2020 Analysis and Review of Sodium Chloride Market by Grade - Industrial, Agricultural, Pharmaceutical, and Food for 2020-2030
The global sodium chloride market is ready to embark on a positive growth trajectory, expanding at a modest CAGR to reach a value of US$ 59 Bn by 2030. While applications in the chemical and food & beverage sectors have been the most extensive, market players are looking to unlock potential revenue pools across de-icing and pharmaceutical applications. Analysts have also concluded that common salt is the key to achieving sustainable energy generation in the future.
Nearly nine out of ten industry units utilize sodium chloride to produce caustic soda and chlorine, which are used to manufacture light-weight materials such as polyurethane as an insulation material in construction, as well as chlorine for epoxy resins for electric cars and wind turbines. Moreover, its utility as an important food preservative and as a taste enhancer makes common salt a widely used ingredient in the food industry. While the COVID-19 pandemic may impede growth in the near-term, the long-term outlook remains largely optimistic.
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"White spaces across lucrative end-use industries, particularly in pharmaceuticals, is heightening growth prospects for the global sodium chloride market. Modification of drug release, regulation of tablet porosity and preparation of isotonic solutions are just some of the immense applications of this vital raw ingredient," comments an analyst at FMI.
Sodium Chloride Market- Key Takeaways
Solid-form sodium chloride retains its dominance in the market, liquid-based salt is expected to catch-up;
De-icing finds increasing application of sodium chloride due to its ability to dissolve in the film of liquid water on the surface, altering its freezing point;
Application as a dust-suppressant shall also fuel growth of the sodium chloride market, especially in the brine form;
East and South Asia to emerge as lucrative hubs for sodium chloride market, attributed to the presence of a multitude of chemical processing industries. Additionally, rising food consumption due to a high population also fuels growth.
Sodium Chloride Market- Key Driving Factors
Surging demand in the food industry for multiple applications, ranging from a flavoring agent to a preservative is facilitating usage of nearly 100% pure sodium chloride.
Production of matrix tablets and salt-based infusions have proliferated the usage of sodium chloride in the pharmaceutical industry.
Agrochemicals and animal feeds also utilize common salt to provide essential mineral supplements to livestock.
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Sodium Chloride Market- Key Restraints
Fluctuating weather due to environmental changes have altered snowfall patterns, often resulting in reduced precipitation. This is expected to limit the usage of salt for de-icing purposes.
Interrupted production cycles amid the coronavirus pandemic shall generate shortfalls in the near-term forecast.
Anticipated Impact of the Coronavirus Outbreak
With the entire world coming to a standstill due to the COVID-19 pandemic, massive disruptions in supply-chains and production cycles have been documented across several industries. Logistical shortfalls induced due to the imposition of nationwide lockdowns has made it difficult to procure the raw materials required for production, leading to supply shortages. In the case of the sodium chloride market, a lacunae was anticipated during the initial stages of the pandemic. Production has contracted for the near-term due to shortfalls in labor and closure of salt processing plants. On the demand front, consumer spending on fast moving consumer goods, particularly on food and beverages has altered.
Amid fears of contracting the infection, people are shying away from tasty foods with high salt content and shifting towards a healthier diet. However, with the easing of lockdowns in several countries, production cycles are being restored. Factories are gradually resuming their operations to almost full capacity, albeit with strict social distancing measures on-site. This is anticipated to bring the sodium chloride market back on track. Moreover, important end-use industries are regenerating demand for sodium chloride, greatly augmenting its growth prospects.
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Prominent market players in the global sodium chloride market include Intrepid Potash, Inc., EuroChem, Nutrien, Ltd., Wacker Chemie AG, Dampier Salt Ltd., Tata Chemicals Ltd., Akzo Nobel N.V, Maldon Crystal Salt Co, Compass Minerals International, Uralkali and the Mosaic Company to name a few. The market is fragmented, with prominent players accounting for nearly three-tenths of the market share. Enhancement of research & development capabilities, product development and acquisition of smaller players are some leading strategies to increase market presence.
More Insights on the Sodium Chloride Market
A new market research report published by Future Market Insights on the global sodium chloride market offers in-depth insights into the market demand trends and assessment of opportunities during the forecast period 2020-2030. The report analyzes the sodium chloride market through five different segments- product type (solid and liquid), grade (agricultural, industrial, pharmaceutical and food), source (solid and seawater & brine), end-use (food & beverages, chemicals, oil & gas, industrial, deicing, pharmaceuticals, water treatment, agriculture and leather industry) and region (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa). The sodium chloride market report also offers detailed pricing analysis by different forms, grade demand across various end-use industries and patent analysis in the market.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives', recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing - ‘The Way Forward'.
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