What Has Been the Progress and Growth of the Industrial Salts Market in Recent Years?
The industrial salts market has seen considerable growth due to a variety of factors.
• The size of the industrial salts market has been progressively increasing over the recent years. The prediction is that it will escalate from $15.43 billion in 2024 to $16.14 billion in 2025, growing at a compound annual growth rate (CAGR) of 4.6%. Factors attributable to the growth during the historic period encompassed the expansion of the chemical industry, applications in water treatment, snow and ice control, food processing, and metal processing.
What Is The Expected Growth In The Industrial Salts Template Market?
The Industrial Salts market is expected to maintain its strong growth trajectory in upcoming years.
• The market for industrial salts is projected to witness significant expansion in the upcoming years. The market is expected to swell to $20.25 billion by 2029, with a compound annual growth rate (CAGR) of 5.8%.
The predicted growth during the forecast period can be traced back to factors such as initiatives in renewable energy, environmental laws, urbanization and construction activities, health and wellness movements, and the economic growth of emerging markets. Key trends for the forecast period encompass advancements in ABE production technology, growth of the chemical industry, increased significance of water treatment, developments in salt production techniques, and investment in research and development.
What Main Forces Are Fueling Expansion In The Industrial Salts Market?
The increasing amount of projects related to water treatment are predicted to push the industrial salt market forward. The process involved in water treatment intends to purify water for use or reestablish it to its natural state. Industrial salts play a role in this by removing unwanted elements and impurities, and reducing the concentration of waste in water sources used for both residential and industrial purposes or releasing it back into its natural habitat. Further, the boost in demand for water treatment projects is encouraged by numerous government efforts aimed at enhancing the quality of water. As an example, in 2023, a publication of Global Water Awards indicated a notable rise in the use of biogas at wastewater treatment facilities, contributing to over 200 MW of extra power generation throughout the year. This increase suggests that more than 10% of the total energy usage at these facilities is now produced internally. In addition, the execution of ADSWS's Project Scan for monitoring the sewage network marked its first significant impression in 2023, aiding in better efficiency and administration within the wastewater industry. Hence, the escalating number of water treatment projects are anticipated to fuel the expansion of the industrial salts market.
What Are The Primary Segments In The Global Industrial Salts Market?
The industrial salts market covered in this report is segmented –
1) By Source: Rock Salt, Natural Brine
2) By Manufacturing Process: Conventional Mining, Solar Evaporation, Vacuum Evaporation
3) By Application: Agriculture, Chemical Processing, Food Processing, Water Treatment, De-icing, Oil And Gas
Subsegments:
1) By Rock Salt: Halite, Evaporated Rock Salt, Industrial Grade Rock Salt
2) By Natural Brine: Sea Salt Brine, Spring Water Brine, Salt Lake Brine
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Which Key Trends Are Driving Changes In The Industrial Salts Market?
Forming alliances has emerged as a significant trend in the industrial salt industry. Major market participants are collaboratively engaging to make joint use of respective resources and penetrate different markets. For instance, in May 2022, Nippon Shokubai, a chemical manufacturing company based in Japan, formed a partnership with Arkema. The objective of this alliance is to construct a factory for manufacturing ultrapure electrolyte salt, or LiFSI (Lithium bis(fluorosulfonyl)imide), a crucial component of battery cells used in electric vehicles. Arkema is a specialty materials producer that hails from the US.
Who Are the Key Players In The Industrial Salts Market?
Major companies operating in the industrial salts market include:
• Cargill Incorporated
• Mitsui & Co. Ltd.
• Nouryon Chemicals Holding B.V
• Rio Tinto Group
• Compass Minerals International Inc.
• INEOS Group AG
• K+S AG
• Wacker Chemie AG
• Akzo Nobel N.V.
• Occidental Petroleum Corporation
• Solvay S.A.
• Dominion Salt Ltd.
• ICL Group Ltd.
• Salt Union Ltd.
• Swiss Saltworks AG
• Atisale SpA
• Salins Group
• Kopalnia Soli Wieliczka SA
• Dampier Salt Ltd.
• Morton Salt Inc.
• Qinghai Salt Lake Industry Co. Ltd.
• Henan Huayang Salt Chemical Co. Ltd.
• Shandong Haihua Group Co. Ltd.
• Ciech S.A.
• Tata Chemicals North America Inc.
• China National Salt Industry Corporation
• Tata Chemicals Limited
• Salinas Salt Company
• San Francisco Salt Company
• SaltWorks Inc.
What Is The Most Dominant Region In The Industrial Salts Market?
Asia-Pacific was the largest region in the industrial salts market share in 2024. The regions covered in the industrial salts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
