Industrial Salt Market size was valued at USD 15.42 billion in 2023 and is set to reach USD 23.22 billion by the end of 2036, registering around 3.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial salt is assessed at USD 15.81 billion.
The growth of the market can be attributed to the robust growth of the application areas of industrial salt such as water treatment, chemicals, food processing and textiles. Rising international trade, increasing production capacities of salt manufacturing units and abundance of rock salt deposits are another factors expected to drive growth to the market over the forecast period. Furthermore, industrial salt is easily available owing to its high consumption and absence of other economic substitutes, which is projected to provide opportunities to market growth in the coming years.
Growth Drivers
Growth in Production Capacities of Industrial Salt Globally
Rising Demand for Industrial Salt from End User Industries
Challenges
Stringent Regulations Associated with the Manufacture of Industrial Salt
2023 |
|
Forecast Year |
2024–2036 |
CAGR |
3.2% |
Base Year Market Size (2023) |
USD 15.42 billion |
Forecast Year Market Size (2036) |
USD 23.22 billion |
Regional Scope |
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The market is segmented by application into oil & gas, chemical processing, water treatment and de-icing, out of which, the chemical processing segment is anticipated to hold the largest share in the industrial salt market on account of the growing demand for industrial salt in soda ash, chlorine and caustic soda production. The segment for de-icing is also expected to occupy a notable share in the market in the near future owing to the effective ice control properties of industrial salt such as high efficiency at lower temperatures. Furthermore, the section for oil & gas application is projected to grow significantly during the forecast period, which can be associated with the high consumption of industrial salt during drilling and extraction procedures.
Our in-depth analysis of the global market includes the following segments:
Source |
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Application |
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Production Method |
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Regionally, the industrial salt 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 industry is anticipated to dominate majority revenue share by 2036, driven by increasing salt production, and rising demand for industrial salt in water treatment and chemical processing activities. especially from developing countries such as China and India. In 2020, China led all other countries in salt production, manufacturing approximately 60,000 metric tons of salt. Along with these, rapid expansion of the chlor-alkali industry is also predicted to drive market growth in this region. In addition to this, Latin America also holds a significant share in the market, which can be credited to the rising need for industrial salt in agricultural sector, presence of a large number of natural salt deposits and high production capacities of salt manufacturing units in the region, namely in Chile and Brazil. Additionally, the market in the Middle East and Africa region is anticipated to grow at the highest rate over the forecast period accounting to the growing use of industrial salt in a diverse variety of applications in the region.
Author Credits: Rajrani Baghel
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