The industrial salt market stood at US$ 13.1 Bn in 2020, accounting for around 45% of the global salt market revenue share. Owing to multiple end uses, industrial salt demand is projected to increase at around 4% CAGR through 2031.
Market growth is mainly attributed increased application of industrial salt such as in chemical processing, caustic soda, soda ash, water treatment, de-Icing, and many more. Global consumption of industrial salt is poised to increase to 455 KT by 2031.
However, due to the COVID-19 crisis, industrial salt demand declined, and a majority of manufacturers shut down their operations across the world. Moreover, rise in oil prices too had an adverse effect on industrial salt prices across regions. Nevertheless, market growth resurrected post 3rd quarter of FY 2021.
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Key Takeaways from Market Study
- The global industrial salt market is anticipated to witness decent growth over the period of forecast and create a value opportunity of around US$ 6.3 Bn, adding 1.5X value as compared to 2020.
- Oil & gas applications are set to dominate market revenue in 2021, and expected to gain 20 BPS in their market share by 2031.
- The de-icing segment is anticipated to lose around 67 BPS over the forecast period.
- East Asia holds a leading share in the global industrial salt market, of which, China has captured a lion’s share of the demand.
- The COVID-19 pandemic adversely affected all regions and industries. With the oil & gas sector – an important end user of industrial gas – being badly affected, growth of the market will be sluggish in 2021.
“Key market stakeholders with economies of scale are set to gain impressive profits over the coming years,” says a Fact.MR analyst.
Winning Strategy
These manufacturers have adopted the strategy of channelling their products to multiple end-use applications to earn higher revenues. Moreover, players are focusing on high-growth regions to market their products, which will act as a driving factor for the market, thereby providing significant absolute $ opportunity over the forecast period.
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Key Companies Profiled :
- CK Life Sciences International Holdings Inc.
- Compass Minerals International Inc.
- Dev Salt Pvt. Ltd.
- Dominion Salt Ltd
- Ineos Group
- Infosa
- Irish Salt Mining & Exploration Co. Ltd. (I.S.M.E. Co. Ltd.)
- Italkali Societa Italiana Sali Alcalini S.P.A
- K + S AG
- Mitsui Co. Ltd.
- Naikai Salt Industries Co. Ltd.
- Salins Group
- State Enterprise Arytomsol
- Swiss Saltworks AG
- Tata Chemicals Ltd.
Key Segments of Industrial Salt Industry Research
- By Grade
- Grade-I Industrial Salt
- Grade-II Industrial Salt
- Others
- By Source
- Rock Salt
- Natural Brine
- By Production Process
- Conventional Mining
- Solar Evaporation
- Vacuum Evaporation
- By Application
- Industrial Salt for Chemical Processing
- Caustic Soda
- Soda Ash
- Industrial Salt for Power Industry
- Industrial Salt for Oil & Gas Industry
- Industrial Salt for Water Treatment Industry
- Industrial Salt for De-Icing
- Others
- Industrial Salt for Chemical Processing
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Questionnaire answered in the Industrial Salt Market report include:
- How the market for Industrial Salt has grown?
- What is the present and future outlook of the global Industrial Salt on the basis of region?
- What are the challenges and opportunities for the Industrial Salt?
- Why the consumption of Industrial Salt highest in region?
- In which year segment is expected to overtake segment?
What makes Fact.MR report stand out from others?
- MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Industrial Salt market. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Industrial Salt market, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Industrial Salt market and assists to create strategies to overcome the obstacles that may hinder the growth of the Industrial Salt market.
- Leverage: The Industrial Salt market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Industrial Salt market.
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