Rock salt has been used widely over a while now, but since this product has so many widespread applications, the salt industry has become more competitive over time. This encourages manufacturers and consumers alike to determine the most competitive uses for industrial salt. Right from oil industry to chemical industry, industrial salts are being used for varied applications having no substitutes. Although it is not a rarest source it’s high demand for safety and manufacturing purposes means that salt prices will continue to fluctuate for the foreseeable future. Hence, in order to ensure a flowing salt pipeline, several industrial salt consumers are considering salt from a variety of global sources. The application of industrial salts in caustic soda and chlorine manufacturing sectors are driving the growth of this market worldwide. Industrial salts market is expected to reach over USD 15.0 to 16.0 billion by 2024, growing at a CAGR of more than 2.7% during the forecast period 2019 to 2024.
Salt is extensively used as a de-icing salt in the developing regions as they fall under the snowfall regions in the world. The highway and automobile corrosion problems have been well documented and hence, high demand is reported for industrial salts from the developing economies such as North America and Europe among others. Fluctuating raw material prices may significantly hamper the growth of industrial salts market in the coming years.
The global industrial salts market is segmented based on production methods, end use, and geography. Based on production methods, the global industrial salts market has been segmented into seawater solar evaporation, brine extracted through solution mining, and mined rock salt. Based on end use, the global industrial salts market has been segmented into chemical processing, water conditioning, road de-icing, food & beverages, and agriculture. Among various end uses, chemical processing accounted for major share in the global industrial salts market in 2017 and this segment is further expected to remain dominant in the near future expanding at a CAGR of 2.6% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for industrial salts over the forecast period from 2019 to 2024.
Global industrial salts market is studied across various countries of key regions such as, North America, Europe, Asia Pacific and rest of the world which include Latin America, and Middle East & Africa. Asia Pacific accounted for largest share of global industrial salts market in 2017 and accounted for ~37.2% share of global market. The countries such as China and India accounted as the major users of industrial salts owing to rising number of chemical industries. The increasing demand for industrial salts in chloralkali chemicals production is the foremost factor driving market growth in the region. North America followed Asia Pacific in terms of demand and accounted as the second largest region for growth of industrial salts. Europe and other regions such as Latin America and Middle East are also expected to boost market growth in the near future.
The global industrial salts market is concentrated with leading manufacturers such as The Chemours, Iluka Resources, Rio Tinto, Trimex Sands, and Tronox having strong hold on the global market. Some of the key manufacturers of industrial salts in the global market include Agrosal, Akzo Nobel, Artyomsol, Atisale, Cheetham Salt, Dampier Salt, Dev Salt, Dow Chemical, Exportadora De Sal, Henrique Lage Salineira, Hubei Shuanghuan Science and Technology, ICL Fertilizers, Irish Salt Mining and Exploration, ITALKALI, Kopalnia Soli Klodawa Spolka Akcyjna, Mitsui, Pakistan Mineral Development, Russolo, Salinas, Swiss Saltworks, Solana Tuzla, Südwestdeutsche Salzwerke, Tata Group, United Salt, Vietnam national Salt and Wacker Chemie, among others.
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