Industrial Salts Industry- Grade-I and Grade-II Accounts for More than 3/4 Market Share Through Forecast Period
The report "Industrial Salt Market by Source (Rock Salt, Natural Brine), Manufacturing Process (Conventional Mining, Vacuum Evaporation, Solar Evaporation), Application (Chemical Processing, De-Icing, Water Treatment, Oil & Gas), and Region - Global Forecast to 2022", The global industrial salt market 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. The growth of the industrial salt market is driven by the increased demand for industrial salt in the chemical processing, de-icing, water treatment, oil & gas and agricultural applications.
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Based on the source, the rock salt segment is projected to lead the industrial salt market during the forecast period from 2017 to 2022.
The rock salt source segment is projected to be the larger segment of the industrial salt market during the forecast period from 2017 to 2022. The growth of the rock salt segment of the market can be attributed to the presence of various salt mines across the globe. Rock salt deposits can be effectively mined using conventional mining techniques or the solution mining process.
The chemical processing application segment of the industrial salt market is projected to witness the highest growth between 2017 and 2022.
The chemical processing application segment of the global salt market is projected to witness the highest growth between 2017 and 2022. The growth of this segment of the market can be attributed to the use of industrial salt as raw materials in the manufacturing of various products, such as caustic soda, soda ash, and chlorine. The growth of the chlor-alkali industry in emerging economies is expected to further fuel the demand for industrial salt during the forecast period.
The Asia Pacific industrial salt market is projected to witness the highest growth between 2017 and 2022.
The Asia Pacific industrial salt market is projected to witness the highest growth between 2017 and 2022. China is the largest market for industrial salt in Asia Pacific. The demand for industrial salt in China and India is expected to increase during the forecast period, due to the growing demand in the chlor-alkali and water treatment industries in these countries.
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Key companies profiled in this research report include 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).
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