The industrial salts market was valued at USD 12.70 billion in 2016 and is projected to reach USD 14.93 billion by 2022, at a CAGR of 2.8% from 2017 to 2022. The growth of the chlor-alkali industry is driving the growth of the industrial salts market in the chemical processing application. The growing use of industrial salts for de-icing and water treatment applications is expected to further fuel the growth of the market across the globe. Agriculture and oil & gas are the key application sectors of industrial salts.
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The rock salt source segment is projected to be the larger segment of the industrial salt market during the forecast period from 2017 to 2022. The growth of the rock salt segment of the market can be attributed to the presence of various salt mines across the globe. Rock salt deposits can be effectively mined using conventional mining techniques or the solution mining process.
The chemical processing application segment of the industrial salt market is projected to witness the highest growth between 2017 and 2022. The growth of this segment of the market can be attributed to the use of industrial salt as raw materials in the manufacturing of various products, such as caustic soda, soda ash, and chlorine. The growth of the chlor-alkali industry in emerging economies is expected to further fuel the demand for industrial salt during the forecast period.
Companies in the industrial salts market adopted various strategies to enhance their presence between July 2012 and June 2017. Expansions accounted for a major share of all the growth strategies adopted by the leading players in the industrial salts market between July 2012 and June 2017. K+S AG (Germany), Cargill, Inc. (US), Compass Minerals America Inc. (US), China National Salt Industry Co. (China), Tata Chemicals Ltd. (India), Mitsui & Co. Ltd. (Japan), Rio Tinto Group (UK), COMPAGNIE DES SALINS DU MIDI ET SALINES DE L'EST (France), Dominion Salt Ltd. (New Zealand), and Exportadora de Sal de C.V. (Mexico) are some the leading players operating in the industrial salts market.
Besides expansions, new product launches, agreements, and mergers were other key strategies adopted by the leading players to enhance their market shares and strengthen their presence in the industrial salts market between July 2012 and June 2017.
K+S AG is one of the leading manufacturers of industrial salts, globally. The company carries out its business operations through its potash & magnesium products and salt business segments. In May 2016, K+S AG (Germany) launched its solar salt project in Australia. The annual production capacity of the plant is expected to be 3.5 million tons. This expansion is expected to help the company increase its presence in Asia Pacific.
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Compass Minerals International Inc. is also one of the key manufacturers of industrial salts. Founded in the year 2001, the company carries out its business operations through its two business segments, namely, salt and plant nutrients. The salt segment was a key business segment of the company in terms of revenue generation in 2016. The company has its salt business across North America, South America, and Europe. In October 2016, Compass Minerals International Inc. (US) completed the acquisition of Produquímica Indústria e Comércio S.A., a Brazil-based manufacturer and distributor of salts, minerals, and agricultural nutrients. Compass Minerals previously held 35% stake in the company and completed the acquisition by acquiring the remaining shares. The acquisition has helped the Compass Minerals to expand its salt business.
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