Industrial Salts Market Poised for Steady Growth Driven by Expanding Applications

The global industrial salts market is expected to exhibit a steady rise in the coming years, fueled by a growing demand across diverse industries. According to a recent report by Reports and Data, the market size is projected to reach USD 19.57 Billion in 2032, reflecting a Compound Annual Growth Rate (CAGR) of 3% during the forecast period (2022-2032).

Market Overview

Industrial salts, also known as non-食用盐 (bú shí yòng yán) in Chinese, refer to various types of sodium chloride used in applications beyond human consumption. They are sourced from rock salt deposits or natural brine and processed through methods like conventional mining, vacuum evaporation, and solar evaporation. Industrial salts play a crucial role in numerous sectors due to their inherent chemical properties and cost-effectiveness.

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Key Trends and Drivers

The industrial salts market is driven by several key trends:

Expanding Applications: The increasing demand for industrial salts in chemical processing, de-icing, water treatment, oil & gas, agriculture, and food processing is a significant growth driver.

Rising Industrialization: The ongoing industrialization in developing economies, particularly in Asia Pacific, is expected to propel the market forward.

Focus on Sustainable Practices: The development of eco-friendly salt production methods like solar evaporation is gaining traction, creating new growth opportunities.

Restraints and Challenges

However, the market also faces some challenges:

Environmental Concerns: The use of road salts for de-icing can have negative environmental impacts, leading to stricter regulations in some regions.

Health Concerns: The rising awareness of the link between excessive salt intake and health issues may limit the use of industrial salts in certain applications.

Growth Opportunities

Despite these challenges, the market presents promising growth opportunities:

Innovation in Salt Production: Advancements in extraction and processing technologies can enhance efficiency and reduce environmental impact.

Development of New Applications: Research and development efforts focused on novel applications in pharmaceuticals, electronics, and other sectors can create new avenues for growth.

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Key Market Insights

The industrial salts industry has been divided into a number of categories, including rock salt, brine-infused salt, hoover salt and others. Natural mineral rock salt is used extensively in the industrial sector for a variety of purposes, including de-icing, water softening, and as a raw material in the production of chemicals like Chlorine, Caustic Soda, and Soda Ash. Due to its wide availability and affordable manufacture, rock salt represented the biggest revenue share in the worldwide industrial salts market in 2021.

The second sector comprises a variety of uses, including pulp and paper production, oil drilling, and animal feed. Due to the rising demand for these products across a range of sectors, this category is anticipated to experience moderate revenue growth during the forecast period. Animal feed, which is widely utilized in the agriculture sector, is produced using industrial salts as a basic ingredient. Industrial salts are also employed in the production of pulp and paper as a bleaching agent and as a weighing agent in oil drilling. It is anticipated that rising consumer demand for these goods, particularly in developing nations, will increase sales of industrial salts.

the Asia Pacific region dominated the world market for industrial salts in 2021. It is anticipated that market expansion in the region will be fueled by the rising demand for industrial salts in developing nations like China and India. Industrial salt consumption has increased as a result of the middle class' ascent and the expansion of a number of sectors, including the chemical, pharmaceutical, and construction industries. Also, the growth of the region's market has been aided by the development of the e-commerce sector and the availability of discounts on these websites. Since China is the world's largest manufacturer of chemicals and pharmaceuticals, the need for industrial salts is anticipated to rise even more.

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Competitive Landscape:

The global industrial salts market is highly fragmented, with several large and medium-sized players accounting for the majority of market revenue. The major players in the market are adopting various strategies such as mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products to gain a competitive edge. Some of the major companies included in the global industrial salts market report are:

K+S AG

Compass Minerals

Dow Chemical Company

INEOS Enterprises

Solvay SA

Tata Chemicals

Cargill Inc.

Western Mining Co Ltd.

China National Salt Industry Corporation (CNSIC)

AGC Inc.

Strategic Development:

In 2021, Solvay SA expanded its manufacturing capacity for high-purity soda ash at its Green River, Wyoming plant. This expansion was aimed at meeting the growing demand for high-purity soda ash from customers in the glass industry.

In 2021, Cargill, Inc. announced a joint venture with Jollibee Foods Corporation, a leading Filipino multinational chain of fast-food restaurants, to build and operate a poultry processing facility in the Philippines. The facility is expected to produce high-quality, affordable poultry products for the Filipino market.

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