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Industrial Salt Market

Oil & Gas to Remain Prominent Application of Industrial Salt, Opines Fact.MR

Published : 24 Nov 2021 Industry: Chemical & Materials

As per industry analysis on industrial salt by Fact.MR, a market research and competitive intelligence provider, the global industrial salt market is estimated to be valued at US$ 20.3 Bn by 2031, creating an absolute dollar opportunity of US$ 6.3 Bn over the forecast period (2021-2031). The market is anticipated to progress at a decent CAGR of around 4% over the next ten years.

Industrial salt is one of the key elements used for oil & gas drilling applications and to maintain the density of the crude oil produced. Growing demand from this sector has significantly assisted the revenue growth of manufacturers channelling industrial salt.

However, due to the COVID-19 crisis, industrial salt demand declined, and a majority of manufacturers shut down their operations across the world. Moreover, rise in oil prices too had an adverse effect on industrial salt prices across regions. Nevertheless, market growth resurrected post 3rd quarter of FY 2021.

Key Takeaways from Market Study

  • The global industrial salt market is anticipated to witness decent growth over the period of forecast and create a value opportunity of around US$ 6.3 Bn, adding 1.5X value as compared to 2020.
  • Oil & gas applications are set to dominate market revenue in 2021, and expected to gain 20 BPS in their market share by 2031.
  • The de-icing segment is anticipated to lose around 67 BPS over the forecast period.
  • East Asia holds a leading share in the global industrial salt market, of which, China has captured a lion’s share of the demand.
  • The COVID-19 pandemic adversely affected all regions and industries. With the oil & gas sector - an important end user of industrial gas – being badly affected, growth of the market will be sluggish in 2021.

“Key market stakeholders with economies of scale are set to gain impressive profits over the coming years,” says a Fact.MR analyst.

Winning Strategy

Key players operating in the market include AkzoNobel N.V, K+S AG, Sojitz, Mitsui Chemicals, Cargill, Arytomsol, Ciech S.A, Tata Chemicals, Swiss Salt Works AG, CK Life Sciences International, Compass Minerals International Inc, and Infosa, among others.

These manufacturers have adopted the strategy of channelling their products to multiple end-use applications to earn higher revenues. Moreover, players are focusing on high-growth regions to market their products, which will act as a driving factor for the market, thereby providing significant absolute $ opportunity over the forecast period.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global industrial salt market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.

The study reveals essential insights on the basis of grade (grade-I, grade-II and others), source (rock salt, natural brine), production process (conventional mining, solar evaporation and vacuum evaporation), application (chemical processing {caustic soda, soda ash} power industry, oil & gas industry, water treatment industry, de-icing, others), and key regions, namely, North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.

About the Chemicals and Materials Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Sr. Consultant – Chemicals and Materials

E-mail: yash@factmr.com

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Industrial Salt Market

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Industrial Salt Market Segmentation by Grade (Grade-I Industrial Salt, Grade-II Industrial Salt), by Source (Rock Salt, Natural Brine), by Production Process (Conventional Mining, Solar Evaporation), by Application (Chemical Processing, Oil & Gas, De-icing) & Regional Forecast to 2031