Global Industrial Salts Market, 2023-2028
Market Overview
The global industrial salt market size is projected to grow by 40.8 million tons from 2023 to 2028, registering a CAGR of 2.3 percent, according to the latest market data. Industrial salts are of paramount importance in numerous industries, with the chemical industry being a primary beneficiary. Often referred to as the "cornerstone" of the chemical industry, these salts serve as essential raw materials in the manufacturing processes of various fundamental chemical products. Their versatility and widespread application make them indispensable in the production of an array of chemicals, including but not limited to hydrochloric acid, caustic soda, soda ash, ammonium chloride, and chlorine.
In the chemical industry, industrial salts serve as the building blocks for countless chemical reactions and processes. For instance, hydrochloric acid, a pivotal chemical compound widely utilized in diverse sectors, necessitates the use of industrial salts during its production. These salts act as a vital source of chlorine, a key component in the synthesis of hydrochloric acid. Similarly, caustic soda, another essential chemical used extensively in various industrial operations, is derived from the utilization of industrial salts.
The report presents statistical information, including market size, market share within various market segments, growth rate, and forecasts specifically tailored to the industrial salt industry. This data-driven analysis equips industry professionals with essential information to assess the current market landscape, make informed decisions, and identify growth opportunities within the sector.
Research Coverage
This report presents an in-depth analysis and segmentation of the industrial salt market, with market size forecasts extending until 2028. The market has been categorized based on product, application, and region. Furthermore, a comprehensive evaluation of key industry players has been conducted to provide valuable insights into their business profiles, product offerings, strategic approaches, partnerships, expansions, and acquisitions pertaining to the industrial salt market.
The report provides a detailed analysis of the following segments within the industrial salt market:
Product: rock salt, salt in brine, solar salt, and vacuum salt
Application: agriculture, chemicals, de-icing, pharmaceuticals, water treatment, and others
Region: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America
By product, the global industrial salt market has been segmented into rock salt, salt in brine, solar salt, and vacuum salt. Solar salt dominated the global salt market in 2022, accounting for a significant consumption volume and securing a substantial market share of 41.3%. This method of salt extraction, known as solar evaporation, is widely recognized for its cost-effectiveness compared to vacuum evaporation of brine solution and rock salt mining. The low production costs associated with solar evaporation are the primary drivers behind the market's growth.
During the forecast period, solar salt is expected to experience the fastest growth in terms of consumed volume, with a projected compound annual growth rate (CAGR) of 2.4%. This growth can be attributed to the increasing demand for solar salt, driven by its cost advantages and widespread availability.
The Asia-Pacific region is anticipated to contribute significantly to the demand for solar salt, particularly in countries such as India, Australia, and Pakistan. These countries have witnessed significant advancements in high-quality salt production, further fueling the demand for solar salt in the region. Moreover, a substantial amount of the produced salt is exported to China, Japan, and other Southeast Asian countries due to their reliance on imported salt products.
To meet the escalating demand for salt, especially in the APAC region, solar evaporation emerges as the preferred method for production due to its cost efficiency and the availability of suitable environmental conditions. Solar salt production facilities utilize vast salt pans, allowing seawater to evaporate under sunlight, thereby leaving behind crystallized salt for harvesting. This method not only minimizes energy consumption but also reduces the impact on the environment.
Based upon application, the global industrial salt market is categorized into agriculture, chemicals, de-icing, pharmaceuticals, water treatment, and others. The global chemical industry is a major consumer of industrial salt, making it a vital component in chemical manufacturing. With over 50% of chemicals relying on industrial salts for their synthesis, these salts serve as crucial raw materials in chemical processes. Additionally, industrial salts find application in the production of various commodities, including textiles, paper, pulp, glass, and water-softening chemicals.
One of the primary uses of salt in the chemical industry is in the chlor-alkali process. This process involves the electrolysis of salt brine to generate chlorine, hydrogen, and caustic soda. These chemicals serve as fundamental building blocks in the production of a wide range of products, such as insulation materials, paper, construction materials, soaps, pharmaceuticals, and aluminum.
Furthermore, the chlor-alkali process relies heavily on industrial salt, making it an indispensable raw material. The resulting caustic soda and chlorine act as essential auxiliaries in the manufacturing of countless finished goods. Industries such as automotive, consumer goods, energy, electronics, and pharmaceuticals heavily depend on industrial salt as a critical ingredient for their productions.
The versatility of industrial salt and its widespread use across multiple industries make it an invaluable resource. It not only facilitates chemical synthesis but also fuels the production of numerous everyday products that contribute to modern life. The constant demand for caustic soda, chlorine, and other salt-derived chemicals highlights the importance of industrial salt as a foundational element in various industrial sectors.
Geographically, the global industrial salt market is segmented into North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America. Asia-Pacific held the largest volume share in 2022. Notably, China and India alone contributed to approximately 42% of global industrial salt consumption during the same period. The relentless growth of the chemical industry in China plays a significant role in shaping the industrial salt market landscape.
