Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Industrial Salts Market Report by Source, Product, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global industrial salts market size reached US$ 15.4 billion in 2023. Looking forward, the market is expected to reach US$ 19 billion by 2032, exhibiting a growth rate (CAGR) of 2.4% during 2023-2032.
The rising product utilization in water treatment, oil and gas, and de-icing applications, increasing chemical manufacturing, and ongoing innovations in salt mining and purification techniques are some of the key factors contributing to the market expansion. 
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on source, product, application, and region.
Breakup by Source:
- Brine
- Salt Mines
The surging demand for brine, a high-concentration solution of salt in water, extracted primarily through solution mining where water is injected into underground salt deposits, is contributing to the market growth. This method is advantageous as it allows for the extraction of salts without extensive surface mining. Moreover, brine is used in various applications, including water softening, food processing, and as a base for chemical production, which is further propelling the market demand.
Besides this, salt mines, or rock salt mines, are a traditional source of industrial salts, where salt is extracted through conventional mining techniques. The extracted salt is a valuable raw material in the production of chemicals and is used for a variety of purposes, such as de-icing and water treatment. The accessibility and abundant reserves make salt mines a vital component of the industrial salt market, fostering market expansion.
Breakup by Product:
- Rock Salt
- Salt in Brine
- Solar Salt
- Vacuum Pan Salt
The industrial salt market overview shows the rising use of rock salt for de-icing roads and highways due to its effectiveness in melting ice and snow is fueling the market growth. Its coarse texture and relatively low cost make it an essential commodity for winter road maintenance in many cold regions worldwide.
Breakup by Application:
- Chemical Processing
- Caustic Soda
- Soda Ash
- Chlorine
- De-Icing
- Oil and Gas
- Water Treatment
- Agriculture
- Others
Industrial salts are crucial in chemical processing, particularly in producing caustic soda, soda ash, and chlorine, which are used for manufacturing various products like paper, glass, and polyvinyl chloride (PVC). This segment is driven by growing industrial demand and the widespread applications of these chemicals in numerous industries.
Meanwhile, the de-icing segment utilizes rock salt to melt snow and ice on roads, highways, and other surfaces, ensuring safety and mobility during winter. With the increasing frequency of extreme weather conditions, the demand for de-icing salt remains consistently high.
Moreover, in the oil and gas industry, industrial salts are used in drilling fluids and enhanced oil recovery techniques. These salts help stabilize wellbores and manage pressure, making them indispensable for efficient drilling operations and optimizing oil extraction, especially in regions with significant oil and gas production.
Besides this, industrial salts play a vital role in water treatment processes, aiding in water softening and the removal of impurities from wastewater. As a result, the rising global water demand and stringent environmental regulations, as industries and municipalities invest in advanced water treatment technologies are propelling the market forward.
Additionally, in agriculture, salts are used to enhance soil fertility and manage soil salinity, supporting crop growth and yield. The demand for agricultural salts is driven by the need for efficient and sustainable farming practices, as well as the increasing demand for high-quality crops in the food industry.
Furthermore, the expanding product employment across food processing, pharmaceuticals, and textiles sectors, where salts are used for preserving food, manufacturing medicines, and dyeing fabrics is industrial salts market dynamics. The versatility of industrial salts ensures their relevance across multiple industries, contributing to steady market demand.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The industrial salts market forecast revealed that the market in North America is primarily region-driven by the extensive use of industrial salts in the oil and gas sector, water treatment, and de-icing applications. The presence of significant salt reserves and advanced extraction technologies in the United States and Canada supports steady demand and market growth.
In addition to this, the Asia Pacific market is fueled by rapid industrialization and urbanization, increasing the demand for industrial salts in chemical processing and water treatment. China and India, in particular, are significant contributors due to their large manufacturing sectors and growing infrastructure development.
Concurrently, Europe's market is characterized by its substantial demand for industrial salts in de-icing and chemical processing. Countries like Germany and Russia play pivotal roles, with robust industries and harsh winter climates necessitating significant salt usage for road safety and industrial applications.
In confluence with this, in Latin America, industrial salt demand is driven by the oil and gas industry and water treatment needs. Brazil and Mexico are key markets, with ongoing infrastructure development and increased focus on environmental sustainability bolstering the use of industrial salts.
Furthermore, the Middle East and Africa market is experiencing growth due to rising oil and gas exploration and increasing water treatment requirements. The region's vast salt reserves and growing industrial activities, particularly in Gulf Cooperation Council (GCC) countries, contribute to the expanding market demand.
Competitive Landscape
The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the industrial salts industry include:
- AkzoNobel N.V
- Cargill Inc.
- Compass Minerals International Inc.
- Dominion Salt Limited
- Donald Brown Group
- INEOS Group Ltd.
- K+S AG
- Mitsui & Co. Ltd.
- Nouryon Chemicals B.V.
- Rio Tinto PLC
- Tata Chemicals Limited
The competitive landscape is characterized by the presence of both global and regional players. Key market participants dominate the market through extensive production capacities, broad product portfolios, and strategic geographical presence. These industrial salt companies are continuously engaged in research and development (R&D) to improve the efficiency and environmental impact of salt extraction and processing.
The market also features numerous smaller regional players that cater to specific local needs and regulations. This fragmented market structure leads to intense competition, particularly in terms of pricing, product quality, and service offerings. To stay competitive, companies are also emphasizing sustainability initiatives and the development of specialty salts tailored for specific applications.
Industrial Salts Market News:
- In June 2024, QatarEnergy, in collaboration with Mesaieed Petrochemical Holding Company (MPHC) and Qatar Industrial Manufacturing Co. (QIMC), invested QAR 1 billion ($275 million) to build a state-of-the-art salt production plant in Um Al Houl. This project aims to boost Qatar's industrial self-sufficiency and economic sustainability, supporting Qatar's National Vision 2030.
- In June 2024, Naarea is partnering with the French National Centre for Scientific Research (CNRS) and Universite Paris-Saclay to establish a specialized laboratory for molten salt chemistry. This new facility aims to become a European leader in research and development for molten salt reactors and related non-nuclear applications. The collaboration focuses on advancing both nuclear and non-nuclear technologies involving molten salts, enhancing Europe's position in this innovative field.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $15.4 Billion |
| Forecasted Market Value (USD) by 2032 | $19 Billion |
| Compound Annual Growth Rate | 2.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/n4vcbs
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