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Industrial salts is a vital component in a range of industrial processes & is commonly used in formulations, for catalytic functioning in relevant applications
NEW YORK CITY , NY, UNITED STATES, May 12, 2022 /EINPresswire.com/ -- The global Industrial Salts Market is projected to reach a value of USD 24.14 Billion in 2027. Growing usage of industrial salts as a building block in the chemicals industry, major uplift in demand for industrial salts in detergent and soap and agrochemical manufacturing, and rapidly increasing the deployment of wastewater and water treatment solutions in industrial & municipal sewage services are major factors driving the market growth.
The rise in domestic production of dyes and chemical pigments is also supporting the growth of the market. Also, the rising consumption of pesticides, pharmaceutical drugs, and cosmetics in the Asia Pacific and the considerable rise in production base in countries such as China, Japan, and India are driving the demand for industrial salts to a significant extent.
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In addition, the growing number of pharmaceutical industries and usage of industrial salts in the manufacture of drugs in APAC countries such as India, China, and Japan, and the increasing growth in consumption of pesticides in the region are expected to contribute significantly to the global market revenue and growth.
Key players in the market include Compass Minerals America Inc., K+S AG, China National Salt Industry Co., Cargill, Inc., Mitsui & Co. Ltd., Tata Chemicals Ltd., Exportadora de Sal de C.V., Dominion Salt Ltd., Rio Tinto Group, and Morton Salt, among others.
Demand for innovative materials is driven by transformations in the energy, automotive, logistics, manufacturing, construction, and other industries, as well as growing industry 4.0 technologies. Sustainability, lightweight, 3D printing, and surface engineering are all hot topics in the materials sector, as are intelligent materials, nano-formulations, and new composites with improved properties. Furthermore, increased adoption of artificial intelligence (AI), machine learning (ML), and data management strategies encourages scientists to investigate and develop novel materials considerably more quickly, reducing time-to-market from decades to only a few years.
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
Further key findings in the report
In February 2020, Stone Canyon Industries Holdings LLC announced its agreement of acquiring of business of Kissner Group Holdings LP, which is an industry-leading pure-play producer and supplier of salt in North America.
The considerable surge in demand for clean and safe water has been resulting in rising investments in water treatment facilities globally, hence driving the overall market growth.
The solar salt segment accounted for the largest revenue share of 42.6% in 2019 and is expected to register at a CAGR of 6.4% during the forecast period. The higher market share accounted for by the solar salt segment is attributed to increasing focus and investments in wastewater treatment plant operations and facilities, and is resulting in increasing demand for solar salts for a varying range of applications – including for topping up brine tanks and water softeners – in these facilities.
The market in North America is projected to account for 27.2% revenue share in the global industrial salts market by 2027, owing to significantly high usage of industrial salts in de-icing and chemical processing applications.
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For the purpose of this report, Reports and Data has segmented the global industrial salts market on the basis of End-Use, Source, Product, and Region:
Product Outlook (Revenue: USD Billion; 2017-2027, Volume: Kilo Tons; 2017-2027)
Source Outlook (Revenue: USD Billion; 2017-2027, Volume: Kilo Tons; 2017-2027)
End-Use Outlook (Revenue: USD Billion; 2017-2027, Volume: Kilo Tons; 2017-2027)
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Chapter 4. Industrial Salts Market Segmentation & Impact Analysis
4.1. Industrial Salts Market Material Segmentation Analysis
4.2.2.1. Technological advancement in the manufacturing industry
4.2.2.2. Increasing proliferation of the industrial salts in chemical processing
4.2.3.1. Small manufacturers’ concern about the Cost-To-Benefit Ratio
4.2.3.2. Diverse environmental regulations in different regions
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/industrial-salts-market
Regional Outlook (Revenue: USD Billion; 2017-2027, Volume: Kilo Tons; 2017-2027)
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