Industrial salt finds extensive usage in the Chlor-alkali industry, specifically in the production of key chemicals such as caustic soda, soda ash, and chlorine derivatives. Remarkably, East Asia, including China, witnessed around 52% of the global consumption of chlor-alkali products. This further underscores the critical role played by the Chinese chemical industry in driving the demand for top-quality industrial salts.
To meet this escalating demand, China imports approximately 25 million tons of high-quality salt from countries like Australia, Mexico, India, and Chile. These countries serve as major suppliers, ensuring a steady supply of industrial salt to support China's thriving chemical industry. The import of such large quantities highlights the significance of these external sources in meeting the growing demand within China.
Competitive Landscape
The global industrial salt market is highly competitive. The industrial salt market is dominated by key players, which are American Rock Salt Company LLC, Amra Salt Factory, Archean Chemical Industries Ltd., Cargill Incorporated, China Salt Industry Group Co. Ltd., CIECH S.A., Compass Minerals International Inc., Dominion Salt Limited, Donald Brown Group of Companies, Exportadora de Sal S.A. de C.V., Groupe Salins, ICL Group Ltd., INEOS Group Limited, Irish Salt Mining & Exploration Co. Ltd., K+S AG, Mitsui & Co. Ltd., Nobian Industrial Chemicals B.V., Rio Tinto Limited, Stone Canyon Industries Holdings Inc., Swiss Salt Works AG, SWS AG, Tata Chemicals Ltd., Wacker Chemie AG, Wilson Salt Limited, Zoutman N.V. These companies play a significant role in driving market growth through their active contributions in innovation and product development within the industrial salt industry.
Industrial Salts Industry Developments
▸ Tata Chemicals Ltd announced the acquisition of the industrial salt business of the Archean Group on August 2, 2019. The acquisition was valued at approximately INR 1,040 crores (around USD 145 million). The acquired unit of the Archean Group was engaged in the production and distribution of industrial salt for various sectors, including the chemical industry, pharmaceuticals, textiles, and water treatment.
▸ On 1 October 2021, Nobian announced the completion of the divestment of its Salt Specialties business. The announcement follows on the agreement signed on 14 February 2021 with the Salins Group, an international salt company headquartered in France.
▸ Nouryon is renaming its wholly-owned industrial chemicals business to Nobian, in support of its global growth and branding strategies. This branding change will allow Nobian to develop its integrated European value chain for essential base chemicals under its own name and brand while Nouryon will continue to focus on growing its leading position in global specialty chemicals.
▸ Stone Canyon Industries Holdings LLC announced that it has closed the previously announced acquisition of the business of Kissner Group Holdings LP, a leading pure-play producer and supplier of salt in North America, for a purchase price of $2.0 billion.
▸ K+S Aktiengesellschaft signed a contract to sell its Americas salt business bundled together as the Americas Operating Unit to Stone Canyon Industries Holdings LLC, Mark Demetree and affiliates. The sales price (enterprise value) amounts to USD 3.2 billion and represents 12.5 times the 2019 EBITDA of USD 257 million. The closing of the transaction is expected to occur in summer 2021, subject to customary closing conditions, including approvals from regulatory authorities.
Key Questions Answered
What is the projected global market size of industrial salt by 2028
Which product segment generates the highest revenue
In the industrial salt market, which application segment attains the foremost position
Which region segment generates the most substantial revenue
Who are the key players with the largest market share in the industrial salt market
What is the estimated global market size for the industrial salt market in 2023
What are the main factors driving the growth of the industrial salt market
What is the expected incremental growth of the industrial salt market during the forecast period
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Industrial Salts Market - Product Analysis
4.1 Rock salt
4.2 Salt in brine
4.3 Solar salt
4.4 Vacuum salt
5. Global Industrial Salts Market - Application Analysis
5.1 Agriculture
5.2 Chemicals
5.3 De-icing
5.4 Pharmaceuticals
5.5 Water treatment
5.6 Others
6. Global Industrial Salts Market - Region Analysis
6.1 North America
6.2 Europe
6.3 Asia-Pacific
6.4 MEA (Middle East and Africa)
6.5 Latin America
7. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 American Rock Salt Company LLC
9.2 Amra Salt Factory
9.3 Archean Chemical Industries Ltd.
9.4 Cargill Incorporated
9.5 China Salt Industry Group Co., Ltd.
9.6 CIECH S.A.
9.7 Compass Minerals International, Inc.
9.8 Dominion Salt Limited
9.9 Donald Brown Group of Companies
9.10 Exportadora de Sal S.A. de C.V.
9.11 Groupe Salins
9.12 ICL Group Ltd.
9.13 INEOS Group Limited
9.14 Irish Salt Mining & Exploration Co,. Ltd.
9.15 K+S AG
9.16 Mitsui & Co., Ltd.
9.17 Nobian Industrial Chemicals B.V.
9.18 Rio Tinto Limited
9.19 Stone Canyon Industries Holdings Inc.
9.20 Swiss Salt Works AG
9.21 SWS AG
9.22 Tata Chemicals Ltd.
9.23 Wacker Chemie AG
9.24 Wilson Salt Limited
9.25 Zoutman N.V.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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