Global
Sodium Chloride Market: Snapshot
The
global market for sodium chloride is primarily driven by the
significant rise in demand for chlor-alkali substances and packaged
food products globally. The market will gain sizeable traction from
the demand across the flourishing food and beverages and chemicals
industries across emerging market but will bear the brunt of the
declining demand for deicing application in regions such as North
America and Europe.
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Transparency
Market Research estimates that the market will exhibit a moderate
3.8% CAGR over the period between 2016 and 2024. If the prediction
holds true, the market will rise from a valuation of US$13.85 bn in
2015 to US$19.37 bn in 2024.
Usage
in Manufacturing of Chemical Intermediates to Remain Most Promising
Application Area
Of
the key applications of sodium chloride in the global market,
applications across the chemical industry helped the global sodium
chloride gain the most prominent share in revenue in 2015. In the
chemical industry, sodium chloride is used in the manufacture of
chlor-alkali products such as chlorine, soda ash, and caustic soda.
These products are further used for manufacturing a wide range of
products such as PVC, detergents, glass, dyes, and soaps. The rising
global demand for these products will be a key factor driving the
demand for sodium chloride in chemical applications in the next few
years.
Over
the forecast period, the market is expected to witness the most
promising growth across the application segment of flavoring agent
and food preservative, an estimated 4.3% CAGR from 2016 through 2024.
The flourishing global market for packaged food will be the key
factor leading to the high demand for sodium chloride across this
application segment over the forecast period.
The
application segment of deicing, which involves the use of salt for
deicing of snow on public and private areas such as roads, highways,
airports, public and private grounds, and airplanes, accounted for a
nearly 16% of the global
sodium chloride market in 2015. However, the segment is expected
to witness a decline over the forecast period owing to the
fluctuations in snowfall in key regional markets such as Europe and
North America. The segment, as a result, is expected to account for a
nearly 15% of the market by 2024.
Decline
across Deicing Application to Hamper Growth in North America and
Europe
Asia
Pacific holds the top spot in the global sodium chloride market in
terms of both production and consumption. The region is also expected
to remain the most lucrative market for sodium chloride over the
forecast period, chiefly owing to the rising demand from end-use
industries such as water treatment, chemicals, and food and
beverages. The rising demand for chloro-alkali products in the
chemical industry are likely to provide lucrative opportunities for
the sodium chloride market in Asia Pacific. Increase in disposable
incomes and changing food habits are expected to provide significant
growth opportunities owing to the rising consumption of packaged and
preserved food products.
The
sodium chloride markets in North America and Europe are mature and
less lucrative than Asia Pacific. However, North America and Europe
are also the largest deicing salt consuming markets and will continue
to account for a sizeable share in the global sodium chloride market
over the forecast period. In the North America market, the U.S.,
which currently holds a significant share in the regional market’s
revenues, is likely to continue to remain the primary market for
deicing and chemical intermediates segments; Canada is expected to
offer higher market potential for deicing.
Some
of the global sodium chloride market’s most influential players are
Cargill Incorporated, Akzo Nobel N.V., Tata Chemicals Ltd., Dampier
Salts, China National Salt Industry Corporation, Compass Minerals
International, Inc., Wacker Chemie AG, Südwestdeutsche Salzwerke AG,
INEOS Salts, Swiss Salt Works AG, and Cheetham Salt.
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