Published: Apr, 2018
In an intensely fragmented and competitive sodium chloride market, top six players held 35% of the overall market in 2015. Savvy players are engaged in product development, production innovation, and are exploring new regions for growth, says Transparency Market Research (TMR) in a new market study. In addition, key players as well as some regional players are engaged in integrated operations to boost their profit margins.
Key companies to name in the global sodium chloride market are Cargill Incorporated and K+S AKTIENGESELLSCHAFT. These companies lead the market due to investments for building production facilities in new regions and adoption of technologically advanced brine manufacturing systems.
Some other companies operating in the sodium chloride market are Akzo Nobel N.V., Compass Minerals International Inc., Tata Chemicals Limited, Wacker Chemie AG, and INEOS Salts.
As per a TMR report the global sodium chloride market is predicted to clock a CAGR of 3.8% between 2017 and 2024, for the market to be worth US$19368.5 mn by 2024. The demand in the market was worth US$14891.6 mn in 2017. Application-wise, chemical intermediates is the most lucrative segment in the sodium chloride market; chlorine and caustic soda manufacturers are leading consumers of sodium chloride in the chemical industry. In terms of grade, the others segment comprising mechanically evaporated salts is likely to remain attractive through 2024. However, solar salt is expected to expand at a notable growth rate between 2017 and 2024. Region-wise, Asia Pacific is a key market for sodium chloride and is likely to remain this way during the forecast period.
Extensive Use for Food Flavoring and Food Preservation Applications Benefits Market
Primarily fuelling the global sodium chloride market is the rising demand for chlor-alkali products in Asia Pacific. The growth of the chemical industry in the region has resulted in increasing demand for chlor-alkali products such as soda ash, chlorine, and caustic soda. Emerging domestic markets of Asia Pacific such as China and India are key producers and consumers of chlor-alkali products to cater to economic development.
Salt is widely used as a primary ingredient for manufacture of chlorine and sodium hydroxide for commercial use as it is relatively inexpensive. Chlorine finds extensive use in various industries such as textile, agrochemical, and plastics. Moreover, chlorine is used in the manufacture of numerous consumer goods.
Rising demand for packaged food bodes well for the growth of sodium chloride market. Commonly known as salt, sodium chloride is used in food and beverages as a flavoring agent and as a preservative. Food & beverages account for a major share in the overall sodium chloride market. It has a significant role in the preservation of pickles and processed meats. Massive production of canned food and packaged food to serve the changing lifestyle in emerging economies bodes well for sodium chloride market.
Lastly, extensive use of salt in cold countries for de-icing applications boosts the sodium chloride market.
Weather Uncertainties for De-icing Applications Hampers Growth
On the flip side, in cold countries, uncertainties pertaining to snowfall impacts demand for sodium chloride for de-icing applications. Salt is consumed in massive amounts for de-icing which is totally weather dependent. Salt is difficult to store for longer periods due to lump formation, which results in major losses for manufacturers. This is having a negative impact on the sodium chloride market.
Low profit margins for product manufacturers of sodium chloride is also challenging the growth of sodium chloride market.
The review presented here is based on the findings of a TMR report, titled “Sodium Chloride Market (Grade - Solar Salt, Rock Salt, and Vacuum Salt; Application - Chemical Intermediate, Deicing, Flavoring Agent and Food Preservative, Water Treatment, and Animal Feed Additive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
- Growth of the chemical industry in Asia Pacific propels demand
- Extensive use for de-icing applications in cold countries fuels growth
The global sodium chloride market is segmented as follows;
Sodium Chloride Market - Grade Analysis
- Solar Salt
- Rock Salt
- Others (Vacuum Salt, etc.)
Sodium Chloride Market - Application Analysis
- Chemical Intermediate
- Flavoring Agent & Food Preservative
- Water Treatment
- Animal Feed Additive
- Others (Pharmaceuticals, etc.)
Sodium Chloride Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY - 12207