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Sodium chloride commonly known as salt, is a white, crystalline, ionic compound made from sodium and chloride and has chemical formula NaCl. It is the reason for the salty taste of seawater and primarily obtained from seawater. It is key condiment and preservative used in food and industrial sector. Bulk quantities of salt are used as feedstock to produce sodium and chlorine derivatives due to easy availability and cost-effectiveness.
Increasing demand from industrial sector for feedstock chemical for various chemical synthesis. High demand from food & beverages sector for condiment and preserving agents shall drive the market. Additionally, high demand from various cold regions to prevent formation of ice on roads and pavements due to the property of salt to depress the freezing point of water shall positively impact market growth.
However, introduction of various other chemicals with enhanced properties to be used as preservatives and deicing agents is expected to hamper the market growth.
Key Market Driver -
Increasing demand for polyester fibers and PET bottles.
Key Market Restraint -
Hazardous nature and availability of safer and greener alternatives.
Based on source, the global sodium chloride market is segmented into rock salt, seawater, and others. Based on grade, the market is segmented into chemical grade, food grade, deicing and others. Based on application, market is segmented into chemical production, deicing, water conditioning, agriculture, food processing, pharmaceuticals, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global Sodium chloride market consists of global & regional players operating. Some of the key players in the market include Cargill Inc, Nouryon, Tata chemicals, INEOS, Wacker Chemie, Dampier salts, Akzo Nobel, Cheetham salts, Swiss Salt Works, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia pacific is accounted for the largest market attributed to the high consumption of sodium chloride for chemical production from the large chemical manufacturing base. Rapidly growing food industry is expected to bolster the market growth. North America is expected to be the fastest growing region attributed to high demand for deicing application. Europe is expected to show substantial growth due to rapid industrialization and resulting increase in demand for feedstock chemicals. Latin America & Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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