Business

Salt Industry Set For Rapid Growth, To Reap Bulk Revenues, Application & Forecast to 2032

The global salt industry was valued at USD 34.07 billionin 2023 and is projected to grow from USD 35.84 billion in 2024 to USD 54.02 billion by 2032, exhibiting a CAGR of 5.3% during the forecast period.

Salt is one of the most valuable minerals and an essential element of food consumption. Salt is one of the inorganic compounds which is applied in various industries. Salt consists of two elements such as chlorine and sodium, which undergoes a number of processing activities involving seawater evaporation, rock salt, brine evaporation, and mining. Salt, the seemingly ordinary white crystals we sprinkle on our food, has a long and fascinating history as a vital commodity. But the salt industry is far more than just table salt. It’s a global enterprise that produces hundreds of millions of tons annually, with uses ranging from food preservation to de-icing roads.

Salt Production: From Sea to Mine

There are three main ways salt is obtained:

  • Seawater evaporation: This traditional method involves channeling seawater into shallow pools where the sun and wind naturally evaporate the water, leaving behind salt crystals.
  • Rock salt mining: Massive underground salt deposits are mined using traditional mining techniques or by dissolving the salt with water to create brine, which is then processed to extract the salt.
  • Brine production: In some cases, saltwater or underground brine deposits are directly used in industrial processes without further extraction of salt crystals.

Segmentation:

Rock Salt Segment to Drive the industry Growth Owing to Increase in Demand from Various End-Use Industries

On the basis of type, the industry is segmented into solar salt, rock salt, salt in brine, and vacuum pan salt.

Rock salt dominated the largest industry share in 2022 and is projected to continue its leading position until 2030. Rock salt is mined from underground mines, typically through blasting and drilling techniques.

Salt Mines Segment to Hold the Largest Share Owing to Availability of Underground Deposits

Based on the source, the industry is bifurcated into salt and brine mines.

The salt mines segment held the largest salt industry share in the previous year. The dominance is related to the availability of underground deposits. Another production process is salt extraction from saline solutions, termed brines.

Chemical Processing Segment Dominates the industry Due to an Increase in Product Adoption

According to application, the industry is divided into water treatment, chemical processing, de-icing, flavoring agent, oil & gas, and others.

Salt plays an important role in the chemical processing industry as it is used as a raw material and chemical reagent in various processes. The product is broadly used in water treatment processes, mainly in the regeneration of ion exchange resins in water softening systems.

The global industry has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Source- https://www.fortunebusinessinsights.com/salt-market-103011 

Report Coverage:

The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their industry presence.

Beyond the Kitchen: The Many Uses of Salt

While table salt is essential for flavoring food, it makes up only a small portion of total salt production. Here’s a glimpse into the broader industrial uses of salt:

  • Chemical Industry: The largest consumer of salt is the chemical industry. Salt is a key ingredient in the production of chlorine and caustic soda, used in numerous industrial processes like paper making and water treatment.
  • De-icing: Rock salt is crushed and spread on roads during winter to melt ice and snow.
  • Agriculture: Salt can be used to improve soil quality and provide essential minerals for crops.

Global Salt Production Landscape

China, the United States, and India are the top producers of salt globally. Interestingly, despite being a major producer, most of the salt in industrialized countries is used for industrial purposes, with only a small percentage used for household consumption.

Competitive Landscape:

The prominent key players in the industry, such as INEOS Enterprises Salt, Akzo Nobel, Compass Minerals International, Inc., Cargill Salt, and Solvay, have adopted strategies to expand their business to back their position in the industry. Moreover, companies sign contracts, partnerships, and acquisitions with other industry leaders to grow their existing industrys.

Key Industry Development:

  • December 2022: CIECH Soda Polska in an agreement with Inowroclaw Salt Mines “Solino” to offer brine to its production plant up till 2035.

List of Key Players Mentioned in the Report:

  • Akzo Nobel (Netherlands)
  • Cargill Salt (U.S.)
  • Compass Minerals International, Inc. (U.S.)
  • INEOS Enterprises Salt (U.K.)
  • Solvay (Belgium)
  • K+S (Germany)
  • China National Salt Industry (China)
  • CIECH GROUP (Poland)
  • Hunan Salt Industry Co., Ltd. (China)
  • Salins Group (France)

The Future of Salt

As the world’s population grows, the demand for salt is expected to rise. The industry is constantly evolving, with advancements in technology leading to more efficient and sustainable production methods. Looking ahead, the salt industry will likely focus on balancing production needs with environmental responsibility.

Finixio Digital

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