Industrial Salts Market Forecast to 2023:
The global industrial salts market is quadrupling rapidly mainly due to the use of these salts in an array of application areas across the major industries. Available in various types, industrial salts find a line of applications mainly in agriculture, healthcare, and construction industries. Owing to its extensive uses, industrial salts gain a lot of prominences and sequentially momentum on the global platform.
Considering the significant traction, the market is garnering currently; Market Research Future (MRFR) in its recently published study report asserts that the global industrial salts market will accrue exponentially by 2023, posting a staggering CAGR during the estimated period (2018 – 2023).
Leverage to the rising population worldwide that has resulted in heightened demand for food supply and increase the demand in industrial salts market. Additionally, rising application of industrial salts across industries including oil & gas, agriculture, textile, soaps & detergents, and pharmaceuticals are driving the market growth to an extent.
Also, some of the factors that act as a major tailwind to the growth of the market include the growing chemical industries across the globe and the uses of these salts in chemical processing of various chemicals and as a dye-enhancer for textiles during the manufacturing, processing, and refining of fabrics and materials. Industrial salts are also used for water softening, which is another dominant driving force behind the growth of the market.
On the other hand, factors such as the environmental and health concerns associated with the extensive use of industrial salts in specific applications are obstructing the market growth, restricting their uses.
Nevertheless, increasing application areas of industrial salt such as in the power industry including nuclear power and, in the drilling fluids used in the O&G sector is expected to support the growth of the market throughout the review period.
Major Players:
• Incorporated
• Cargill, K+S AKTIENGESELLSCHAFT
• Tata Chemicals Ltd.
• Compass Minerals
• MITSUI & CO., LTD.
• Groupe Salins
• INEOS
• Dominion Salt
• The Bhavnagar Salt & Industrial Works
• Exportadora de Sal
Global Industrial Salts Market – Segments
For enhanced understanding, the market has been segmented into four key dynamics: -
By Source : Natural Brine and Rock Salt among others.
By Manufacturing Process : Conventional Mining, Solar Evaporation, and Vacuum Pan Evaporation among others.
By Application : Chemical Processing, De-Icing, Water Softening, Drilling Fluids, Dye Enhancer, and Filler among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Industrial Salts Market – Regional Analysis
The Asia Pacific region leads the global industrial salts market, heading with the augmented demand from various end-user industries for a number of processes including chemical processing, de-icing, water softening, drilling fluids, dye enhancer, and filler among others.
Moreover, factors such as the massive technological advancements are expected to help the APAC region to continue with its dominance over the global industrial salts market throughout the forecast period 2018-2023. Furthermore, the rapid industrialization and urbanization in some of the APAC countries such as China, Malaysia, Thailand, Singapore, and India are expected to grow pervasively in the years to come.
Countries such as Brazil, Argentina, China, and India are the major consumers of industrial salts. Countries in the Middle East and the U.S make use of sulfates for chemical processing. Industrial salts have numerous applications and are used extensively across the globe.
The industrial salts market in the European and North American region is expected to witness a high growth rate owing to the high demand from the de-icing applications as well as chemical processing in these regions. Furthermore, factors such as the presence of the considerable number of natural deposits and high production capacities alongside the high demand from other regions and countries for exporting these salts are driving the market of the market in these regions.
Global Industrial Salts Market - Competitive Analysis
Highly competitive, the industrial salts market appears to be fragmented with the presence of several large and small-scale players. This market demonstrates high growth potential which attracts many new entrants to the market which results in intensifying the competition further.
Manufacturers of industrial salts strive to respond to the growing demand from the Paper industry that is driven by the recent pulp mill expansions and the Greenfield projects, worldwide. These players ensure to deliver the best quality products based on innovative technologies, and best practices.
Global industrial salts market players are ensuring to be innovative while building up the marketing strategies. This in return, provides a strong consumer base. Key players are focused majorly on the acquisition of small players to expand their business and penetrate the global industrial salts market.
The expansion is also one of the key strategies followed by acquisition. Expansion will help in capturing the major market and increasing the production capacity to meet the rising demand from consumer’s end thereby further contributing to increasing revenue. Acquisition and expansions are evaluated to be adding to more than 30% of strategy share and are facilitating the companies to penetrate the potential market across the globe.
Industry/ Innovation/ Related News:
February 22, 2019 --- A group of physicists at the Niels Bohr Institute in Copenhagen (Denmark) announced finding a design, the molten salt reactor, that might turn nuclear power into the greenest energy source on the planet. These researchers found that molten salt reactors had a simplicity, elegance and, well, weirdness that especially appealed.
The standard alternatives used in the wind and solar power are not sufficient. They couldn’t offer nearly enough energy the world is demanding currently. Yet, conventional nuclear reactors which could meet the need, in principle were massively expensive, potentially dangerous, and anathema to much of the public.
On the other hand, the uses of Molten salt reactors in nuclear power can avoid that spewing extra amount of carbon dioxide that impacts the environment badly but provide that power without using coal and gas.
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