Global Industrial Salts Market Size USD 19.93 billion in 2030 | CAGR of 3.45%

Introduction

The global market for industrial salts was valued at USD 14.2 billion in 2020 and is expected to reach $80.13 billion in 2030 growing at a CAGR 3.45%.

Industrial salts are described as sodium chloride that is extracted from rock salt or saltwater and made industrially. The expansion of the chemical processing and water treatment industries is responsible for the increase in demand for industrial salts in the Asia Pacific area. Due to their affordability and widespread availability, industrial salts are utilised in a variety of industries, including agriculture, oil and gas, water treatment, agriculture, de-icing, and chemical processing. The industry is expanding significantly as a result of several direct applications, including dicing and agricultural needs, as well as indirect uses, including the production of chlorine and caustic soda in the chemical processing sector. Due to the lack of any viable economic alternatives, the chemical industry's chlor-alkali sector is a significant user of the goods.

The market tends to expand as a result of the numerous technical advancements in high purity salt manufacturing, such as vacuum pan technology. Due to the availability of low-cost manufacturing methods including traditional mining, solution mining, and solar evaporation, however, the technology has not been widely used. In practically every nation on earth, deposits or solar evaporation are operational with a variety of output capacity. Although many landlocked African nations now have rock salt deposits as a supply, landlocked countries nevertheless import the commodity in large quantities. Additionally, the absence of ideal alternatives may spur expansion.

Market Dynamics

The increase of industrial salts' use areas

The expansion of uses for salts in industry is the primary force behind the current high demand for these salts. The majority of uses for industrial salts are found in the processing of chemicals. The production of caustic soda, chlorine, and soda ash all rely heavily on industrial salts as a primary ingredient in their respective processes. It is anticipated that the use of industrial salts would be driven by the rising demand for these compounds.

Due to increasing technical advancements in the field of high purity salt manufacturing, such as vacuum pan technology, the market is predicted to expand.

The absence of ideal alternatives might spur expansion. Regulations governing the mining sector include the Mine Health and Safety Act, which deals with the health and safety of miners, and rules enforced by the Environmental Protection Agency, which deals with environmental protection.

Industrial salts also have their uses in solar pools and other types of energy production facilities, both of which are expected to present new opportunities in the years to come. helps to preserve the salt levels necessary for energy generation. Increasing industrialization is the primary factor driving the growth of the global market for industrial salt due to the extensive variety of uses that can be found in industrial settings. In addition, the price of industrial salt is lower than the price of natural salt, which helps to accelerate the growth of the global market for industrial salt. This is because all businesses want more affordable sources of natural resources, such as industrial salt.

Regional Overview of Industrial Salts Market

In 2016, the United States and China working together accounted for the biggest revenue share combined. The rise in demand has resulted in an increase in output in China, which is predicted to continue at a rate of 2.7 percent throughout the course of the projection year.

It is anticipated that the market in North America would expand as a result of the extensive usage of the product in de-icing under times of harsh weather. In 2016, the market in the United States accounted for 16.4 percent of the worldwide consumption.

The natural reserves in Central and South America are plentiful, and the continents' production capacity are quite high. Brazil and Chile are the most important nations in the region in terms of both production and consumption, and they send a significant volume of the commodity to the regions of North America and Europe.

During the projection period, the market in the Middle East and Africa is anticipated to have the largest increase, amounting to 3.3 percent.

Key Highlights

• The global market for industrial salts market size was valued at USD 14.2 billion in 2020 and is expected to reach $80.13 billion in 2030 growing at a CAGR 3.45%.
• The increase of industrial salts' use areas will boost the market.
• Increasing technical advancements in the field of high purity salt manufacturing will drive the market.
• Solar pools and other types of energy production facilities will be a good opportunity for the market to grow.
• Because it may be mined from solutions or obtained from huge bodies of salty water, brine is a significant contributor to the production of industrial salts.
• Due to the strong demand in water treatment and agricultural applications, solar salt is predicted to have the quickest increase over the next several years.
• Demand is anticipated to be driven throughout the projected period by increasing penetration of the product in a variety of end-use markets, including chemical processing, de-icing, water treatment, oil and gas, and agricultural goods. It is anticipated that rising demand for the product in chemical processing and applications involving chlor alkali, particularly in China and India, will contribute to development.
• In 2016, the United States and China working together accounted for the biggest revenue share combined.

Competitive Players

Competitors in Industrial Salts Market

• Compass Minerals Limited
• Cargill Inc.,
• INEOS Enterprises
• China National Salt Industry Corporation (CNSIC)
• Tata Chemicals Limited
• K+S Group
• Morton Salt
• Mitsui & Co. Ltd.
• Rio Tinto PLC
• Delmon Salt Factory Co. Ltd
• Donald Brown Group
• European Salt Company

Recent Developments

Recent Developments by Key Players

Compass Minerals, a renowned producer of minerals, salt, and other goods, reported a rise in highway anti-icing product sales of almost 4.8 million tonnes during the second quarter of fiscal 2022. All of the highway maintenance goods offered in different regions of the United States, Canada, and the United Kingdom were included in one sale. These salt solutions are crucial because they keep the roads safe, particularly during the winter, and guarantee traveller safety. Agricultural, industrial, and consumer uses for salt are also viable. Additionally, the company's chemical speciality business supports projects or operations related to water treatment and sustainable agriculture methods.

Due to the process of treating salt water and simplifying recovery of the dissolved minerals, a German chemical business, K+S, assured its contribution to water treatment projects. With the broad use of cutting-edge salt technology, the corporation has improved water quality while further reducing its environmental effect. Because of this, it is anticipated that throughout the projection period, the demand for industrial salt products would expand and technology will advance.

The Archean's Group's salt division will be acquired by Tata Chemicals Ltd. in 2021, an Indian global firm that produces alkali products and other chemical-based products. With the help of Archean's Group, the purchase is anticipated to raise the company's share, which is anticipated to represent a significant growth over the anticipated term.

Segmentation

Segmentation of Industrial Salts Market

By Source

• Brine
• Salt Mines

By Product

• Rock Salt
• Salt in Brine
• Solar Salt
• Vacuum Pan Salt

By Application

• Chemical Processing
• De-icing
• Oil & Gas
• Water treatment
• Agriculture

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East