According to the latest report by IMARC Group, titled "Industrial Salts Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global industrial salts market reached a value of US$ 15.0 Billion in 2022. Industrial salts are generally prepared from rock salts, seawater deposits and natural and artificial brines, which are mainly produced via solar evaporation, vacuum evaporation and mining processes. They are essential ingredients that are used in multiple industrial processes, including the manufacturing of cosmetics, pharmaceuticals, textile, dyes, paper, glass, rubber, plastics and leather. The demand for industrial salts is increasing across the globe due to rapid industrialization and the rising infrastructural development projects across multiple countries, including the development of roads, walkways and platforms, since they are extensively adopted as agents for the de-icing process.
Global Industrial Salts Market Trends:
The global market is primarily driven by the escalating product demand from the chemical industry. This is supported by the rising utilization of industrial salts in the manufacturing of a wide range of chemicals, including soda ash, caustic soda, sodium sulfate, hydrochloric acid and liquid sodium. Moreover, the widespread adoption of chlorine as a hygiene and disinfection product across residential, commercial and industrial spaces, coupled with the rapid outbreak of coronavirus disease (COVID-19) across the globe, has significantly contributed to the product sales, thereby catalyzing the industrial salt market. Additionally, the growing need for removing impurities from metals and secondary aluminum is providing a boost to the market growth. Furthermore, the increasing adoption of industrial salts as an additive and filler in the production of detergents across the soap-making industry is further impacting the market favorably. Other factors, including the augmenting product utilization in the water treatment process and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.5 Billion by 2028, exhibiting a CAGR of 2.85% during 2023-2028.
- On the basis of the source, the market has been bifurcated into brine and salt mines.
- Based on the product, the market has been segmented into rock salt, salt in brine, solar salt and vacuum pan salt.
- On the basis of the application, the market has been classified into chemical processing (caustic soda, soda ash, and chlorine), de-icing, oil and gas, water treatment, agriculture and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Akzo Nobel N.V, Cargill Inc., Compass Minerals International Inc, Dominion Salt Limited, Donald Brown Group, INEOS Group Ltd, K+S AG, Mitsui & Co. Ltd., Nouryon Chemicals B.V., Rio Tinto PLC and Tata Chemicals Limited.
|Base Year of the Analysis
||Source, Product, Application, Region
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V, Cargill Inc., Compass Minerals International Inc, Dominion Salt Limited, Donald Brown Group, INEOS Group Ltd, K+S AG, Mitsui & Co. Ltd., Nouryon Chemicals B.V., Rio Tinto PLC and Tata Chemicals Limited
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