Market Forecast to
2023:
The global industrial salts market is
quadrupling rapidly mainly due to the use of these salts in an array of
application areas across the major industries. Available in various types,
industrial salts find a line of applications mainly in agriculture, healthcare,
and construction industries. Owing to its extensive uses, industrial salts gain
a lot of prominences and sequentially momentum on the global platform.
Considering the significant traction, the market
is garnering currently; Market Research Future (MRFR) in its recently published
study report asserts that the global industrial salts market will accrue
exponentially by 2023, posting a staggering CAGR during the estimated period
(2018 – 2023).
Leverage to the rising population worldwide
that has resulted in heightened demand for food supply and increase the demand
in industrial salts market. Additionally, rising application of industrial
salts across industries including oil & gas, agriculture, textile, soaps
& detergents, and pharmaceuticals are driving the market growth to an
extent.
Also, some of the factors that act as a major
tailwind to the growth of the market include the growing chemical industries
across the globe and the uses of these salts in chemical processing of various
chemicals and as a dye-enhancer for textiles during the manufacturing,
processing, and refining of fabrics and materials. Industrial salts are also
used for water softening, which is another dominant driving force behind the growth
of the market.
On the other hand, factors such as the
environmental and health concerns associated with the extensive use of
industrial salts in specific applications are obstructing the market growth,
restricting their uses.
Nevertheless, increasing application areas of
industrial salt such as in the power industry including nuclear power and, in
the drilling fluids used in the O&G sector is expected to support the
growth of the market throughout the review period.
Major Players:
·
Incorporated
·
Cargill,
K+S AKTIENGESELLSCHAFT
·
Tata
Chemicals Ltd.
·
Compass
Minerals
·
MITSUI
& CO., LTD.
·
Groupe
Salins
·
INEOS
·
Dominion
Salt
·
The
Bhavnagar Salt & Industrial Works
·
Exportadora
de Sal
Global Industrial Salts Market – Segments
For enhanced understanding, the market has been segmented into four key
dynamics: -
By Source :
Natural Brine and Rock Salt among others.
By Manufacturing Process :
Conventional Mining, Solar Evaporation, and Vacuum Pan Evaporation among
others.
By Application :
Chemical Processing, De-Icing, Water Softening, Drilling Fluids, Dye Enhancer,
and Filler among others.
By Regions :
North America, Asia Pacific,
Europe, and the Rest-of-the-World.
Global Industrial Salts Market – Regional Analysis
The Asia Pacific region leads the global
industrial salts market, heading with the augmented demand from various
end-user industries for a number of processes including chemical processing,
de-icing, water softening, drilling fluids, dye enhancer, and filler among
others.
Moreover, factors such as the massive
technological advancements are expected to help the APAC region to continue
with its dominance over the global industrial salts market throughout the
forecast period 2018-2023. Furthermore, the rapid industrialization and
urbanization in some of the APAC countries such as China, Malaysia, Thailand,
Singapore, and India are expected to grow pervasively in the years to come.
Countries such as Brazil, Argentina, China,
and India are the major consumers of industrial salts. Countries in the Middle
East and the U.S make use of sulfates for chemical processing. Industrial salts
have numerous applications and are used extensively across the globe.
The industrial salts market in the European
and North American region is expected to witness a high growth rate owing to
the high demand from the de-icing applications as well as chemical processing
in these regions. Furthermore, factors such as the presence of the considerable
number of natural deposits and high production capacities alongside the high
demand from other regions and countries for exporting these salts are driving
the market of the market in these regions.
Global Industrial Salts Market - Competitive Analysis
Highly competitive, the Industrial
Salts Market Demand appears to be fragmented with the presence of
several large and small-scale players. This market demonstrates high growth
potential which attracts many new entrants to the market which results in
intensifying the competition further.
Manufacturers of industrial salts strive to
respond to the growing demand from the Paper industry that is driven by the
recent pulp mill expansions and the Greenfield projects, worldwide. These
players ensure to deliver the best quality products based on innovative
technologies, and best practices.
Global industrial salts market players are
ensuring to be innovative while building up the marketing strategies. This in
return, provides a strong consumer base. Key players are focused majorly on the
acquisition of small players to expand their business and penetrate the global
industrial salts market.
The expansion is also one of the key strategies
followed by acquisition. Expansion will help in capturing the major market and
increasing the production capacity to meet the rising demand from consumer’s
end thereby further contributing to increasing revenue. Acquisition and
expansions are evaluated to be adding to more than 30% of strategy share and
are facilitating the companies to penetrate the potential market across the
globe.
Industry/ Innovation/
Related News:
February 22, 2019 --- A group of physicists at the Niels
Bohr Institute in Copenhagen (Denmark) announced finding a design, the molten
salt reactor, that might turn nuclear power into the greenest energy source on
the planet. These researchers found that molten salt reactors had a simplicity,
elegance and, well, weirdness that especially appealed.
The standard alternatives used in the wind and
solar power are not sufficient. They couldn’t offer nearly enough energy the
world is demanding currently. Yet, conventional nuclear reactors which could
meet the need, in principle were massively expensive, potentially dangerous,
and anathema to much of the public.
On the other hand, the uses of Molten salt
reactors in nuclear power can avoid that spewing extra amount of carbon dioxide
that impacts the environment badly but provide that power without using coal
and gas.
Get Browse
Report@ https://www.marketresearchfuture.com/reports/industrial-salts-market-7205
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