New York:, Feb. 09, 2023 (GLOBE NEWSWIRE) -- In 2033, global volume-based utilization of salt is anticipated to reach 328,046 KT. Worldwide consumption in volume terms is projected to reach 459,439 KT by the end of 2023. The salt market is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2023 to 2033.
The global salt market is estimated to be valued at US$ 23.34 billion in 2023. Worldwide consumption of salt is estimated to reach US$ 32.41 billion by 2033, And is estimated to expand at a CAGR of 3.9% from 2023 to 2033.
Salt is a versatile mineral that has a wide range of uses in various industries. It is employed to enhance soil and mud density in the oil industry, thereby ensuring the safety and effectiveness of drilling rigs. Although salt is not commonly utilized in offshore drilling, it is extensively required in land drilling.
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Additionally, salt is utilized in the pharmaceutical sector to create saline solutions, which have various applications, including intravenous formulas and contact solutions. Pharmaceutical and medical industries account for a substantial portion of overall industrial salt consumption.
- According to the U.S. Geological Survey, most households in the country have hard water, with the hardest water found in the region stretching from Kansas and Texas in the east to Southern California in the west, having up to 10 times the minimum calcium carbonate concentration. Over 30% of these households use water-softening systems to address water hardness.
Salt has high efficacy in the water-softening process and there is a large consumer base in the country that prefers using micronized vacuum salt over other types due to its efficiency. This, along with increasing surface draw-off, which elevates the natural water hardness, is anticipated to drive the demand for micronized vacuum salt for water softening and other water treatment processes over the coming years.
Key Takeaways from Market Study
- Demand for salt in Europe is expected to reach a volume of 65,148 KT by the end of the forecast period (2023 to 2033).
- North America and Europe collectively account for 43.1% of the global market share.
- Rock salt is the most widely consumed form of salt with its consumption estimated to be 112,848 KT in 2023.
- Based on end use, the chemical manufacturing segment accounts for a market volume share of 36.1% as of 2023.
- The markets in Japan and South Korea are estimated to expand at CAGRs of 4.2% and 6.2%, respectively, through 2033.
A Persistence Market Research analyst states, “Growing presence of the chemical manufacturing industry in developing nations such as India and China is a key driver of the global salt market. Salt manufacturers are also focusing on implementing innovative technology to improve their production capacities and product quality.”
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Competitive Landscape
- Amagansett Sea Salt
- Cargill Incorporated
- Compass Minerals
- Detroit Salt Co.
- Indiana Sugars, Inc.
- ITC LIMITED
- Morton Salt
- Rock Salt Today
- San Francisco Salt Company
- Tata Consumer Products
- ULTRAVIOLET, Inc.
- United Salt Corporation
- Woodland Foods
Salt producers are investing in research and development and expanding their global presence. They are also trying to broaden product use in numerous industries, boost its efficacy with high consumer convenience, and survive the stiff competition.
- Ahir Salt Industries offers water softener tablet salt, coarse salt, and fine salt for water treatment, with purity ranging from 99% to 99.8%. The company places great emphasis on packaging and loading, ensuring that its salt is loaded into containers and sealed with proper supervision within the factory premises.
- Indiana Sugars, Inc. provides medical-grade, pure-grade, and pharmaceutical salt that conforms to the highest standards in the United States and Europe. This product is utilized in saline solutions, renal dialysis, plasma separation, and other crucial medical applications.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global Salt market, presenting historical data (2018 to 2022) and estimation statistics for the forecast period of 2022 to 2033.
The study offers compelling insights
- based on product type (solar-evaporated, rock salt, brine, vacuum-evaporated salt),
- purity type (95% to 99%, more than 99%), and end use (chemical manufacturing, road deicing, food processing, livestock, others),
- across seven major regions of the world ( North America, Latin America, Europe , South Asia, East Asia, Oceania, Middle East & Africa).
For additional insights on how the growth of the salt market will shape up over the decade, write to media@persistencemarketresearch.com
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