The industrial salt market is poised to record at a moderate CAGR of 4% during the forecast period, 2020-2030. The market growth is predominantly attributed to the comprehensive application in sectors such as oil and gas, chemical processing, pharmaceutical, and other niche applications. The global market will reach a market valuation of $19.5 Billion towards 2030 end.
The COVID-19 pandemic has adversely impacted several industries and regions. With the oil & gas industry as a vital end-user of industrial gas – being critically impacted, expansion of the market is likely to be sluggish in 2020.
Industrial Salt Market – Key Takeaways
- The global market will reach a market valuation of $19.5 Bn towards 2030 end.
- In terms of grade, the grade-I holds over 3/4th of the global market share over the assessment period.
- By application, oil & gas and chemical processing will remain crucial development areas during 2020-2030.
- East Asia will remain dominant in the global market, of which, China has accounted for a lion’s share of the demand.
Industrial Salt Market – Driving Factors
- Extensive application of industrial salt in the oil & gas industry assist in the expansion of the industrial salt market size
- Industrial salt is less expensive than natural salt, which a major growth-promoting aspect for the global industrial salt market.
- The ease of availability of industrial salts is assisting in market growth.
Industrial Salt Market – Constraints
- Health and environmental concerns over the application of salts in certain applications are hindering the market growth
- Leasing of salt pans or salt mines and cost-intensive logistical operations affecting constant supply further challenges market growth.
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Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has resulted in a slowdown in all industrial activities, due to disrupted supply chains.
Extended lockdowns have stunted the manufacturing of industrial salt in the last few months since the majority of the factories and production units are shut.
With the ease in lockdowns measures, the market will take a couple of months to restore manufacturing to normal.
Leading players operating in the global industrial salt market are K+S AG, AkzoNobel N.V, Sojitz, Cargill, Mitsui Chemicals, Arytomsol, Tata Chemicals, Ciech S.A, Swiss Salt Works AG, Compass Minerals International Inc, CK Life Sciences International, and Infosa.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the industrial salt market.
The market is scrutinized based on grade (Grade-I, Grade-II, and others), source (rock salt and natural brine), production process (conventional mining, solar evaporation, and vacuum evaporation), and application (chemical processing [soda ash and caustic soda], oil & gas industry, power industry, water treatment industry, pharmaceutical industry, and others) across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).