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Industrial Salts Market 2024-2033: Size, Share, Growth Trends, and Forecast Insights
Industrial Salts Global Market Report 2024
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According to The Business Research Company's, The industrial salts market size has grown steadily in recent years. It will grow from $14.8 billion in 2023 to $15.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to chemical industry growth, water treatment applications, snow and ice control, food processing, metal processing.
The industrial salts market size is expected to see strong growth in the next few years. It will grow to $18.92 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy initiatives, environmental regulations, urbanization and construction, health and wellness trends, economic development in emerging markets. Major trends in the forecast period include technological advancements in abe production, expansion of chemical industry, rising importance in water treatment, advancements in salt production technologies, investments in research and development.
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Market Drivers and Trends:
The growing oil and gas sector is expected to propel the growth of the industrial salts market going forward. The oil and gas sector, also known as the petroleum industry, encompasses the global processes of exploration, extraction, refining, transportation, and marketing of petroleum products. Industrial salts play a crucial role in the oil and gas sector, with various applications that contribute to the efficiency and safety of operations. Salt is used to increase the density of mud and soil in drilling operations, creating a safer and more efficient drilling rig. It is also used in the refining process to remove water from the finished product, aiding in the production of high-quality petroleum products. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there was an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Therefore, the growing oil and gas sector is driving the growth of the industrial salts market.
Strategic partnership is a key trend in the industrial salt market. Major players in the market are entering into a partnership to leverage each other's resources and expand in new markets. For instance, in May 2022, Nippon Shokubai, a Japan-based chemical manufacturer, partnered with Arkema. The aim of this partnership is to build a factory to produce ultrapure electrolyte salt, or LiFSI (Lithium bis(fluorosulfonyl)imide), a crucial part of battery cells for electric mobility. Arkema is a US-based manufacturer of specialty materials.
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Major Key Players of the Market:
Cargill Incorporated, Mitsui & Co.Ltd., Nouryon Chemicals Holding B.V, Rio Tinto Group, Compass Minerals International Inc., INEOS Group AG, K+S AG, Wacker Chemie AG, Akzo Nobel N.V., Occidental Petroleum Corporation, Solvay S.A., Dominion Salt Ltd., ICL Group Ltd., Salt Union Ltd., Swiss Saltworks AG, Atisale SpA, Salins Group, Kopalnia Soli Wieliczka SA, Dampier Salt Ltd., Morton Salt Inc., Qinghai Salt Lake Industry Co. Ltd., Henan Huayang Salt Chemical Co. Ltd., Shandong Haihua Group Co. Ltd., Ciech S.A., Tata Chemicals North America Inc., China National Salt Industry Corporation, Tata Chemicals Limited, Salinas Salt Company, San Francisco Salt Company, SaltWorks Inc.
Industrial Salts Market 2024 Key Insights:
• The industrial salts market size is expected to see strong growth in the next few years. It will grow to $18.92 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Water Treatment Projects Propel Growth In The Industrial Salt Market
• Nippon Shokubai And Arkema Collaboration For Battery Cell Production
• Asia-Pacific was the largest region in the industrial salts market share in 2023
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