The latest report by IMARC Group titled, “Sodium Chloride Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global sodium chloride market reached a value of US$ 27.3 Billion in 2018. Sodium chloride, which is also known as salt, common salt, table salt or halite, is a compound formed by the ionic bonding of sodium and chloride, and has the chemical formula NaCl. It is generally found in large quantities either in sea water or in the underground deposits of rock salt. This salt is also responsible for the extracellular fluid of many multicellular organisms and the salinity of seawater. It performs various functions such as absorbing and transporting nutrients, maintaining blood pressure and the right balance of fluid, transmitting nerve signals and contracting and relaxing muscles. As a result, sodium chloride represents an integral part of human food.
Highlights of the Global Sodium Chloride (NaCl) market:
- The increasing demand from various end-use industries represents the driving factor for the market.
- Chemical industry represents the largest end-use segment for sodium chloride consumption.
- Asia accounts for the largest share of the total global sodium chloride production.
The market is currently being driven by a number of growth inducing factors. The major chemical products made using sodium chloride are chlorine and caustic soda, which in turn are used in the manufacturing of a number of chemical products, both organic and inorganic. As a result, the chemical industry represents one of the largest end-use sectors. On the other hand, in the food industry, it is used as a condiment and natural preservative. It is also used as a seasoning and for enhancing the natural colours of food. Apart from this, sodium chloride is used in various other sectors such as animal feed, water and waste treatment, textiles and pharmaceuticals. Moreover, with the increased climatic imbalances leading to heavier snowfalls, it is extensively used as an agent for de-icing and anti-icing, in regions such as Europe and North America. According to the report, the global sodium chloride market is further expected to grow, reaching a value of US$ 31.1 Billion by 2024 growing at a CAGR of more than 2% during 2019-2024.
On the basis of region, Asia accounts for the largest share of the total global production, followed by Europe. Other major regions include North America, and South and Central America. The United States represents the largest global importer, whereas, Mexico represents the world's largest exporter of sodium chloride. The market is highly fragmented in nature due to the presence of a large number of global and regional players. Some of the key players are K+S Group, China National Salt, Compass Minerals, Cargill and Dampier Salt.
The report has examined the global Sodium Chloride market on the basis of:
- Chemical Industry
- Food Grade Salt
- Road De-icing
- North America
- South and Central America
- K+S Group
- China National Salt
- Compass Minerals
- Dampier Salt
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