Sodium Chloride Market Size, Share, Growth Analysis, By Source(Rock Salt, Seawater), By Grade(Chemical Grade, Food Grade), By Application(Chemical Production, Deicing) - Industry Forecast 2024-2031

Sodium Chloride Market size was valued at USD 29.33 billion in 2019 and is poised to grow from USD 30 billion in 2023 to USD 36.82 billion by 2031, growing at a CAGR of 2.3% in the forecast period (2024-2031).

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. 'K+S AG', 'Cargill, Inc.', 'Compass Minerals International, Inc.', 'AkzoNobel N.V.', 'INEOS AG', 'Wacker Chemie AG', 'Tata Chemicals Limited', 'China National Salt Industry Corporation', 'Südwestdeutsche Salzwerke AG', 'Salt Union Limited (a part of Tata Chemicals Europe Limited)', 'Atisale S.p.A.', 'Salinen Austria AG', 'Dominion Salt Limited', 'Swiss Saltworks AG', 'Sichuan Guangyu Salt Industry Co., Ltd.', 'Artyomsol State Enterprise', 'Solana GmbH & Co. KG', 'Cerebos Limited', 'Salzwerke Halle GmbH', 'La Baleine SA'

The low cost-effectiveness of sodium chloride in the market has led to an increase in the usage as well as demand for it. Due to the recent rise in the requirement for sodium chloride in the chemical sector brought on by the pandemic's expansion, there is now a significant market for the substance, which has led to the increased demand. because it serves as a reagent for substances like caustic soda, chlorine, and soda ash. After the pandemic, sodium chloride use surged as well, and it is anticipated that it will continue to dominate the market going forward.

INcreasing influence of the emerging application on the demand for sodium chloride: In terms of volume, the pharmaceutical industry makes up less than 5% of the total market. With relatively better profit margins, it is one of the markets for sodium chloride that is expanding the quickest. Since oral drug delivery has shown better outcomes than other methods of drug delivery in recent years, the use of sodium chloride as a flavoring agent has become crucial. For regulated and sustained release dose, matrix tablets are crucial, and pharmaceutical grade sodium chloride is increasingly employed to create such products.

Based on the region, the Asia Pacific region currently dominates the 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.