The Global Industrial Salts Market to Generate Revenue Of USD 20.1 billion With A CAGR Of 3.3%Worldwide By 2029
The Global Industrial Salt Market was valued in 2020 at USD 14.3 Billion. The market for industrial salts is expected to reach USD 20.1 million by 2029. From 2020 to 2029, the global market will experience a 3.3% annual increase.
Growing Demand:
Due to large amounts of chlorine and caustic acids, industrial salt will be in high demand. It is used extensively in many industries and will continue to be in high demand. Industrial salts are used in water treatment and for agricultural chemical processes. Industrial salts are used in chemical industries worldwide to produce chlorine and caustic soda. As there are no cost-effective alternatives, the market for industrial salts is expected to continue growing.
These products are more expensive than those on the market, so many industries don’t choose them. There are many producers worldwide and locally of industrial salts. They come in many forms and can be distributed to different industries. These companies make very little profit due to their sensitive market.
- For water treatment and chemical processes, industrial salt is used. Over the next few decades, this demand will only increase.
- It is used in the production of caustic Chloro and soda ash.
- Industrial sales are a great way to grow your market because you can create a wide range of product portfolios.
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Driving Factors:
- Industrial salts are used in many applications. Industrial salts are used in the chemical processing industry. The chemical processing industry uses industrial salt to make raw materials. It is used in the manufacture of soda ash chloride and caustic soda. These chemicals are very popular and will continue driving market growth over the next few years. The demand for industrial salt is growing in India and China.
- Many salt reserves – Large quantities of salt are available, the raw material for which industrial salts are made. Salt will be available to meet different countries’ needs. Some government-funded projects have resulted in an increase in salt consumption in the Asia Pacific. The increased use of industrial salt in water treatment will aid the Indian market’s growth. India currently has 27 water treatment projects. It is used for water treatment.
Restraining Factors:
Certain salts can cause toxicities in the market.
Mercury chloride, barium bromide, and lead are all salts that can pose a high or moderately severe risk to the environment. These can lead to discomfort, death, or even death. Mercury salts, for example, not only affect the gastrointestinal system but also can cause kidney damage. Even if they aren’t used often, the salts can cause brain damage. This could lead to permanent brain damage. This can limit the market growth.
Market Key Trends:
Global industrial salt demand is driven by the rising demand for industrial sodium, a crucial ingredient in the production of caustic soda, soda ash, and chlorine. Many water treatment plants worldwide use industrial salt for water softening and purification. Industrial salt is widely used in paper and pulp industries because it is cheaper than natural salt. Industrial salt can also remove road ice and snow and provide a safe driving surface. It is used in the production of saline solutions for pharmaceuticals and capsules. Industrial salt is widely used in the Chlor Alkali sector as a filler in detergents and solvents due to its low cost, availability, large quantities, affordability, and versatility.
Recent development:
- Tata Chemicals Ltd was going to acquire Tata Chemicals Ltd’s industrial salt unit, Tata Chemicals Ltd. It has a production capacity exceeding 3 million tons annually. This unit belonged to the Archean Group. This acquisition will improve the company’s business.
- Ajax Equipment installed a salt handling system at INEOS Runcorn in June 2018. It consisted of two conveyors and a screw feeder. Each year, INEOS Salt produces up to 500 kilotons.
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Key Market Players:
- Compass Minerals
- Cargill
- INEOS Enterprises
- China National Salt Industry Corporation
- Tata Chemicals Limited
- K+S Group
- Morton Salt
- Mitsui & Co. Ltd.
- Rio Tinto PLC.
- Delmon Salt Factory
- Donald Brown Group
- AkzoNobel N.V
- Exportadora De Sal SA.
- European Salt Company
- ZOUTMAN Industries
The Key Market Segments:
Type
- By Source
- Brine
- Salt Mines
- By Product
- Rock Salt
- Salt in Brine
- Solar Salt
- Vacuum Pan Salt
Application
- Chemical Processing
- De-Icing
- Oil & Gas
- Water Treatment
- Agriculture
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Frequently Asked Questions (FAQ):
- What is the size of the industrial salt market?
- What is the volume-based CAGR of the global industrial salt market?
- Which are the most critical players in the industrial sodium industry?
- What are the major driving factors of the industrial salt market
- Which region will lead the global industrial salt market leader?
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