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The global salt market size was valued at USD 32.6 billion in 2022 and is projected to grow from USD 34.1 billion in 2023 to USD 48.6 billion by 2030, exhibiting a CAGR of 5.2% during the forecast period.
Salt is one of the inorganic compounds which is applied in various industries. It is one of the world's most valuable minerals and an essential element of food consumption. The product is a mixture of chlorine and sodium that undergoes a number of processing activities involving seawater evaporation, brine extraction, rock salt, and mining.
The market is driven by the rise in product demand from the chemical manufacturing industry, especially in chlorine-alkali chemicals production. In the chemical industry, chlorine-alkali is a major user of the product due to a lack of any economic alternative for the commodity. However, the process of extracting the substance from mines includes additional approvals and licenses from mining officials around the globe, which are supposed to curb production. Additionally, mine facility operating levels vary significantly with increasing demand for the de-icing product, which is projected to delay the salt market growth over the forecast period.
Supply Chain Disruption during Pandemic Impacted Market Growth
The global market has been hit by logistical restrictions caused by the COVID-19 pandemic and the closure of many small businesses, especially in the food sector. France and Italy were the hardest-hit European countries, so lockdown measures have led to temporary or mass closures of fine dining, especially in Europe. Additionally, the trend toward healthier eating had gripped the market before the pandemic. High levels of sodium, especially from fast food, are the least consumed. Consumption of meat and poultry products declined, especially in the Asia Pacific region.
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Increasing Adoption of Industrial Salt in the Chemical Industry to Fuel Market Size
The chemical industry is the largest consumer of industrial salt, using it as a raw material for the production of various chemicals, such as caustic soda, soda ash, and chlorine. The increasing demand for these chemicals is expected to drive the growth of the market in the coming years. The use of advanced technologies in production, such as solar evaporation, is anticipated to increase the efficiency and sustainability of production. This is expected to reduce the environmental impact of the industry.
Growing Demand in Industrial Applications to Aid Growth
Salt is used in various industrial applications, such as chemical processing, water treatment, and de-icing. The growing demand for chemicals, along with increasing concerns over water pollution and scarcity, is expected to drive product demand in industrial applications.
The global population is expected to reach 9.7 billion by 2050, and the majority of this growth is expected to occur in urban areas. The increasing population and urbanization are expected to surge product adoption in various industries.
Governments around the world are also implementing various initiatives and regulations to ensure the safety and quality of products. For instance, the Food Safety and Standards Authority of India (FSSAI) has implemented various regulations to ensure the safety and quality of salt used in food products. These factors are expected to boost the market's growth.
Environmental Concerns Related to Production is Likely to Restrain Market Growth
Salt production can have a significant impact on the environment, particularly in regions where it involves material extraction from underground deposits or evaporation of seawater. This could lead to concerns over the depletion of natural resources, water pollution, and other environmental issues.
The production process can be an energy-intensive activity that can lead to greenhouse gas emissions and contribute to climate change. The production of salt generates significant amounts of waste, including brine and other chemicals, which require appropriate management and disposal to prevent environmental contamination. These factors are expected to hinder the market growth.
To address these environmental concerns, producers are increasingly adopting sustainable practices, such as using renewable energy sources, reducing water consumption, and improving waste management. In addition, governments are implementing regulations and policies to ensure sustainable production and minimize its environmental impact.
Rock Salt Segment to Gain Momentum Due to Increasing Applications from Various End-Use Industries
Based on type, the market is segmented into rock salt, salt in brine, solar salt, and vacuum pan salt.
Rock salt accounted for the largest market share in 2022 and is expected to continue its dominance until 2030. Rock salt is extracted from underground mines, typically through drilling and blasting techniques. This segment is driven by growing demand for de-icing and road salt applications, particularly in regions with cold and snowy winters, as it helps to melt snow and ice on roads and highways. It is also used in other industrial applications, such as chemical processing, water treatment, and oil drilling. In the food industry, rock salt is used for curing meat and fish.
