Press release
Industrial Salt Market – Outlook, Size, Share & Forecast 2030
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Growing demand from this sector has significantly assisted the revenue growth of manufacturers channelling industrial salt during the historical period. However, with the ongoing COVID-19 crisis,
demand has declined, and a majority of manufacturers have shut down their operations across the world. Decline in oil prices too have had an adverse effect on industrial salt prices across regions. Nevertheless, market growth is set to resurrect post 3rd quarter of FY 2020.
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The industrial salt market is estimated to be valued at US$ 19.5 Bn in 2030, creating an absolute dollar opportunity of US$ 6.3 Bn during the forecast period (2020-2030). The market is anticipated to progress at a decent CAGR of around 4% over the assessed forecast period.
Key Takeaways from Industrial Salt Market Report
The global industrial salt market is anticipated to witness decent growth over the period of forecast, and create a value opportunity of around US$ 6.3 Bn during the forecast period, adding 1.5X value as compared to 2020.
Oil & gas applications are set to dominate market revenue in 2020, and are expected to gain 20 BPS in their market share by 2030 over 2020.
The deicing segment is anticipated to lose around 67 BPS over the forecast period of 2020-2030.
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East Asia holds a leading share in the global industrial salt market, of which, China has captured a lion’s share of the demand.
The COVID-19 pandemic has adversely affected all regions and industries. With the oil & gas sector - an important end user of industrial gas – being badly affected, growth of the market will be sluggish in 2020.
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Key Market Players to Dominate Industrial salt Market
The industrial salt market is highly consolidated in nature, with key players such as AkzoNobel N.V, Mitsui, K+S AG, Cargill, and Sojitz leading the market space.
High competition in the industrial salt market is set to hurt the stance of players operating in the landscape with lower margins, over the coming years
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