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The global inorganic salts market size was USD 172.34 billion in 2020 and is projected to grow from USD 184.76 billion in 2021 to USD 299.99 billion in 2028 at a CAGR of 7.2% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with inorganic salts witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 3.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
This market is expected to experience growth attributed to the high demand from the pharmaceutical and agricultural sectors. These salts do not contain a C-H bond as organic compounds. Due to the ionic interaction between the cation and anion, they dissolve in water. Metal salts with positively charged cation and negatively charged anion are the most prevalent. Magnesium salts, ammonium salts, potassium salts, and calcium salts are among the most widely used salts in the industry.
Halt in Production Process and Disruption in Demand & Supply Chain
The COVID-19 pandemic had an unparalleled impact on the global economy, particularly the chemical sector, which was severely disrupted. In the last two years, demand for chemicals and materials has plummeted in the chemical industry. Many other post-pandemic changes have demonstrated disruptive repercussions in addition to internal changes in the sector, such as trade uncertainty, pricing pressure, and overcapacity. Many chemicals, medicinal medicines, and agrochemicals are made from these salts and other bulk compounds. During the pandemic, rise in demand for pharmaceutical medications boosted the demand for these salts, but the total market declined due to labor shortages, unregulated raw material supply, government restrictions on manufacturing techniques, and other factors.
Companies, on the other hand, are using a variety of tactics to address current issues and plan short- and long-term measures to address post-pandemic challenges.
Increasing Adoption of Inorganic Metal Salts is an Emerging Trend in Market
Many common salts are used as salt substitutes, including potassium chloride, potassium sulfate, magnesium sulfate, calcium chloride, and others. One of today's developing trends is the use of these salts instead of sodium chloride. For instance, potassium salts are the most frequently used alternative for sodium salts as their taste closely approaches that of sodium chloride. The significant danger associated with a high sodium salt diet, as well as growing knowledge of its detrimental effects on the body, are driving up demand. Furthermore, ferrous sulfate is one of the iron deficiency-treating salts that is frequently recommended to patients suffering from anemia caused by iron deficiency. Inorganic metal salts are commonly utilized as antacids in medicinal applications, which has increased their popularity.
Growing Demand for Pharmaceuticals to Propel Market Growth
Inorganic salts find use in a variety of industries, including pharmaceuticals. Increased use of inorganic compounds as precursors and catalysts in the production of various medicinal products is expected to drive the market expansion. Hydrochloride salts, for example, are the most prevalent salts used in pharmaceutical drug manufacture, according to an article published by drugs.com. With around 15.5% of the market share. They have an important role in the body's activities and metabolism. Bone minerals, are inorganic components of bone tissues. The balance of sodium and potassium in cells is maintained by these salts in plasma. The increased demand for health drinks containing these salts is expected to drive market expansion.
Furthermore, the advent of numerous oncological and autoimmune disorders is driving the demand for drug and medicine. Furthermore, rising living standards, an aging population, and the prevalence of non-communicable diseases will all have an influence on the inorganic salts market growth.
Increasing Demand for Fertilizers to Drive Market
Nitrogen-containing salts, such as ammonium salts, are widely used in fertilizer production as they act as nitrogen suppliers. They are also employed in the production of insecticides and agrochemicals for soil treatment and conditioning. Some of the salts are ammonium nitrate, ammonium sulfate, calcium nitrate, diammonium phosphate, monoammonium phosphate, and others. Increased need for crop yields, owing to the world's growing population, is surging the demand for agrochemicals, which is further boosting demand. The total nutritional capacity of ammonia, phosphoric acid, and potash in fertilizers was 317.5 million tons in 2020, according to the Food and Agriculture Organization (FAO), and it is likely to expand further. This is expected to surge the demand for organic salts.
Toxicity of Certain Salts May Hamper the Market
Salts such as mercury chloride, barium bromide, lead salts, and others are either extremely or moderately poisonous in nature, causing discomfort and even death. Mercury salts, for example, predominantly impact the gastrointestinal tract but can also harm the kidneys. They can cause brain damage even if not exposed for a long time, which can be fatal. This is projected to hinder market expansion.
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Food Industry Segment to Attain Major Share Owing to Swift Urbanization
Based on application, the inorganic salts market is fragmented into chemicals, food industry, pharmaceuticals & personal care, agriculture, and others. The chemical sector in the application segment created the highest revenue in 2020. The growing demand for such salts in the production of various significant chemical compounds and materials is anticipated to propel the segment’s growth. The food industry segment is expected to generate significant revenue.
Asia Pacific Inorganic Salts Market Size, 2020 (USD Billion)
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The Asia Pacific’s market was valued USD 81.4 billion in 2020. Extensive manufacturing and exporting of pharmaceuticals from India and China, owing to the presence of a large chemical manufacturing base is likely to boost the market growth. For instance, according to the India Brand Equity Foundation (IBEF) pharmaceutical industry, India provides more than 50% of the overall global demand for different vaccines and almost 40% of the demand in the U.S.
Europe is anticipated to show significant growth accredited to the high demand for pharmaceutical drugs from the healthcare sector. Additionally, increasing agricultural developments and initiatives taken by the government to yield maximum crop production are expected to drive demand.
The North American market is projected to grow considerably, owing to the increasing adoption of salts containing nitrates. These salts are used in manufacturing explosives and ammunition. Additionally, increasing the adoption of fertilizers to boost farm yield is predicted to influence market growth.
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Latin America and the Middle East & Africa are projected to exhibit substantial growth by the end of the industry forecast period. Improving socio-economic conditions and increasing industrialization are likely to foster market growth.
Major Market Players Adopt Various Strategies to Amplify their Market Presence
The market is consolidated in nature due to the presence of a large number of global players. Arkema, Solvay, and Eastman Chemical Company are the key market players.
Manufacturers in this market mainly operate according to the product's application and price features. Several large firms are entering into strategic alliances to endorse their brands and enhance sales in an attempt to grow their market presence, and get a competitive edge.
An Infographic Representation of Inorganic Salts Market
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The global market research report examines this industry in depth, focusing on critical factors such as key players, products, and raw materials. In addition, the study provides insights into market trends as well as key industry advancements. The study includes different variables that have contributed to the market's growth in recent years, in addition to the factors listed above.
This study examines the industry's newest market dynamics and opportunities as well as historical data and revenue growth estimates at the global, regional, and country levels.
Value (USD Billion), Volume (Kilo Tons)
By Application and Region
Fortune Business Insights says that the global market size was USD 172.34 billion in 2020 and is projected to reach USD 299.99 billion by 2028.
In 2020, the Asia Pacific market size stood at USD 81.4 billion.
Growing at a CAGR of 7.2%, the market will exhibit steady growth during the forecast period (2021-2028).
The chemicals segment is expected to be the leading segment in this market during the forecast period.
Growing demand from the pharmaceutical sector is expected to drive the market.
Arkema, Eastman Chemical Company, Solvay, Tata Chemicals, Emerald Performance Materials, Solvay, and others are the major players in the global market.
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