Solar salt is likely to show significant gains during the forecast period owing to the growing demand for high-quality products across various industries. The food industry is one of the largest consumers of solar salt, as it is used in the production of processed foods, snacks, and baked goods. Increasing demand for organic and natural products, as well as the growing awareness about the health benefits of consuming high-quality salt, is driving the growth of the segment.
Salt Mines Segment to Dominate the Market Due to Availability of Underground Deposits
Based on the source, the market is segmented into brine and salt mines.
The salt mines segment accounted for the largest salt market share in 2022. The dominance is associated with the availability of underground deposits. The production from mines involves a series of processes that extract and refine salt from underground deposits. Specific methods and processes used in material production can vary depending on the type of deposit and the location of the mine.
Another production process is the extraction of salt from saline solutions, also known as brines. Brines are typically found in natural saltwater sources such as salt lakes, salt pans, and underground deposits.
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Chemical Processing Segment holds a Significant Share owing to Extensive Product Adoption
In terms of applications, the market is classified into chemical processing, de-icing, water treatment, oil & gas, agriculture, flavoring agent, and others.
Salt plays a crucial role in the chemical processing industry as it is widely used as a raw material and chemical reagent in various processes. The product demand from the chemical processing industry is associated with the production of key chemical compounds, industrial applications, and regional market dynamics.
The product is extensively used in water treatment processes, particularly in the regeneration of ion exchange resins in water softening systems. The product used in water treatment is influenced by factors such as population growth, urbanization, and industrial water requirements.
Asia Pacific Salt Market Size, 2022 (USD Billion)
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The global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is poised to expand rapidly over the foreseeable period due to rapid developments in emerging economies and increasing development in the industries in the region. A number of developed countries centered in Asia Pacific regions have weather that is specifically tailored for solar salt production, moreover supporting an increase in performance. The vacuum evaporation system will also report progress, backed by growth and development in China, where high standards of quality are becoming increasingly necessary in both the chemical and food processing businesses.
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North America is predicted to experience exponential growth during the forecast period owing to the benefit of the region's wide street de-icing sector. Europe accounts for a significant market share. The market growth in Europe is attributed to the growing demand from the industry of chemical manufacturing. The Middle East and Africa region is expected to experience a moderate growth rate during the forecast period. The region is expected to rank among the rapid developments, driven by the region-wide industrial growth, particularly the advancement of chemical and food engineering and other manufacturing operations. Latin America also suffers from political turmoil and economic instability, which hampers market growth.
Key Players are Adopting Business Expansion Strategy to Maintain Their Position in Market
The global market share is fragmented, with key players operating in the industry being Akzo Nobel, Cargill Salt, Compass Minerals International, Inc., INEOS Enterprises Salt, and Solvay. The manufacturers are expanding their business to gain competency in the industry and alleviate new entrants’ threats.
Market participants are fiercely competing with international and regional players with extensive distribution networks, regulatory know-how, and suppliers. In addition, companies sign contracts, acquisitions, and strategic partnerships with other market leaders to expand their existing markets.
An Infographic Representation of Salt Market
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The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and end-use industries. Also, the report offers insights into salt market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.
This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.
Value (USD Billion)
CAGR of 5.2% from 2023 to 2030
By Type; By Source; By Application; and By Region
Fortune Business Insights says that the global market size was USD 32.6 Billion in 2022 and is projected to reach USD 48.6 Billion by 2030.
In 2022, the Asia Pacific market size stood at USD 13.6 Billion.
Growing at a CAGR of 5.2%, the market will exhibit steady growth during the forecast period (2023-2030).
The chemical processing segment is expected to be the leading segment in this market during the forecast period.
The growing product demand from industrial applications will aid market growth.
Akzo Nobel, Cargill Salt, Compass Minerals International, Inc., INEOS Enterprises Salt, and Solvay are major players in the global market.
Asia Pacific dominated the market share in 2022.
A rise in product demand in the chemical manufacturing industry, especially in chlorine-alkali chemicals production, is expected to foster the growth of the market.
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