Published Date : 14 Feb 2023
The global industrial salts market size accounted for USD 16.28 billion in 2022 and it is expected to hit around USD 26.8 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.43% from 2022 to 2030.
As the use of industrial salts has increased in metallurgical processes like galvanizing and surface treatment the demand for industrial salts is expected to grow in the coming years.
A large number of industrial salts are used in water treatment plants due to which the demand for these salts has increased in recent years. Use of industrial salts for manufacturing various products in the agricultural industry and the chemical industry will boost the market growth in the coming yourself.
Industrial Salts Market Report Scope
|Market Size in 2023||USD 17.33 Billion|
|Market Size in 2030||USD 26.8 Billion|
|Growth Rate||CAGR of 6.43%|
|Natural Brine Segment Revenue Share In 2021||69.00%|
|Conventional Mining Segment Revenue Share In 2021||52.00%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Segments Covered||By Source, By Manufacturing Process and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
On the basis of the source the natural brine segment is expected to dominate the market in the coming years period urbanization and industrialization will play an important role in the growth of the market during the forecast period. PVC is manufactured with the help of industrial salt and the use of industrial salts in the manufacturing of inorganic chemicals will prove to be the major factor that will help in the growth of the industrial salt market in the coming years.
Increased investments by various governments for developing plants for water treatment will lead to an increased demand for industrial salts in the coming years especially for the Asia Pacific region due to which the market is expected to grow on a large scale in the coming years.
Conventional mining is the manufacturing process that is used on a large scale for the production of industrial salts across the world. Evaporation helps in extracting the salt which is present underground. As this is a cost-effective method the production of industrial salts is expected to be more through this method. As the industrial salts market provides less profit margin manufacturers concentrate on lowering the costs incurred on the manufacturing of the industrial salts. Growing demand for industrial salts in the manufacturing of pesticides for its use in the nations like India and China will help in the growth of the market in the coming years period
A large amount of industrial salts are used in the chemical processes segment. In the past chemical processing segment had the largest market share in terms of revenue. The demand for different types of petroleum products has increased in various regions especially the urban areas due to which the demand for industrial salts has increased to a great extent.
Many products that are used in households make use of soda ash and caustic soda which are derived from industrial salts and the growing demand for disinfectants and other cleansing products will drive the market growth in the coming years. Will the demand for personal care products and healthcare products has increased in various regions across the world due to which industrial salts are consumed on a large scale in the production of cosmetics and pharmaceutical products across the globe
Asia Pacific region is expected to have the largest market share in the coming year's rapid urbanization and industrialization in the Asia Pacific region has been instrumental in the growth of the market. The use of industrial salts in the food industry is expected to drive market growth in the coming years period manufacturing of pesticides which are used in the agricultural sector we will drive the market growth in the coming years.
A large number of industrial salts are manufactured in China. Increased trade of industrial salts has also boosted the market growth of the Asia Pacific region in recent years. The increased number of industries that make use of industrial salts in the manufacturing of various products has also been a boon for the market.
The extensive availability of saltpans and salt reserves across the world will be instrumental in the growth of the market throughout the world. Industrial salts are used in the manufacturing of various chemicals which are serving as raw materials for various industries and the increased use of these salts will generate a huge amount of revenue for the Asia Pacific region.
When it comes to industrial processes industrial salts play an extremely significant role. Industrial salts are used as catalysts in various industries. When it comes to different types of processes like smelting soldering dressing and hardening industrial salts play an important role. Different types of heavy-duty detergents are manufactured using rock salt as the active ingredient as it helps in maintaining the quality of the textiles and the fabrics.
It is also used in the manufacturing of detergents, liquid soaps and rinsing agents. It regulates the viscosity do to which it is used in all of these products. Industry 4.0 implementation and other advancements in the technology will facilitate the production of industrial salts and it will also help in reducing the need of a large number of workforces.
There are many environmental hazards associated with the manufacturing of industrial salts as it has a negative impact on aquatic animals and plants. Cutting down of the mangroves for the production of salt is another factor that will hamper the growth of the market in the coming years. When it comes to the coastal ecosystem mangroves are significant and deforestation at an alarming rate is one of the factors that will hamper the growth of the market in the coming years.
As there is no other alternative available at a cheaper cost as compared to the industrial salts which is used in the manufacturing of various processes and it is used in various industries the market growth is expected to be exponential during the forecast period. The unavailability of a substitute is expected to be a crucial factor that will provide maximum opportunities for the growth of the market during the forecast period.
As the salt pans and the salt mines are provided to the organizations on leaves the availability of these salt mines is unpredictable. The supply of the raw material which comes through these salt pans can be disrupted and this happens to be a major challenge in the growth of the market.
Major Key Players
By Manufacturing Process
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