NEWARK, Del, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The sodium chloride market is valued at US$ 44.4 Bn in 2023 and is anticipated to value at US$ 67.4 Bn by 2033. The Sales of sodium chloride are likely to grow at a CAGR of 4.4% during the forecast period.
There is a growing demand for sodium chloride in the chemical sector to develop products such as dyes, paper, plastic, rubber and detergents to advance market growth. Feedstock chemical is highly used in developing chemical products, which in turn boosts the market. An increase in the adoption of sodium chloride by manufacturing companies is observed to make polyester, cleaning tools and machinery.
Moreover, the growing adoption of sodium chloride by the food and beverage industry increases the shelf life of food and enhances its quality. The demand for sodium chloride to preserve foods such as meat and cheese is also likely to increase market opportunities during the forecast period.
The manufacturers are growing in the pharmaceutical industry to treat dehydration and excessive sweating and with increasing adoption of sodium chloride. In addition, there is a growing demand for sodium chloride from the healthcare sector to maintain blood pressure and relax patients’ muscles.
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End-use Industries Propel the Sodium Chloride Market Growth
An increase in the demand for alkaline products such as chlorine, soda ash and caustic soda is impelling the sodium chloride market growth. There are a few more factors that are expected to bolster the market growth during the forecast period, such as the growing population, emerging industries and disposable income. The rising adoption of sodium chloride in various end-use industries such as water treatment, animal feed, agrochemicals and oil & gas is the key factor contributing towards market expansion.
A Glimpse of Top Countries in the Sodium Chloride Market
The US dominates the global market by recording a CAGR of 3.8% with a valuation of US$ 4.0 Bn during the forecast period. Growing disposable income and rising end-use industries such as chemical and food are advancing the US market size. Additionally, the US market growth is fueled by the increasing adoption of sodium chloride in the chemical sector to increase the production of chemical products.
China is estimated to capture a CAGR of 6.2% with a valuation of US$ 2.9 Bn during the forecast period. Increasing consumption of sodium chlorine for cleaning equipment in the healthcare sector is observed in China. The manufacturers are advancing the food and beverage industry to maintain the shelf life of food and preserve it for a long time in China.
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Key Takeaways:
- The sodium chloride market valuation is expected at US$ 67.4 Bn by 2033.
- The global market is increasing during the forecast period by witnessing a CAGR rate of 4.4%.
- The market in the United States is anticipated to grow at a CAGR of 3.8% through 2033.
- The China market is likely to uplift significantly during the forecast period with a CAGR of 6.2%.
- The Japanese market is expected to grow at a CAGR of 3.3% over the forecast period.
Who is Winning?
The prominent manufacturers and vendors are impelling the market size by increasing the production of sodium chloride all over the region during the forecast period. In addition, distribution channels, emerging suppliers and new market entrances are advancing the market opportunities. The adoption of different market strategies and millions of dollars in investment by the market players greatly contribute to boosting the maximum output in the market.
In Jan 2021, FDA announced legal approval for Aurobindo Pharma to manufacture and distribute 0.9% sodium chloride injection to the US healthcare industry.
Some of the leading companies operating in the market are
- Cargill incorporated
- Compass Minerals International.
- K+S AKTIENGESELLSCHAFT
- Wacker Chemie AG
- Akzo Nobel N.V.
- Tata Chemicals Limited
- Südwestdeutsche Salzwerke AG
- INEOS GROUP HOLDINGS S.A
- Hindustan Ltd
- Dampier Salt Limited
- Others
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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