Industrial Salts Market 2024 | Market Analysis, Market Size, Industry Trends, Share Estimation, And Forecast To 2033 | Cargill Incorporated, Mitsui & Co. Ltd., Nouryon Chemicals Holding B.V, Rio Tinto Group, Compass Minerals International Inc.

The Industrial Salts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Salts Global Market Report 2024, The industrial salts market size has grown steadily in recent years. It will grow from $14.8 billion in 2023 to $15.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to chemical industry growth, water treatment applications, snow and ice control, food processing, metal processing.

The industrial salts market size is expected to see strong growth in the next few years. It will grow to $18.92 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy initiatives, environmental regulations, urbanization and construction, health and wellness trends, economic development in emerging markets. Major trends in the forecast period include technological advancements in abe production, expansion of chemical industry, rising importance in water treatment, advancements in salt production technologies, investments in research and development.

The growing number of water treatment projects is expected to propel the industrial salt market. Water treatment is the process of purifying water for utilization or restoring it to its natural form. Industrial salts are used in water treatment to remove impurities and undesired components, as well as to lower the waste concentration in water supplies used for both household and industrial applications or discharge it back into the environment. Additionally, various government initiatives are implemented to improve water quality, which favors the demand for water treatment projects. For instance, in March 2021, the U.S. Department of Energy (DOE), a US-based federal government that oversees U.S. national energy policy and manages the research and development on power, announced the investment of $27.5 million for 16 water infrastructure projects with modern technologies to reduce energy use in aging water infrastructure, especially in wastewater treatment that demands up to 2% of domestic electricity use each year. Therefore, the growing number of water treatment projects is expected to drive the growth of the industrial salts market.

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The industrial salts market covered in this report is segmented –
1) Industrial Salts Market By Source: Rock Salt, Natural Brine
2) Industrial Salts Market By Manufacturing Process: Conventional Mining, Solar Evaporation, Vacuum Evaporation
3) Industrial Salts Market By Application: Agriculture, Chemical Processing, Food Processing, Water Treatment, De-icing, Oil and Gas

Strategic partnership is a key trend in the industrial salt market. Major players in the market are entering into a partnership to leverage each other’s resources and expand in new markets. For instance, in May 2022, Nippon Shokubai, a Japan-based chemical manufacturer, partnered with Arkema. The aim of this partnership is to build a factory to produce ultrapure electrolyte salt, or LiFSI (Lithium bis(fluorosulfonyl)imide), a crucial part of battery cells for electric mobility. Arkema is a US-based manufacturer of specialty materials.

Top Major Players

Cargill Incorporated

Mitsui & Co. Ltd.

Nouryon Chemicals Holding B.V

Rio Tinto Group

Compass Minerals International Inc.

The industrial salts market report table of contents includes:

1. Executive Summary

2. Industrial Salts Market Characteristics

3. Industrial Salts Market Trends And Strategies

4. Industrial Salts Market – Macro Economic Scenario

5. Global Industrial Salts Market Size and Growth