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Industrial Salt Consumption to Surpass 455 Kilo Tones by 2031 Amid Surging Water Treatment Applications
NEW YORK , Nov. 25, 2021 /PRNewswire/ -- Sales of industrial salt are forecast to grow at a steady 4% CAGR, finds Fact.MR in a recent market survey. Increasing demand for industrial salt in various end-use industries such as chemical processing, caustic soda, water treatment, and de-icing will continue augmenting growth of the market.
Driven by this, the industrial salt market size is expected to reach US$ 20.3 Bn by 2031, with total consumption of industrial salt surpassing 455 KT over the forecast period.
Growing adoption of industrial salt in the oil & gas industry for drilling natural resources such as crude oil and natural gas is giving tailwinds to industrial salt sales. Besides this, increasing applications of industrial salt in water treatment driven by water security policies is expected to augment growth of the market in the forthcoming years.
Further, expansion of the chemical industry is expected to bode well for the industrial salt market. Industrial salts are widely adopted in the chemical processing industry for the manufacturing of soda ash, caustic soda, and chlorine. These chemicals are further used in water treatment, laundry, and other applications. Hence, this is anticipated to boost the sales of industrial salt in the chemical sector.
As per Fact.MR, sales of industrial salts in the U.S. are estimated to gain traction over the assessment period. Increasing applications of industrial salts in de-icing of roadways, railway tracks, and runways is expected to spur demand for industrial salts, placing the U.S. as an attractive market in North America over the forecast period.
Leading players operating in the global industrial salt market are aiming to expand their production facilities by investing in mergers, acquisitions, and collaborations. To cater to the expanding customer pool, players are increasing their research and development efforts to improve their product portfolios.
For instance,
Fact.MR provides an unbiased analysis of the industrial salt market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global industrial salt with a detailed segmentation on the basis of:
In 2020, there was a significant increase in global demand for feedwater treatment chemicals. Rising demand can be linked to a growing awareness of people's safety as a result of the emergence of the Covid-19 pandemic, resulting in a favourable phase for key market players. However, by 2021, the number of Covid cases would have decreased, causing worldwide manufacturers to engage in technical breakthroughs in order to provide better products and services. Because of the growing usage of boilers in industries including chemicals, petrochemicals, and oil and gas, feedwater treatment chemicals are projected to become more popular in the coming years.
Growing industrial operations has resulted in increase in the amount of harmful and toxic effluents emitted into the environment. In addition, the use of agrochemicals on agricultural land has increased dramatically. As a result, water contamination and degradation have reached new heights. This necessitates major technological breakthroughs as well as the installation of efficient water treatment systems. One of the most efficient solutions for such issues has been the development of water treatment membranes. As a result, the increase in industrial operations is the driving force behind the product's demand.
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