The highly fragmented competitive landscape of the global sodium
chloride market features several global as well as regional players
vying for a larger share in the market, observes a recent report by
Transparency Market Research (TMR). “Salt manufacturers are
continuously developing salt products for different health concerns
without compromising on their flavors for the food and beverages
industry,” states a TMR analyst. An instance is the Tata Salt Lite
by Tata Salt. The product is a low-sodium salt formulated to provide
15% lower sodium than ordinary salt for blood pressure management.
Some of the market’s most influential players are Cargill
Incorporated, Akzo Nobel N.V., Tata Chemicals Ltd., Dampier Salts,
and Wacker Chemie AG.
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TMR estimates that the market will exhibit a nearly 3.8% CAGR over
the period between 2016 and 2024. As a result, the market, which
valued at US$13.85 bn in 2015 and is anticipated to reach US$19.37 bn
in 2024. In terms of application, the chemical intermediates industry
dominates, accounting for over 50% of the market in 2015. From a
geographical perspective, Asia Pacific held the dominant share of
nearly 50% of the market in 2015 and is expected to remain the most
lucrative regional market over the forecast period as well.
Demand
across Chemical Industry to be Key Determinant of Market Growth
The flourishing global chemical industry has resulted in a
significant rise in demand for chlor-alkali products such as
chlorine, caustic soda, and soda ash in the past few years. Salt
being a primary commercial source for the production of chlorine and
sodium hydroxide, as it is widely available and is very economic, its
demand is expected to witness a surge across the chemical industry in
the next few years. Emerging countries across Asia Pacific region
such as China and India are the major producers and consumers of
chlor-alkali products. The market for sodium chloride across these
countries is expected to be among the most lucrative markets over the
forecast period.
The extensive use of sodium chloride across the food and beverages
industry in the form of flavoring agent and preservative is also
expected to have an immense positive impact on the overall market in
the next few years. Being one of the prominent end user of a variety
of salts. The flourishing food and beverages industry, especially the
segment of packaged and canned foods, is expected to be one of the
key drivers of the global sodium chloride market in the next few
years.
Fluctuation
in Snowfall to Impact Demand for Sodium Chloride in Deicing
Application
Deicing and snow-control applications account for a significant share
in the overall consumption of sodium chloride in regions such as
North America and Europe. Of late, the vast fluctuations observed in
snowfall in these regions owing to global warming and the resultant
unpredictability in climatic conditions have made it difficult for
salt manufacturers to determine the salt quantity to be produced to
gain profitable returns. During unfavorable winter conditions, large
amounts of un-used salt is either disposed or stored using expensive
technologies, resulting in major losses for manufacturers. This
factor is expected to severely impact the development of the global
sodium chloride market in the next few years.
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Apart from this, factors such as the easy availability of salt across
every corner of the world, production in large quantities, and
intense competition among global and regional players, which leads to
considerably low profit margins, are the key challenges faced by the
global market. The hygroscopic nature of salt also adds up to the
production cost, further lowering the profit margins of
manufacturers. These factors are expected to substantially hamper the
growth of the market over the forecast period.
This review of the market is based on a recent market research
published by Transparency Market Research, titled “Sodium
Chloride Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
For
the study, the global sodium chloride market is segmented into:
Sodium
Chloride Market - Grade Analysis
- Solar Salt
- Rock Salt
- Others (Vacuum Salt, etc.)
Sodium
Chloride Market - Application Analysis
- Chemical Intermediate
- Deicing
- Flavoring Agent & Food Preservative
- Water Treatment
- Animal Feed Additive
- Others (Pharmaceuticals, etc.)
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