd., and ZOUTMAN NV |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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