Sodium Chloride Market Key Growth Factors and Industry Analysis 2016-2024

According to a TMR analyst, “The global market for sodium chloride is likely to rise at a CAGR of 3.8% from 2016 to 2024. In 2015, the market was worth US$13.85 bn and is likely to rise to a valuation of 19.37 bn by the end of 2024. Based on application, the market was reigned by the segment of chemical intermediates accounting almost 50% of the total market share in 2015. The use of sodium chloride in the production of soaps, dyes, glass, detergents, and PVC is likely to help the segment maintain its dominance over the market in the long run. The growing demand for these products will also have a positive impact on the use of sodium chloride in these application areas. Region-wise, the market is likely to be dominated by Asia Pacific over the long run with almost half of the share at its grab in 2015. Proliferating demand from several end-use industries such as food and beverages, chemicals, and water treatment is likely to bolster the growth of the sodium chloride market in the region.

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Asia Pacific holds the top spot in the global sodium chloride market in terms of both production and consumption. The region is also expected to remain the most lucrative market for sodium chloride over the forecast period, chiefly owing to the rising demand from end-use industries such as water treatment, chemicals, and food and beverages. The rising demand for chloro-alkali products in the chemical industry are likely to provide lucrative opportunities for the sodium chloride market in Asia Pacific. Increase in disposable incomes and changing food habits are expected to provide significant growth opportunities owing to the rising consumption of packaged and preserved food products.

The sodium chloride markets in North America and Europe are mature and less lucrative than Asia Pacific. However, North America and Europe are also the largest deicing salt consuming markets and will continue to account for a sizeable share in the global sodium chloride market over the forecast period. In the North America market, the U.S., which currently holds a significant share in the regional market’s revenues, is likely to continue to remain the primary market for deicing and chemical intermediates segments; Canada is expected to offer higher market potential for deicing.

Some of the global sodium chloride market’s most influential players are Cargill Incorporated, Akzo Nobel N.V., Tata Chemicals Ltd., Dampier Salts, China National Salt Industry Corporation, Compass Minerals International, Inc., Wacker Chemie AG, Südwestdeutsche Salzwerke AG, INEOS Salts, Swiss Salt Works AG, and Cheetham Salt.

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This release was published on openPR.