Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The global salt market size was valued at USD 32.6 billion in 2022 and 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 most valuable minerals and an essential element of food consumption. Salt is one of the inorganic compounds which is applied in various industries. Salt consists of two elements such as chlorine and sodium, which undergoes a number of processing activities involving seawater evaporation, rock salt, brine evaporation, and mining.
This information is provided by Fortune Business Insights™ in its research report titled “Salt Market, 2023-2030.”
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List of Key Players Mentioned in the Salt Market 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)
Competitive Landscape:
The prominent key players in the market, such as INEOS Enterprises Salt, Akzo Nobel, Compass Minerals International, Inc., Cargill Salt, and Solvay, have adopted strategies to expand their business to back their position in the market. Moreover, companies sign contracts, partnerships, and acquisitions with other market leaders to grow their existing markets.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.2 % |
| 2030 Value Projection | USD 48.6 Billion |
| Market Size in 2022 | USD 34.1 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Salt Market Growth Factors | Increasing Adoption of Industrial Salt in the Chemical Industry to Drive the Market Growth |
| Asia Pacific to Dominate Owing to Emerging Economies |
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https://www.fortunebusinessinsights.com/salt-market-103011
COVID-19 Impact:
Disruptions in Supply Chain during COVID-19 Pandemic Impacted Market Growth
Due to the outbreak of the COVID-19 pandemic, the global market has been impacted negatively owing to strict regulations imposed on people’s movement. The lockdown caused the closure of many small businesses, specifically in the food sector. High levels of sodium from fast food are the least consumed.
Segmentation:
Rock Salt Segment to Drive the Market Growth Owing to Increase 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 Hold the Largest Share Owing 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 Dominates the Market Due to an Increase in Product Adoption
According to application, the market is divided into water treatment, chemical processing, de-icing, flavoring agent, oil & gas, and others.
Salt plays an important role 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 the regeneration of 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.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Drivers and Restraints:
Increasing Demand in Industrial Applications to Support 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.
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Regional Insights:
Asia Pacific to Dominate Owing to Emerging Economies
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.
Europe accounts for the rising demand from the industry of chemical manufacturing. Hence, the salt market growth is expected to surge during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Salt Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Salt Industry Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Value)
- Rock Salt
- Salt in Brine
- Solar Salt
- Vacuum Pan Salt
- By Source (Value)
- Brine
- Salt Mines
- By Application (Value)
- Chemical Processing
- De-icing
- Water Treatment
- Oil & Gas
- Agriculture
- Flavoring Agent
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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Key Industry Development:
- December 2022: CIECH Soda Polska in an agreement with Inowroclaw Salt Mines “Solino” to offer brine to its production plant up till 2035.
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