Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The market for industrial salts was valued at US$ 13.3 billion in 2022, and it is anticipated that the global market for industrial salts will reach US$ 21 billion by 2031. According to predictions, the global market will grow at a CAGR of 5.2% between 2022 and 2031. Increasing demand for wastewater treatment projects and chemical industry demand is expected to drive the market demand for industrial salts.
An additional P100 million has been allocated by the government for a program to revive the Philippines' salt industry. In accordance with "Oplan Asin", the Bureau of Fisheries and Aquatic Resources (BFAR) is continuing to conduct interventions in the current fiscal year. Furthermore, BFAR's three previous regional fisheries offices are now replaced by seven regional fisheries offices (RFOs) under the program. Programs have been implemented in Regions 3, 4A, 4B, and 7 of the USDA (Department of Agriculture).
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The Indian Salt Industry is the world's third-largest after the United States and China. The Indian salt industry produces 30 million tonnes of salt each year. In addition to exporting 10 million tonnes of salt annually, India uses 125 million tonnes of salt for industrial purposes. In addition to the wholesale business, retail customers also consume a substantial amount of salt.
Key Findings of Market Report
- A constant focus on research and development in the chemicals industry regarding iodine compounds in salts helps drive the market's growth.
- Growing demand for cold storage, packaging, or renovating godowns that handle perishable products. Industrial salts are expected to have a positive impact on the market in the future.
- Industrial salts are expected to grow in the market as rock salt becomes more popular as a health supplement in different sectors of the population.
- A growing soap and detergent manufacturing industry is anticipated to increase the demand for industrial salts in the coming years.
- Industrial salts will continue to grow in popularity in the chemical industry.
Global Industrial Salts: Growth Drivers
- Increasing urbanization and industrialization drive demand for chemical products which contribute to the growth of the industrial salt market. As transportation infrastructure develops in different countries, demand for petroleum-based products increases. Moreover, few cost-effective alternatives to industrial salts exist, and new production methods such as vacuum pans can also generate growth.
- An increase in dye and chemical pigment production in the domestic market is also contributing to the growth of the market. Additionally, there is a substantial increase in the consumption of pesticides, pharmaceuticals, and cosmetics across a wide range of geographical regions, which is contributing to this trend in the market.
- A variety of industrial salts are used in water treatment plants to soften and purify the water through the filtration process. The Indian government is currently building or planning to construct 27 water treatment projects. Salts from industrial sources will be used for water softening and purification in these projects.
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Global Industrial Salts Market: Regional Landscape
- Growing industrialization in the Asia Pacific will assist industrial salts in gaining global leadership in the market.
- Industrial salts have increased in popularity with the growth of the chemical processing industry, which has increased their demand in China, Japan, and India between 2022 and 2031.
- The demand for industrial salts is expected to grow in developed economies such as the United States and Canada, as highway deicing and chemical processing are on the rise.
- Chile and Brazil are the primary producers and consumers of this product in the region, exporting much of it to North America and Europe. Hence the market is expected to grow.
- Increasing industrial diversification, specifically, chemical production and chemical processing expansion is expected to drive Middle East and Africa growth.
Global Industrial Salts Market: Key Players
Creating consolidated market positions is the goal of major players who acquire, merge, and form alliances. A competitive phase has recently entered the market, leading to several developments. Technology and strategies are being adopted and R&D is being invested significantly.
- YLB, Bolivia's state-owned lithium company, anticipates exploring at least five salt flats located in the Potos department, a province in the southeast. Intending to develop industrialization projects, they plan to drill and assess potential deposits.
- For the fourth quarter of fiscal 2022 and fiscal 2023, Compass Minerals International reported consolidated revenues up 18% and 9% respectively, supported by strong sales volumes in the Salt segment. They have set the stage for Salt segment profitability to improve in fiscal 2023 after winning the highway salt bid season in North America
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Global Industrial Salts Market: Segmentation
Source
- Rock Salt
- Natural Brine
Product
- Industrial Mill Salt
- Dried and Undried Solar Salts
- Granulated Industrial Salts
- Brine Bits
- Hi-Tex A-100 Granulated Salt
- Magnesium Chloride
- Bulk Rock Salt
- Solar Salt Powder
- Others
Process
- Solar Evaporation
- Vacuum Evaporation
- Conventional Mining
Application
- Soaps & Detergents
- Textile Dying
- Water Treatment
- De-icing
- Chemicals
- Pharmaceuticals
- Solar Power
- Food
- Agriculture
- Others
End-use
- Cosmetics
- Healthcare
- Energy
- Chemical
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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