Increasing Demand for Industrial Salts to Drive Market Growth
The increasing demand for industrial salts is expected to drive the growth of the global industrial salts market from 2023 to 2030. The market is expected to grow at a compound annual growth rate (CAGR) of 3.4% during the forecast period, reaching a value of $19.93 billion by 2030.
The demand for industrial salts is being driven by a number of factors, including:
- The increasing demand for chlorine-alkali products: Chlorine-alkali products are used in a variety of applications, including water treatment, paper manufacturing, and textiles. The increasing demand for these products is driving the demand for industrial salts, which are a key raw material in their production.
- The increasing demand for water treatment: Industrial salts are used to treat water for drinking, industrial, and agricultural purposes. The increasing demand for clean water is driving the demand for industrial salts. Salt is used to remove impurities from water, such as bacteria, viruses, and heavy metals. It is also used to soften water and to control the pH of water.
- The demand for industrial salts is coming from a variety of regions around the world, but the Asia-Pacific region is expected to be the largest market for industrial salts in the coming years. The Asia-Pacific region is expected to grow at a CAGR of 3.9% during the forecast period, driven by the growing demand for chlorine-alkali products, food preservation, and water treatment in the region.
- The demand for industrial salts is expected to peak in 2030, when the market is expected to reach a value of $19.93 billion. However, the market is expected to continue to grow at a moderate pace after 2030, driven by the increasing demand from the major end-use industries.