Global Industrial Salts Market to grow at 2.98% CAGR to reach $15.86 million by 2026 – Global Insights on Recent Initiatives, Value Chain Analysis, Growth Drivers, Restraints, Business Opportunities, and Competitive Landscape: Proficient Market
Innovate Insights unravels its new study titled “Global Industrial Salts Market by Product Type (Natural Brine and Rock Salt) and by End-Users/Application (Chemical Processing, De-Icing, Water Treatment, Oil & Gas, Agriculture and Other) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027”. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
In terms of revenue, global industrial salt market in 2018 stood at USD 12,917.39 million and is expected to reach USD 15,860.56 million by 2026 growing at a CAGR of 2.98% from 2019 to 2026.
Some of the global major players operating in the industrial salt market include: K+S AG, Cargill Inc., Compass Minerals America Inc., China National Salt Industry Co. Mitsui & Co. Ltd., Rio Tinto Group, Others.
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Drivers for the Global Industrial Salts Market: According to current market situation, the market is expected to grow on account of the growing technological innovations pertaining to the production of high purity salt such as vacuum pan technology. In addition, high demand from the paper and construction industry in Asia Pacific is also expected to boost market demand for industrial salts in the region. As well as, increasing demand for industrial salts from various end-use industries such as road de-icing, oil & gas, agriculture, chemical processing for production of caustic soda and chlorine, and water treatment, increasing demand from the chemical industry in production of soda ash and chloro-alkali chemical is also expected to drive growth of the global industrial salts market over the forecast period.
Opportunities for the Global Industrial Salts Market: The industrial salt market has high demand from chlorine and caustic soda industries. The market also finds their applications in solar ponds and some energy production facilities that is anticipated to open new opportunities in the coming years. In addition to this, the salt which is used by pharmaceutical industry accounts for a sizable percentage of the industrial salt usage. Also, paper and pulp industry makes use of industrial salt in processing of waste paper for washing, bleaching neutralization and pulping. Moreover, textile industry makes use of it as an deacidification agent in the production of spun rayon and is also used in leather tanning and dyeing.
Restrains for the Global Industrial Salts Market: On the other hand, mining regulations such as mine health and safety act related to health and safety of the miners and regulations enforced by environmental protection agency for environmental protection regulate the industry. Moreover, manufacturers have to adhere to several regulations regarding to permission from the government which is expected to restrain growth.
Region Wise, Global Industrial Salts Market Analysis: Industrial salt market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global industrial salt market share due to expansion of chlor-alkali industry and increasing number of water treatment plants in countries in this region as well as high demand from the paper and construction industry. Asia pacific region is followed by North America and Europe.
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Global Industrial Salts Market: Product analysis
On the basis of type, Natural Brine accounted for largest share of total revenue generated. Because, it is derived from large saline waters bodies or through solution mining which is used for various industrial applications.
Global Industrial Salts Market: Application analysis
Oil & Gas
The demand of global industrial salts market is highest from Chemical Processing, due to the reason that chemical manufacturers utilize the product in various grades including rock, brine, and high purity grades.
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Global Industrial Salts Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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