DUBLIN, September 17, 2021--(BUSINESS WIRE)--The "Industrial Salts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Industrial Salts Market is projected to register a CAGR of over 2% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Industrial salts are used to produce chemicals like chlorine and caustic soda. Owing to the pandemic scenario, the chemical manufacturing units were on a temporary halt during the government-imposed lockdown, thus led to a decrease in the demand for raw material needed in chemical processing. Furthermore, industrial salts are also consumed in paper manufacturing. The usage of soaps and detergents, which uses industrial salts as a raw material during production, have significantly increased during this situation, considering the personal hygiene and clean surrounding, which in turn stimulates the demand for the industrial salts market.
Key Market Trends
Increasing Demand from Chemicals Processing Application
Industrial salts are manufactured from rock salt or natural brine by conventional mining, solar evaporation, and vacuum evaporation.
Chemical processing applications account for over 50% of the total industrial salts demand. Industrial salts are widely used for manufacturing chlorine, soda ash, and caustic soda owing to the availability in large quantities and cost-effectiveness.
Due to the lack of cost-effective substitutes, industrial salts are actively used in the chloralkali process to manufacture products such as ethylene dichloride which is stimulating the demand for industrial salts.
According to the American Chemistry Council, the annual production growth of the chemical industry in the United States will rise by about 12.3% in 2021 compared to the previous year. The total chemical capital expenditure will rise to USD 33.5 billion by 2021, with a growth rate of 15.7% compared to the previous year, which in turn expected to stimulate the market demand of industrial salts.
Industrial salts are used in the production of plastics including polyvinyl chloride, soaps, detergents, herbicides, and pesticides. It is also used in the production of inorganic chemicals like titanium dioxide which is enhancing the growth of industrial salts market.
The laundry care segment also consumes industrial salts for manufacturing detergents, soaps, and other laundry care products. The laundry care market of United States was valued at about USD 12.8 billion in 2019 and reached about USD 13.1 billion in 2020, with a growth rate of about 2%, which in turn stimulates the demand for the studied market.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for industrial salts during the forecast period owing to the growing industrialization in the region. In countries like China, India, and Japan due to the usage of industrial salts in the chemicals processing industry, the demand for industrial salts has been increasing in the region.
The Japanese chemical industry was valued at about USD 200 billion in 2019, with a growth rate of about 2.5% compared to the previous year, which in turn stimulates the market demand for industrial salts.
Industrial salts are widely used for de-icing for clearing roadways in countries with heavy snowfall. De-icing property of industrial salts also helps to delay the reformation of ice for a certain period of time.
In water treatment plants, industrial salts are used for the water softening and purification process. In countries like India and China many water treatment projects are being constructed which will help to stimulate the growth of industrial salts over the forecast period.
The plastic segment uses industrial salts to produce polyvinyl chloride (PVC), which are widely used in the construction industry for different applications including piping, PVC boards, and others. China was leading in the construction industry with a market size of USD 1092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year.
Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%, thus led to a decrease in consumption of PVC made construction materials, which in turn stimulates the demand for the industrial salts market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Delmon Group of Companies
Dominion Salt Limited
Donald Brown Group
Exportadora de Sal de C.V,
MITSUI & CO., LTD
Morton Salt, Inc.
Tata Chemicals Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/u78jn2
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