Global industrial salts market is anticipated to expand from around USD 13.52 billion in 2018 to around USD 16.01 billion by 2025, at about 2.9% CAGR during the forecast period.
Global Industrial Salt Market: Overview
The salt industry includes companies that function by different methods that comprise extraction of salt from underground by pumping and dissolving, extraction of salt from brine pits and mines, purifying and refining salt, crushing and the evaporation of seawater. Furthermore, this sector produces salt for human usage, which is generally known as table salt. Mostly, salt is used as a seasoning element on food products or in food processing. Industry commodities comprise iodized sea salt and fine salt.
Global industrial salt market was values at USA 13.46 billion in 2019 and is likely to reach USD 16.49 billion by 2026 with a CAGR of 2.94%.
Global Industrial Salt Market: Growth Factors
Increasing demand and requirement for industrial salt in the major application sectors including oil & gas industry, highway de-icing, chemical processing, agriculture, water treatment, mainly for the generation of caustic soda, chlorine, and soda ash is projected to compel the development of the market in the coming future. The industry is projected to observe a significant development due to a wide range of direct usages such as for agriculture and de-icing purposes and indirect usage together with chemical processing sector to obtain caustic soda and chlorine. Chlor-alkali division in the chemical sector makes maximum utilization of the product due to inaccessibility of any monetary alternative for the product. The global industrial salt market is anticipated to develop strongly owing to the increasing technological developments pertaining to the generation of high purity salt, for instance, vacuum pan technology. On the other hand, the implementation of the technology is comparatively low due to the existence of low-cost making methods, for instance, solution mining, conventional mining, and solar evaporation.
Global Industrial Salt Market: Segmentation
The global industrial salt market is classified in terms of manufacturing process type, source type, application, and geography. In terms of source type, the global industrial salt market is bifurcated into natural brine and rock salt. Based on the process type, the global industrial salt market is categorized in into, solar evaporation, conventional mining, and vacuum pan evaporation. In terms of application, the global industrial salt market is fragmented into agriculture, oil &gas, de-icing, water treatment, chemical processing, and others.
Global Industrial Salt Market: Regional Analysis
The U.S. and China combined together are likely to account for the highest market share. China is expected to increase its production due to the growing demand and popularity and is anticipated to grow at a significant rate in the coming years. Rapid industrialization in the Asia Pacific and growing demand and requirement for the product in chemical sectors are projected to augment its usage in the coming years. The global industrial salt market in North America is projected to see growth due to widespread usage in de-icing, particularly in extreme climatic conditions. The global market in the U.S. is likely to account for a substantial market share, mostly owing to increasing product demand and requirement in chemical processing and highway de-icing. South & Central America are considered to be rich in natural deposits, along with huge production capacities. Chile and Brazil are expected to be the most dominant region, exporting a huge amount of industrial salts to Europe and North America. Furthermore, the increasing demand and popularity for the product, especially in the agricultural applications, is projected to increase its demand in the region. The global industrial salt market in the Middle East & Africa is anticipated to have the highest development in the coming years.
Global Industrial Salt Market: Competitive Players
Some of the most important market players in the global industrial salt market are Cargill, Inc., K+S AG, China Salt Industry, Compass Minerals International Inc., Tata Chemicals Ltd., Dominion Salt Ltd., Rio Tinto Plc., and Mitsui & Co. Ltd., among others.
Global Industrial Salt Market: Regional Segment Analysis