Industrial Salt Market

Industrial Salt Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030 The global industrial salt market has witnessed moderate growth at a CAGR of 2.8% over the past half-decade. At present, owing to the ongoing outbreak of COVID-19, the oil & gas industry has put the brakes on production to some extent, and this has created a domino effect that has negatively affected the growth of the industrial salt market. However, the market has restarted and picked up pace in regions such as Europe and East Asia, but the demand for industrial salt has not gained significant pace.

On the brighter side, the market is set to reach its original pace by the 3rd quarter of 2021, with global demand set to witness an uptake at a CAGR of 4% during the forecast period (2020-2030).

Credit for the expansion of the industrial salt market size goes to sectors such as oil & gas, which has captured more than 40% of the industrial salt market share. Apart from oil & gas application of industrial salt, water treatment and chemical processing have a major impact on the industrial salt market, owing to rise in water security policies and soda ash & caustic soda production, respectively.

Industrial Salt Market Analysis by Grade Of the two major grades of industrial salt, Grade-I and Grade-II, Grade-I accounts for more than three-fourth of the market share, owing to its utilization in significant amounts in the oil & gas industry. Grade-I is used particularly in oil & gas applications owing to high NaCl content and low sulphur content, which saves around 5-8% of processing cost for oil & gas extractors. These factors play a major role in prominence of Grade-I industrial salt.

Grade-I is expensive by around 4-5% as compared to Grade-II; hence, manufacturers in chemical processing, water treatment, and deicing prefer utilizing Grade-II industrial salt. This grade accounts for less than one-third of the market share, but holds immense potential for market growth.

Industrial Salt Market Insights by Application Industrial salt sees significant consumption in the oil & gas industry, especially from the drilling and extraction sector, which has provided stimulus to the market over the historical period. Moreover, expanding soda ash and caustic soda production has spiked the demand for industrial salt.

Furthermore, it is used in small amounts in the pharmaceutical industry, cloud seeding, and other niche applications. These aforementioned factors are set to boost the growth of the industrial salt market in the mid-term forecast period. Traditional application-based industries such as oil & gas and chemical processing will remain key growth areas for the industrial salt market.