USD 14.16 billion
Report ID: SQSG15B2004 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 91 | Figures: 75
Global Salt Market size was valued at USD 14.16 billion in 2021 and is poised to grow from USD 14.61 billion in 2022 to USD 19.4 billion by 2030, growing at a CAGR of 3.2% in the forecast period (2023-2030).
Salt is consumed by every individual in the world in some form regularly. According to the researchers of Tufts University, an average of 3.95 grams of salt is consumed per person per day by every adult on the planet. It is one of the most expensive minerals in the world and a vital component of human diet.
It is an important inorganic chemical having various applications across different industries such as chemical processing, food processing, and water treatment among others. The increasing application of salt in the chemical production is projected to boost the growth of the salt market, over the forecast period
US Salt Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.16 billion
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The Global Salt Market is segmented based on type, application, source, and region. Based on Type, Salt Market is categorized into Rock Salt, Vacuum Salt and Sea Salt. Based on Application, Salt Market is categorized into Chemical Processing, De-Icing, Water Treatment, Oil & Gas, Food Processing, and Agriculture. Based on source, the Salt Market is segmented into Brine and salt mines. Based on region, Salt Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Salt Market Analysis by Application
On the basis of application, the chemical processing salt segment is currently dominating the global salt market, having the largest market share. In particular, industrial salts are utilized as a raw material in the production of chlorine, soda ash, and caustic soda. The increasing demand for these chemicals is projected to increase the consumption of salts, thereby supporting the growth of the global salt market.
Similarly, the increasing number of water treatment projects are predicted to boost the use of industrial salts, and as a result, support the growth of the overall salt market. Currently, there are several water treatment projects underway, which is projected to increase the demand for salts. These projects utilize industrial salts to soften and purify the water.
Along with this, the de-icing segment is another segment contributing significantly to the global salt market. Industrial salts are stored in regions with heavy snowfall expectations for clearing the roads. Several nations have started building up their stocks of salt for deicing purposes because of the past incidences of a shortfall of salt supply for deicing the roads.
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Based on the region, the Asia Pacific region currently dominates the global salt market, due to the rapid growth of the emerging economies and the increasing developments in the various industries in this region. Many industrialized nations in the Asia-Pacific area have weather conditions that are ideal for producing solar salt which also enable growth of this market. In China, where high standards of quality are becoming more and more important in both the chemical and food processing industries, the production of vacuum salt is also expected to grow rapidly.
North America is also expected to have a considerable expansion in the salt market due to the region's robust street de-icing sector. Additionally, Europe has also emerged as a significant region in the market, due to the increasing chemical sector in the region. Also, the Middle East and Africa is projected to have the fastest growth due to the increased industrialization in the region, caused by the expansion of chemical and food engineering as well as other manufacturing activities.
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Salt Market Drivers
Salt Market Restraints
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The market for salt is fragmented, with small-scale producers accounting for a sizable portion of the industry. The major players in the worldwide salt market use key tactics such as product innovations, business expansions, joint ventures, and mergers and acquisitions.
Salt Market Top Players Company Profiles
Salt Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global salt market analysis, the global salt market is currently led by countries in the North American region, due to the increased deployment and technological advancements in smart parking meters in this region. Along with this, the point of sale segment of salts holds the largest market share owing to its advantages such as quick checkout alternatives, a personalized customer experience, and a variety of payment methods, and it is projected to maintain its dominance over the forecast period.
|Market size value in 2021||USD 14.16 billion|
|Market size value in 2030||USD 14.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Salt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Salt Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Salt Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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