The global Salt Market size was valued at USD 32.6 billion in 2022. The market is projected to grow from USD 34.1 billion in 2023 to USD 48.6 billion by 2030, exhibiting a CAGR of 5.2% during the forecast period.
Salt is one of the inorganic compounds and is a mixture of chlorine and sodium that undergoes a number of processing activities involving rock salt, seawater evaporation, brine extraction, and mining. The increasing demand for de-icing products, is predicted to delay the market growth over the projected period.
This information is provided by Fortune Business Insights™ in its research report titled “Salt Market, 2023-2030.”
COVID-19 Impact:
Supply Chain Disruptions Amid Pandemic Hindered Market Growth
The salt market growth has been hit by the pandemic wave that resulted in the shutdown of businesses. Consumption of poultry and meat products declined, resulting in decreased demand. Due to the lockdown imposed on people’s movement, the salt market growth was impacted during the pandemic outbreak.
Segmentation:
Rock Salt Segment to Drive the Market Growth Owing to Surge in Demand from Various End-Use Industries
On the basis of type, the market is segmented into solar salt, rock salt, salt in brine, and vacuum pan salt.
Rock salt dominated the largest market share in 2022 and is projected to continue its leading position until 2030. Rock salt is mined from underground mines, typically through blasting and drilling techniques.
Salt Mines Segment to Dominant Due to Availability of Underground Deposits
Based on the source, the market is bifurcated into salt and brine mines.
The salt mines segment held the largest salt market share in the previous year. The dominance is related to the availability of underground deposits. Another production process is salt extraction from saline solutions, termed brines.
Chemical Processing Segment Hold the Largest Market Share Due to Surge in Product Adoption
According to application, the market is divided into water treatment, chemical processing, de-icing, flavoring agent, oil & gas, and others.
Salt is important in the chemical processing industry as it is used as a raw material and chemical reagent in various processes. The product is broadly used in water treatment processes, mainly in regenerating ion exchange resins in water softening systems.
The global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Source- https://www.fortunebusinessinsights.com/salt-market-103011
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints:
Surging Demand in Industrial Applications to Foster Growth
Salt is used in many industrial applications, such as de-icing, chemical processing, and water treatment. Governments globally are also incorporating various initiatives and regulations to guarantee the quality and safety of products. The growing urbanization and population are predicted to grow product adoption in various segments.
However, the production process of salt generates subsequent amounts of waste, including brine and other chemicals, which needs to get disposed of properly to prevent environmental contamination.
Regional Insights:
Asia Pacific to Lead Global Share led by Rising Industrial Development
Asia Pacific is anticipated to grow rapidly over the projected period owing to the fast developments in emergent economies and increasing development in the industries in the region.
North America is projected to experience exponential growth during the estimated period due to the benefit of the region’s wide street de-icing sector.
Competitive Landscape:
The key players in the industry include Akzo Nobel, Compass Minerals International, Inc., Cargill Salt, Solvay, and INEOS Enterprises. The manufacturers are escalating their business to gain ability in the industry and alleviate new entrants’ threats. Market participants compete violently with international and regional players with extensive distribution networks, suppliers, and regulatory know-how.
Key Industry Development:
January 2021: Tata Chemicals Ltd is projected to acquire the industrial salt unit with an annual production capacity of 3 million tons of Archean Group, enhancing the company’s business.
List of Key Players Mentioned in the Report:
Akzo Nobel (Netherlands)
Cargill Salt (U.S.)
Compass Minerals International, Inc. (U.S.)
INEOS Enterprises Salt (U.K.)
Solvay (Belgium)
K+S (Germany)
China National Salt Industry (China)
CIECH GROUP (Poland)
Hunan Salt Industry Co., Ltd. (China)
Salins Group (France)
Frequently Asked Questions to This Report?
1. What is the projected market size and growth rate of the Salt?
Salt was valued at USD Billion in 2021 and is projected to reach USD Billion by 2030, growing at a CAGR from 2023 to 2030.
2. What are the key driving factors for the growth of the Salt?
Salt markets include technological advancements, changing consumer behavior, increasing demand from emerging economies, government initiatives, favorable regulatory policies, and increasing investment in research and development.