Industrial Salt Industry to Witness Healthy Growth as Manufacturers Shift Focus on Introducing Rock Salt Segment Products, Says MarketsandMarkets™ Research
The global industrial salts industry was valued at USD 12.70 billion in 2016 and is projected to reach USD 14.93 billion by 2022, at a CAGR of 2.8% from 2017 to 2022. Industrial salts are manufactured using natural resources, including rock salt deposits or natural brine, such as sea water and salt water lakes. Industrial salts are manufactured by conventional mining, vacuum evaporation, or solar evaporation processes. These salts are widely used in various industries, owing to their easy availability and cost-effectiveness.
Industrial salts are increasingly used as a key raw material in the chemical processing industry for the manufacturing of chlor-alkali, and in de-icing, water treatment, agricultural, and oil & gas applications in various countries, such as the US, Canada, Germany, China. This increased usage is expected to drive the demand for industrial salts, thereby leading to the growth of the industrial salts market across the globe. However, increasing environmental and health concerns pertaining to the use of industrial salts in certain applications may restrain the growth of the industrial salts market.
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Based on source, the industrial salts market has been segmented into rock salt and natural brine. The natural brine segment of the industrial salts market is projected witness a higher growth during the forecast period. Natural brine provides most economical salt in areas with favorable weather conditions, especially in Asia Pacific.
Based on manufacturing process, the conventional mining process segment of the industrial salts market is projected to witness the highest growth during the forecast period from 2017 to 2022. The large availability of rock salt deposits and the landscape of these mines favoring the mining process are expected to drive the growth of the conventional mining process segment during the forecast periods.
The increased demand for industrial salts from the Asia Pacific region can be attributed to the growth in the chemical processing and water treatment sectors in the region. Expansion of the chlor-alkali industry and the increasing number of water treatment plants are the major factors expected to drive the growth of the Asia Pacific industrial salts market during the forecast period.
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Companies in the industrial salts market adopted various strategies to enhance their presence between July 2012 and June 2017. Expansions accounted for a major share of all the growth strategies adopted by the leading players in the industrial salts market between July 2012 and June 2017. K+S AG (Germany), Cargill, Inc. (US), Compass Minerals America Inc. (US), China National Salt Industry Co. (China), Tata Chemicals Ltd. (India), Mitsui & Co. Ltd. (Japan), Rio Tinto Group (UK), COMPAGNIE DES SALINS DU MIDI ET SALINES DE L'EST (France), Dominion Salt Ltd. (New Zealand), and Exportadora de Sal de C.V. (Mexico) are some the leading players operating in the industrial salts market.
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