(MENAFN- PR Newswire) In a recent market analysis, Fact.MR divulges key insights into the global industrial salt market, covering aspects such as drivers, opportunities, challenges, and restraints. The study covers trends prevailing across segments of the industrial salt market including grade, source, production process, and applications across seven regions.
NEW YORK, Nov. 25, 2021 /PRNewswire/ -- Sales of industrial salt are forecast to grow at a steady 4% CAGR, finds Fact.MR in a recent market survey. Increasing demand for industrial salt in various end-use industries such as chemical processing, caustic soda, water treatment, and de-icing will continue augmenting growth of the market.
Driven by this, the industrial salt market size is expected to reach US$ 20.3 Bn by 2031, with total consumption of industrial salt surpassing 455 KT over the forecast period.
Growing adoption of industrial salt in the oil & gas industry for drilling natural resources such as crude oil and natural gas is giving tailwinds to industrial salt sales. Besides this, increasing applications of industrial salt in water treatment driven by water security policies is expected to augment growth of the market in the forthcoming years.
Further, expansion of the chemical industry is expected to bode well for the industrial salt market. Industrial salts are widely adopted in the chemical processing industry for the manufacturing of soda ash, caustic soda, and chlorine. These chemicals are further used in water treatment, laundry, and other applications. Hence, this is anticipated to boost the sales of industrial salt in the chemical sector.
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As per Fact.MR, sales of industrial salts in the U.S. are estimated to gain traction over the assessment period. Increasing applications of industrial salts in de-icing of roadways, railway tracks, and runways is expected to spur demand for industrial salts, placing the U.S. as an attractive market in North America over the forecast period.
'Key market stakeholders with economies of scale are set to gain impressive profits over the coming years,' says a Fact.MR analyst.
- Based on grade, sales of grade I industrial salt are expected to remain high, accounting for 3/4th of the total industrial salt market share.
- In terms of application, the drilling and extraction segment is projected to expand at a 2.9% CAGR.
- Based on source, the industrial rock salt segment is anticipated to hold 14% of the total industrial salt market share over the forecast period.
- Demand for industrial salt in the U.S. is projected to remain high, accelerating at 3.9% CAGR through 2031.
- China will emerge as the most attractive market in East Asia, with sales increasing at 3.4% CAGR over the forecast period.
- Japan and China will cumulatively account for 72.4% of the industrial salt market share in East Asia market.
- Increasing adoption of industrial salts in the treatment of drinking water and swimming pools is expected to propel the sales.
- Growing application of industrial salts as diverting agents and stabilizers in the oil & gas industry is expected to spur the demand for industrial salt.
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Leading players operating in the global industrial salt market are aiming to expand their production facilities by investing in mergers, acquisitions, and collaborations. To cater to the expanding customer pool, players are increasing their research and development efforts to improve their product portfolios.
- In January 2021, Tata Chemicals Ltd announced its plans to acquire the industrial salt unit of Archean Group. The annual production capacity of this unit is up to 3 million tons., which is expected to augment growth of Tata Chemical's business.
Key Players in the Industrial Salt Market Include:
- American Elements
- Amra Salt Co.
- Atisale S.P.A.
- Cargill, Inc.
- Ciech S.A.
- CK Life Sciences International Holdings Inc.
- Compass Minerals International Inc.
- Dev Salt Pvt. Ltd.
- Dominion Salt Ltd
- Ineos Group
- Irish Salt Mining & Exploration Co. Ltd. (I.S.M.E. Co. Ltd.)
- Italkali Societa Italiana Sali Alcalini S.P.A
- K + S AG
- Mitsui Co. Ltd.
- Naikai Salt Industries Co. Ltd.
- Salins Group
- State Enterprise Arytomsol
- Swiss Saltworks AG
- Tata Chemicals Ltd.
- Wacker Chemie AG
- Wilson Salt Company
More Valuable Insights on Industrial Salt Market
Fact.MR provides an unbiased analysis of the industrial salt market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global industrial salt with a detailed segmentation on the basis of:
- Grade-I Industrial Salt
- Grade-II Industrial Salt
- Conventional Mining
- Solar Evaporation
- Vacuum Evaporation
- Industrial Salt for Chemical Processing
- Caustic Soda
- Soda Ash
- Industrial Salt for Power Industry
- Industrial Salt for Oil & Gas Industry
- Industrial Salt for Water Treatment Industry
- Industrial Salt for De-Icing
- North America
- Latin America
- East Asia
- South Asia
Key Questions Covered in Industrial Salt Market Report
- The report offers insight into the industrial salt market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for industrial salt market between 2021 and 2031.
- Industrial salt market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Industrial salt market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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