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 during the historical period.
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However, with the ongoing COVID-19 crisis, demand has declined, and a majority of manufacturers have shut down their operations across the world. Decline in oil prices too have had an adverse effect on industrial salt prices across regions. Nevertheless, market growth is set to resurrect post 3rd quarter of FY 2024.
The industrial salt market is estimated to be valued at US$ 19.5 Bn in 2030, creating an absolute dollar opportunity of US$ 6.3 Bn during the forecast period (2020-2030). The market is anticipated to progress at a decent CAGR of around 4% over the assessed forecast period.
Key Takeaways from Industrial Salt Market Report
- 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 during the forecast period, adding 1.5X value as compared to 2024.
- Oil & gas applications are set to dominate market revenue in 2024, and are expected to gain 20 BPS in their market share by 2030 over 2024.
- The deicing segment is anticipated to lose around 67 BPS over the forecast period of 2024-2030.
- 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 has 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 2024.
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“Key market stakeholders with economies of scale are set to gain impressive profits over the coming years,” says a Fact.MR analyst.
Key Market Players to Dominate Industrial salt Market
The industrial salt market is highly consolidated in nature, with key players such as AkzoNobel N.V, Mitsui, K+S AG, Cargill, and Sojitz leading the market space. High competition in the industrial salt market is set to hurt the stance of players operating in the landscape with lower margins, over the coming years.
More Valuable Insights on Industrial salt Market
Fact.MR, in its new offering, presents an unbiased analysis of the global industrial salt market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030.
The study divulges essential insights on the industrial salt market on the basis of grade (Grade-I, Grade-II, and others), source (rock salt and natural brine), production process (conventional mining, solar evaporation, and vacuum evaporation), and application (chemical processing [soda ash and caustic soda], oil & gas industry, power industry, water treatment industry, pharmaceutical industry, and others), and across six major regions.
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