Global Industrial Salt Market Outlook & Forecast Report 2023: A $17.43 Billion Industry by 2028 with the Use of Solar Salts Gaining Momentum
DUBLIN, Aug. 1, 2023 /PRNewswire/ -- The "Industrial Salt Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial salt market is expected to reach a value of $17.43 billion by 2028 from $13.67 billion in 2022, growing at a CAGR of 4.13% from 2022-2028.
Increased Use of Salt in Chemical and Pharmaceutical Industries
Salt is an essential component of the chemical and pharmaceutical industry, where it is used for chemical synthesis and manufacturing of several commodities such as rubber, glass, paper, and textiles.
Chloride, commonly used for cleaning, produces various chemicals, drugs, and plastics, with over 85% of medicines, including lifesaving drugs, produced using chlorine. Caustic soda and soda ash, produced using salt, are critical components in various industrial operations, including pulp and paper, chemical processing, and detergent.
The pharmaceutical industry, which is growing rapidly, is a major end-user of industrial salt, with over 50% of all drugs administered by salt. The increasing demand for pharmaceutical products, particularly in developing countries, is driving the growth of the industrial salts market.
Rising Demand for Water Treatment
Water quality is a crucial factor in various industrial sectors, such as textile and tanning, as hard water can result in adverse effects such as bleaching, uneven dyeing, and decreased lifespan of fabrics. Soft water, on the other hand, decreases the cleaning cost, increases the equipment's lifespan, and improves efficiency. In both residential and industrial settings, water softeners are widely used to mitigate the negative impacts of hard water.
The global water softener market is expected to cross USD 5.7 billion in 2027, with salt-based water softeners accounting for most of the market share. The demand for portable water consumption, coupled with the rise in water-borne diseases and strict regulations related to water treatment in various sectors, is expected to drive market growth.
Asia Pacific dominates the water treatment market, followed by Europe. China, Japan, South Korea, and India are the key markets in the former, and the U.K., France, Italy, and Germany in the latter.
Winter Weather Variability Affecting Salt Sales for De-icing
Industrial salt is widely used for de-icing, which accounts for approximately 20% of global consumption. Studies conducted in Wisconsin indicate that using salt for snow melting can significantly reduce road accidents by 88% and accident costs by 85%.
Key markets for salt de-icing include the U.S., Canada, and Northern Europe, where a considerable amount of salt is used for de-icing roadways, sidewalks, and walkways. In the U.S., around 19 million tons of salt is used for de-icing annually, while in Canada, the number is around 5 million tons.
However, the industrial salt market is significantly impacted by any fluctuations in the winter climate as it directly impacts the demand and price of salt for de-icing.
Geographical Analysis
APAC dominated the global industrial salts market, accounting for over 45% of the global consumption by volume. The Asia-Pacific region is the fastest-growing market, driven by growing industrialization, population growth, and increasing demand for processed food and chemicals. India, China, and Japan are the key markets in this region, with China being the largest producer and consumer of industrial salt globally.
The growth in urbanization in East Asian countries is driving the construction market in the region. PVC and glass are the key materials of construction. Again, industrial salt is used as a primary raw material for producing PVC and glass, thus, boosting the growth of the industrial salt market in the region.
Competitive Landscape
The global industrial salt market is favorably competitive, with several global and regional players operating. Cargill, Compass Minerals, Akzo Nobel, K+S AG, Tata Chemicals, INEOS Salt, and China National Salt Industry Corporation are key players in the global industrial salt market, with significant industry shares.
These players use various strategies to maintain their competitive edge, including product innovation and development, mergers and acquisitions, and expanding production capacity. For example, some companies focus on producing low-sodium salt for the food industry.
Others are investing in expanding their de-icing business in Europe or strengthening their position in the Latin American market by building a new salt plant in Chile. The industrial salt market is expected to witness intense competition in the coming years due to increasing demand and evolving customer preferences.
Key Company Profiles
Cargill
Compass Mineral America
Dominion Salt
Rio Tinto
Tata Chemicals
K+S Aktiengesellschaft
China National Salt Industry Group Co. Ltd
INEOS
Other Prominent Vendors
Wilson Salt
ICL Salt
Irish Salt Mining
Nobian
Donald Brown Group
Delmon
Mitsui & Co.
Morton Salt
Archean Chemical Industries
Zoutman
Swiss Salt Works
Salins Group
Amra Salt Factory
CIECH GROUP
American Rock Salt
Key Attributes:
Report Attribute | Details |
No. of Pages | 283 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $13.67 Billion |
Forecasted Market Value (USD) by 2028 | $17.43 Billion |
Compound Annual Growth Rate | 4.1 % |
Regions Covered | Global |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Report Overview
7.2 Analysis of Opportunities & Challenges
7.3 Segment Analysis
7.4 Regional Analysis
7.5 Competitor Analysis
8 Introduction
8.1 Overview
8.1.1 Application Based on Analysis
8.1.2 Salt Production Process
8.1.3 Global Salt Production
8.1.4 Government Regulation and Policies
8.1.5 Risk Factors for Market
8.1.6 Covid-19 Impact Analysis
8.1.7 Global Economic Condition
9 Market Opportunities & Trends
9.1 Rapid Pace of Industrialization
9.2 Growing Use of Solar Salts
9.3 Expansion of Salt Mines & Other Production Facilities
10 Market Growth Enablers
10.1 Technological Advances in Salt Production
10.2 High Use of Salt in Chemical & Pharmaceutical Industries
10.3 Rise in Demand for Water Treatment Systems
11 Market Restraints
11.1 Health & Environmental Issues
11.2 Limited Availability & High Prices of Raw Materials
11.3 Enduring Economic Slowdown
11.4 Winter Weather Variability Affecting Sales of De-Icing Salts
11.5 Stringent Government Regulations
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Market by Process
12.4 Market by Product Type
12.5 Market by End-User
12.6 Five Forces Analysis
13 Process
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Extractor
13.4 Steamer
14 Product Type
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Solar Salt
14.4 Rock Salt
14.5 Salt in Brine
14.6 Vacuum Salt
15 End-User
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Chemical Industry
15.4 De-Icing
15.5 Water Treatment
15.6 Oil & Gas Industry
16 Geography
16.1 Market Snapshot & Growth Engine (Revenue)
16.2 Market Snapshot & Growth Engine (Volume)
16.3 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/q0tx4g
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/global-industrial-salt-market-outlook--forecast-report-2023-a-17-43-billion-industry-by-2028-with-the-use-of-solar-salts-gaining-momentum-301890201.html
SOURCE Research and Markets
