Global Industrial Salts Market Is Expected To Reach Over US$ 13.0 Bn By 2022: Credence Research
According to a new market report published by Credence Research “Industrial Salts Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2021,” the industrial salts market is expected to reach over US$ 13.0 Bn by 2022, expanding at a CAGR of more than 1.4% from 2016 to 2022.
Browse the full Industrial Salt Market for Chemical Processing, Road De-icing, Water Softening, Agriculture and Other Applications- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2022 report at http://www.credenceresearch.com/report/industrial-salts-market
Market Insights:
Salt is known to be one among the vital minerals present on earth and makes an important part of the food. It is a compound of sodium and chlorine which is produced globally by different production processes that include sea water evaporation, rock salt mining and brine extraction. Apart from its various household and industrial uses, industrial salt is widely used as a deicing agent for proper maintenance of roads and prevent accidents. North America and Europe are the major consumers of industrial salt as a deicing agent in winters.
Increase in chloralkali production across the globe is one among the major factors driving the growth of global industrial salt market worldwide. In addition, high demand from the paper and construction industry in Asia Pacific is also expected to boost market demand for industrial salts in the region. Chemical industry is the major consumer of industrial salts as it is expected to boost demand due to increase in consumption of chlorine in ethylene dichloride production. Hence, industrial salt is expected to gain high demand during the forecast period from 2015 to 2022.
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Competitive Insights:
Based on applications, the global industrial salts market was segmented into chemical processing, road de-icing, water softening and agriculture among others. Chemical processing accounted for larger share of global industrial salts market in 2015 and is expected to increase in the near future. The chlorine manufacturing sector and the caustic soda manufacturing sector were the major consumers in the chemical industry. Road-deicing accounted as the second largest application segment for industrial salt in 2015. The rising demand for industrial salts to remove the accumulated snow on the roads of the snowfall regions has contributed to the growth of global industrial salts market. The developing regions such as North America and Europe are the major consumers of industrial salts for de-icing application. Automobile and highway corrosion and eco-system changes caused by the de-icing salts are well documented thereby leading to the growth of global industrial salts market. Other applications of industrial salts include water softening, agriculture and others such as animal feed and food processing are expected to experience steady growth during the forecast period.
Key Trends:
- High demand from chlorine and caustic soda industries
- Widely used as de-icing agent
- Used as water softening agent
- Opportunities from increasing research activities for increase in application scope of industrial salts
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