According to a new report published by Allied Market Research, titled, "industrial salts market by source, by manufacturing process and by application: global opportunity analysis and industry forecast, 2020–2030," the global industrial salts market size was valued $14.2 billion in 2020 to $19.4 billion by 2030, at a CAGR of 3.2% from 2020 to 2030.
Industrial salts are mainly used in the chemical industry to produce caustic soda and other chlor-alkali products. These are also used in manufacturing of polyester, glass, paper, tires, brass bleach, as well as to set dyes in fabric. Industrial salts are available in various levels of purity, depending on their applications. Rise in demand for petroleum products, owing to large market share of fuel-based automobile is also another major factor that fuels growth of industrial salts. In addition, outbreak of the pandemic has created awareness among people regarding healthcare, which have led to increase in demand for hygiene products such as detergents, soaps, and laundry products that make use of industrial salts and in turn, propel the market growth. Moreover, rise in investments by various governments to construct water treatment plants also drives the market growth as industrial salts are used for water purification.
Rapid increase in population and depletion of fertile land resources to produce agriculture products lead to increase in demand for fertilizers where inorganic salts are used for production, which, in turn, propels demand for industrial salts. Increase in innovation of various chemical salts for development of the agriculture sector across the globe also provide lucrative opportunities for growth of the industrial salts market
The global industrial salts market is segmented on the basis of source, manufacturing process, application, and region.
On the basis of source, the global industrial salts market is segmented into rock salt and natural brine. On the basis of manufacturing process, it is divided into conventional mining, vacuum evaporation, and solar evaporation. By application, it is divided into chemical processing, de-icing, water treatment, oil & gas, agriculture, and food processing.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include Cargill, Inc., Compass Minerals America Inc., China National Salt Industry Co., Dominion Salt Ltd., INEOS, K+SAG, Mitsui 7 Co. Ltd., Nouryon, Rio Tinto Group, and Tata Chemical Ltd. Rapid increase in demand for oil & gas resources led key manufacturers expand their industrial salt manufacturing capacities in order to meet market demand across the globe. Additional growth strategies such as acquisition, partnership, product launch and business expansion strategies are also adopted to attain key developments in the industrial salts market trends.
Impact Of Covid-19 On The Global Industrial Salts Market
- Emergence of COVID-19 had a negative impact on growth of the global industrial salts market.
- This impact is mostly attributed to significant disruptions in raw material transportation, presence of low-labor, and shutdown of many manufacturing industries.
- Decrease in demand for many non-essential products and shut down of electrical, automotive, and other energy related industries has created a negative impact on development of the industrial salts market.
Key findings of the study
- Region wise, the Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- As per industrial salts market analysis, by source, the natural brine segment accounted for the largest share in 2020.
- On the basis of manufacturing process, the conventional mining segment was the major share contributor in 2020.
- On the basis of application, the chemical processing market segment was the major share contributor in 2020.