The global industrial salt market is projected to grow with a modest CAGR during the forecast period, i.e., 2021-2029, on the back of increasing use in application areas such as chemical processing, water treatment and textiles. Furthermore, growing international trade and production capacities of industrial salt are also expected to contribute to the market growth.
Additionally, absence of economic substitutes for industrial salt is a factor which is expected to offer growth opportunities to the market.
Research Nester published a report titled “Industrial Salt Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global industrial salt market in terms of market segmentation by source, application, production method and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The industrial salt market is segmented by application into oil & gas, chemical processing, water treatment and de-icing, out of which the segment for chemical processing is anticipated to occupy the largest share in the market on account of the rise in demand for industrial salt in chlorine, caustic soda and soda ash production. Similarly, the segment for soda ash is also assessed to acquire a significant market share over the forecast period on the back of efficient ice control properties of salt.
Geographically, the market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific is evaluated to garner the largest market share by the end of 2029, which can be attributed to growing demand for industrial salt in chemical processing and water treatment facilities in the region. Moreover, the market in the Middle East & Africa region is evaluated to grow at the highest rate in view of the increasing use of industrial salt in oil & gas and other related industries.
The global industrial salt market is estimated to witness a noteworthy growth in terms of consumption. This can be credited to the fact that industrial salt has applications in a wide variety of industries, namely in chemical production, water conditioning and treatment, and food & beverages, which is predicted to boost the demand for industrial salt, therefore driving market growth in the near future.
However, strict rules and protocols associated with the production of industrial salt is the major factor expected to operate as key restraint to the growth of the market over the forecast period.