Sodium chloride is universally known as common salt and used in excess quantities by various end-use industries. It is generally obtained by evaporation of seawater or brine via vacuum evaporation or solar methods. It is produced in large quantities to serve the demands of wastewater treatment, chemicals, and oil & gas. The global sodium chloride market report by Market Research Future (MRFR) outlines several pertinent factors, drivers, opportunities, and drawbacks for the period between 2023 and 2030 (forecast period).
Segmentation Analysis
The global Sodium Chloride Market has been segmented on the basis of type, manufacturing process, grade, and application.
Based on type, the global sodium chloride market has been classified into rock salt, solar salt, and others (brine and vacuum). Solar salt is expected to be the biggest segment throughout the forecast period owing to applications in foods & beverages.
By manufacturing process, the global sodium chloride market has been bifurcated into solar evaporation and artificial evaporation. Solar evaporation is projected to be the fastest growing segment during the forecast period owing to its ease in processing due to abundance of electricity gained from renewable energy plants.
On the basis of grade, the global sodium chloride market has been categorized into food grade, pharmaceutical grade, and technical grade. Technical grade was the leading segment in 2018 and will continue its dominance till 2026 due to demand for technical grade sodium chloride in water softening and drilling fluid applications.
Based on application, the global sodium chloride market has been segmented into water conditioning, chemical intermediates, animal feed additive, de-icing, flavoring agents and food preservatives, agriculture, pharmaceutical ingredient, drilling fluids, and others. Chemical intermediates accounted for the largest market share in 2021 and estimated to exhibit a stupendous CAGR during the forecast period due to the utilization of NaCl in chlor-alkali chemicals such as caustic soda.
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Regional Analysis
The Middle East & Africa (MEA), North America, Europe, Latin America, and Asia Pacific (APAC) are major regions in the global sodium chloride market.
The APAC region is presumed to dominate the global market during the forecast period owing to growing industries of oil & gas, animal husbandry, medical, and agriculture. Due to the presence of large salt-water bodies, abundance of salt, and consumption of flavoring agents can bolster the sodium chloride market growth. China is one of the biggest producers of NaCl due to applications in chlor-alkali, water softening, and drilling fluids.
Market Outlook
The global Sodium Chloride Market Business Insights can touch a value of USD 34.09 billion by 2028 while exhibiting a CAGR of 3.7% during the forecast period. Applications in de-icing and production of chlor-alkali products such as chlorine, soda ash, and caustic soda can drive the market demand to new heights. In addition, de-icing of snow in countries with cold climes and low cost of raw materials can drive the market demand.
The application of salt in preservation of pickles and processed meat can further the global sodium chloride market growth. Massive demand for salt in pharmaceutical and animal feed can create massive lucrative opportunities of growth for the market. Easy availability and production of salt in coastal countries will allow producers to shift their strategies to create vertical units and drive up the market volume of sodium chloride cost.
However, high intake of massive amounts of NaCl and production complexities encountered during its storage can prove challenging for the market.
Competitive Outlook
The Henrique Lage Salineira do Nordeste, Maldon Crystal Salt Co, ICL Fertilizers, Dow, Cargill, Incorporated, Dominion Salt, Compass Minerals, K+S AKTIENGESELLSCHAFT, Rio Tinto Limited, Tata Chemicals Ltd, Morton Salt, Inc, jinleichem, and Akzo Nobel N.V. are reputed companies currently operating in the global sodium chloride market.
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