USD 29.33 billion
Report ID: SQSG15B2007 | Region: Global | Published Date: August, 2022 | Pages: 265 | Tables: 94 | Figures: 76
Global Sodium Chloride Market size was valued at USD 29.33 billion in 2021 and is poised to grow from USD 30 billion in 2022 to USD 36.82 billion by 2030, growing at a CAGR of 2.3% in the forecast period (2023-2030).
The chemical formula for sodium chloride, also known as salt, is NaCl. It is a white, crystalline, ionic substance produced from sodium and chloride. It is what gives seawater its saline flavor and is mostly derived from seawater. In the food and industrial sectors, it is a crucial condiment and preservative. Due to its affordability and ease of availability, sodium chloride is utilized in large amounts as a feedstock to create sodium and chlorine compounds.
Rising demand for sodium chloride, as well as increased penetration in a variety of application industries such as chemical processing, water treatment, and agriculture, are likely to fuel market expansion over the forecast period. The chemical industry's chlor-alkali sector is a significant user of sodium chloride for the production of caustic soda and chlorine. Due to sodium chloride’s ability to lower the freezing point of water, there is also a strong demand from many cold places to prevent the formation of ice on roads and pavements, which would favorably affect market growth.
US Sodium Chloride Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 29.33 billion
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The Global Sodium Chloride Market is segmented based on source, grade, application, and region. Based on Source, it is categorized into Rock Salt, Seawater, Solar Salt, and Vacuum Salt. Based on Grade, it is categorized into Chemical Grade, Food Grade, and Deicing. Based on Application, it is categorized into Chemical Production, Deicing, Water Conditioning, Agriculture, Food Processing, and Pharmaceuticals. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Sodium Chloride Market Analysis by Source
On the basis of source, the seawater segment is expected to dominate the global sodium chloride market over the forecast period. Due to the fact that it is made organically and is therefore supposedly healthier, seawater dominates the global sodium chloride industry. Sea salt is more flavorful and complex than rock salt because it contains minerals from the sea. On the other hand, rock salt has long been used in Ayurvedic medicine to treat stomach disorders, coughs, and common colds as well as to promote skin health.
Sodium Chloride Market Analysis by Application
On the basis of application, the chemical production segment is expected to dominate the global sodium chloride market over the forecast period. The chemical industry is a key driver of the sodium chloride market, accounting for over 25% of the overall market throughout the forecast period. For the synthesis of sodium hydroxide, soda ash, and chlor-alkali, among other chemicals, sodium chloride is a necessary raw ingredient. For the creation of rubber, paper and pulp, and chlorine gas, sodium chloride is widely employed. Sodium hydroxide and chlorine gas, which are used to make textiles, plastics, chemicals, and agrochemicals, are also produced from it and are a preferred source.
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Based on the region, the Asia Pacific region currently dominates the global sodium chloride market. Increased urbanization and rising disposable income in these countries are primarily responsible for this. It might also be connected to the expanding chemical markets and industries, which are attributed to the large chemical industrial base's high sodium chloride demand for chemical production. The fast developing food industry is projected to facilitate the market's growth.
The second-largest proportion of the global sodium chloride market is held by the North American region. With the assistance of regional nations like the United States, Canada, and Mexico, North America is probably going to see the fastest market growth due to the rising need for de-icing applications.
The European region is projected to experience significant growth over the forecast period. Europe is likely to experience significant development as a result of rising industrialization and the corresponding rise in demand for feedstock chemicals; nations like the United Kingdom, Germany, France, Russia, and Italy are contributing to this development by expanding their sodium chloride markets.
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Sodium Chloride Market Drivers
Sodium Chloride Market Restraints
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The sodium chloride market is a fairly competitive area that is dominated by multinational companies that provide raw materials at competitive prices. The market is relatively fragmented; roughly 70% of it is made up of tier 2 and tier 3 players. Strong B2B networks and a sizable supplier base define it. Strong alliances exist across the whole value chain in the market. Strong research and development efforts are given plenty of attention. To meet the needs of a growing consumer base, businesses seek to strategically collaborate with end users and local distributors. To gain a firmer footing, sodium chloride suppliers look for acquisition and regional expansion plans. However, brand loyalty and aggressive marketing make it difficult for new competitors to succeed in this market. Additionally, the emergence of internet commerce is anticipated to offer industry participants promising growth opportunities.
Sodium Chloride Market Top Players Company Profiles
Sodium Chloride Market Recent Developments
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According to the analysis, the global sodium chloride market is currently led by countries in the Asia Pacific region, due to the increased urbanization and rising disposable income in this region. Along with this, the chemical production segment is projected to lead the market due to the various advantages and applications of sodium chloride in the sector, over the forecast period.
|Market size value in 2021||USD 29.33 billion|
|Market size value in 2030||USD 30 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
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For the Global Sodium Chloride 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 Sodium Chloride 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.
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