Sodium chloride (NaCl) is widely utilized as a raw material in chemical processing sectors. Worldwide, the chemical sector has been the instant customer of sodium chloride in the last few years. Additionally, flourishing end-users for instance oil & gas, food & beverage, de-icing, and water-treatment industries are propelling the market development of sodium chloride. In Europe and North America, food & beverage and de-icing industries are the foremost end-users of sodium chloride.
The market for sodium chloride will be reaching a valuation of US$ 59 Billion by 2030, growing at a CAGR of around 4% throughout the assessment period of 2020-2030. Whereas the market would expand at a steady pace throughout the approaching decade, the COVID-19 pandemic is having a damaging influence on the market, worldwide. The pandemic is projected to influence customer spending all over several sectors for instance FMCG and food. As such, the annual expansion pace of the market is poised to decline amid 2020-21 but is slated for sharp recovery throughout the approaching financial year.
“Sodium chloride manufacturing is projected to contract amid the COVID-19 pandemic; nevertheless, regions, for example, APAC and Europe have continued some nature of manufacturing activities. Additionally, notable expansion in multiple end-use sectors is likely to fuel the market development over the approaching years.”
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Key Takeaways of Sodium Chloride Market Study
- De-icing sectors of Europe and North America are projected to be key customers of sodium chloride.
- Expansion in the chemical sector in the Asia Pacific (APAC) is amid the prominent aspects boosting the need for sodium chloride in the recently.
- Pharmaceutical grade sodium chloride will exhibit potential development prospects over the approaching years.
- Increasing need for dust suppressants will aid market development in terms of end-use is concerned.
- East and South Asia will foresee higher consumption and production of sodium chloride, due to the existence of several chemical processing sectors in these regions.
Industrialization is fueling the need for sodium chloride, due to its extensive scope of industrial application. Industrial salts are more inexpensively feasible than natural salts that are further catalyzing the market development, or industrial salt expansion. There is additionally rising sodium chloride usage in the end-use industry for an instance water softener in water treatment plants, and as oil & gas as drilling fluids.
Chemical and food & beverage sectors are the foremost end-users of sodium chloride. The COVID-19 pandemic has forced governments in various nations to inflict nationwide social distancing and lockdowns regulations. Whereas the chemical sector is suffering because of the downtimes of several manufacturing facilities, the closure of bars and restaurants has adversely influenced the food & beverage industry. These aspects will have a negative influence on the market amid 2020-21. Nevertheless, FMI states that the market is slated for a snapback in the subsequent fiscal year.
Key makers in the market, for instance, Compass Minerals International., Cargill, Incorporated, K+S AKTIENGESELLSCHAFT, Akzo Nobel N.V., Wacker Chemie AG, Tata Chemicals Limited, INEOS GROUP HOLDINGS S.A., Südwestdeutsche Salzwerke AG, Maldon Crystal Salt Coare, and Dampier Salt Limited, are concentrating on fortifying their product portfolio and growing their market footprint via the acquirement of small-scale enterprises in the scenario.
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