Industrial Salts Market 2018 Global Industry Size Market Share, Trends, Growth, Opportunities, and Market Forecast To 2023
Industrial salts market is profiled in detail in the latest research report from Market Research Future (MRFR).
Pune, India – April 29, 2019 /MarketersMedia/ —
Industrial Salts Market Overview to 2023:
The global industrial salts market is profiled in detail in the latest research report from Market Research Future (MRFR). The report looks at the historical growth trajectory of the market and the major factors enabling smooth growth of the market to present reliable forecasts about the market’s growth prospects over the forecast period from 2018 to 2023.
Salts are neutral compounds formed as a result of a reaction between an acidic and a basic substance. They have an anion part filled by nonmetallic free radicals such as nitrate or chloride and a cation part filled by a metallic element or an organic substance. Industrial salts are used in a wide array of industrial operations for a wide range of purposes including but not limited to dye enhancement, chemical processing, water softening, and de-icing. The growing chemical industry is likely to be a major driver for the global industrial salts market over the forecast period. The chemical industry has benefited from the growing government support to the growth of the chemical industry in emerging regions, as it provides steady revenue as well as helping create a solid base for large-scale industrialization.
The growing textile industry is also likely to be a major driver for the global industrial salts market over the forecast period. Textile industry operations utilize salts in large amounts, as adding certain salts along with the dyes helps bring about better adhesion between the dye and the textile, as well as bringing out the dye in a more intense shade. Industrial salts are also an important component in the production of rayon and leather. The growing demand for premium leatherworking as well as textile operations is likely to be a major driver for the global industrial salts market over the forecast period.
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Competitive Analysis:
Leading players in the global industrial salts market include Cargill Inc., Compass Minerals, Mitsui and Co. Ltd., Groupe Salins, Exportadora de Sal, The Bhavnagar Salt & Industrial Works, Dominion Salt, INEOS, Tata Chemicals Ltd., and K+S AKTIENGESELLSCHAFT.
Industry Updates:
In April 2019, British Salt announced an investment of GBP 7.2 mn in the construction of a boiler plant designed to provide power and heat to its 24-hour production processes. The site is expected to become operational in March 2020 and represents the growing scale of efforts being taken by major players in the industrial salt market to increase production figures and make the most of the available resources.
Segmentation:
The global industrial salts market has been segmented on the basis of source, manufacturing process, application, and region.
On the basis of source, the industrial salts market has been bifurcated into natural brine and rock salt.
Based on the manufacturing process, the industrial salts market has been segmented into conventional mining, solar evaporation, and vacuum pan evaporation.
By application, the market has been segmented into chemical processing, de-icing, water softening, drilling fluids, dye enhancer, filler, saline solutions, and others. Chemical processing holds a leading share of 25% in the global industrial salts market, followed by de-icing, drilling fluids, and water softening applications.
Regional Analysis:
Asia Pacific dominates the global industrial salts market due to the growing demand for industrial salts from the region’s textile, chemical, and water treatment industries. The textile industry in Asia Pacific has always been a global leader and is likely to exhibit increasing demand for industrial salts over the forecast period, while the chemical industry in Asia Pacific has been driven by the increasing efforts by governments to promote the chemical industry in order to generate a steady stream of revenue as well as to provide a stable base for further industrialization. The growing rate of industrialization in Asia Pacific countries such as Indonesia, Malaysia, Thailand, Vietnam, and India is likely to be a major driver for the global industrial salts market over the forecast period.
Europe and North America are both expected to exhibit steady growth in the global industrial salts market over the forecast period due to the growing demand from the advanced chemical industry in these regions as well as the growing demand for industrial salts in deicing applications.
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