The sodium chloride market is projected to showcase a moderate growth rate of 4.2% CAGR over the forecast period of 2021 – 2031 as per the analysis by Future Market Insights (FMI). The market will be driven by rising demand from various industries including chemicals, food and beverages, oil and gas, industrial, deicing, and water-treatment.
Globally, the chemical industry facilities have been the leading consumers of sodium chloride in recent years. In North America and Europe, de-icing and food & beverage industries have emerged as key end users of sodium chloride.
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While the market will grow at a steady rate over the next decade, the novel coronavirus (COVID-19) outbreak has left a detrimental effect. The pandemic is expected to affect consumer spending across various sectors such as food and FMCG.
Furthermore, industrial salt is economically viable as compared to natural salt, which is further catalyzing the growth of the industrial salt sector. Chlorine is used as a primary source for chlorine and sodium hydroxide production, as it is extensively available and inexpensive.
Growth in the commodity chemicals market is expected to drive the consumption of solid sodium chloride, which in turn is expected to fuel the demand in the coming years. As such, the annual growth rate of the sodium chloride market is slated to decline during 2020-21, but is poised for sharp recovery over the next financial year.
Key Takeaways from Sodium Chloride Market Study
- Driven by application across diverse industries, the global sodium chloride market is expected to rise at 4.2% CAGR between 2021 and 2031.
- Expansion of the chemicals industry will create growth opportunities for the market. The chemical industry is likely to account for over 30% sales in the market by 2021.
- China is a leading market for sodium chloride and is expected to reach a valuation of over US$ 8.4 Bn in 2021, owing to expansion in the chemical industry and rising food applications.
- The U.S. will emerge as a key market, accounting for 80% sales in North America. The expansion of food processing sector will drive growth in the U.S.
- Germany is a leading market for sodium chloride in Europe. Its valuation is expected to surpass US$ 1.3 Bn in 2021, owing to its role as a production and processing hub in the region.
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“Sodium chloride production is anticipated to contract during the COVID-19 pandemic. However increasing production in parts of Europe and APAC is expected to stabilize supply shortages. Moreover, positive growth trends in multiple end-use industries are expected to drive the growth of the market over the coming decade,” says an analyst of Future Market Insights.
Who is Winning?
The global sodium chloride market has been identified as a significantly fragmented market, with the large international players accounting for a limited share of the overall industry.
Market leaders are focusing on strengthening their product portfolio and expanding their market footprint through the acquisition of small-scale enterprises in the landscape.
Key manufacturers in the sodium chloride market include but are not limited to Cargill Incorporated, Compass Minerals International, K+S AKTIENGESELLSCHAFT, Wacker Chemie AG, Akzo Nobel N.V., Tata Chemicals Limited, Südwestdeutsche Salzwerke AG, INEOS GROUP HOLDINGS S.A., Dampier Salt Limited, Hindustan Ltd, Aashirwadh, Annapurna, Saboo Sodium Chloro Ltd, Hindustan Salts Ltd, Nirma Ltd., Merck KGah, GHCL Ltd., VM Chemicals, and Anish Chemicals.
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More Valuable Insights
Future Market Insights, a research and consulting firm has published a market research report on the Sodium Chloride market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, type, end use, and region. The report also provides supply and demand trends, along with an overview of the parent market.