Albany, NY -- (SBWIRE) -- 10/16/2018 -- In an intensely fragmented and competitive sodium chloride market, top six players held 35% of the overall market in 2015. Savvy players are engaged in product development, production innovation, and are exploring new regions for growth, says Transparency Market Research (TMR) in a new market study. In addition, key players as well as some regional players are engaged in integrated operations to boost their profit margins.
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Key companies to name in the global sodium chloride market are Cargill Incorporated and K+S AKTIENGESELLSCHAFT. These companies lead the market due to investments for building production facilities in new regions and adoption of technologically advanced brine manufacturing systems.
Some other companies operating in the sodium chloride market are Akzo Nobel N.V., Compass Minerals International Inc., Tata Chemicals Limited, Wacker Chemie AG, and INEOS Salts.
As per a TMR report the global sodium chloride market is predicted to clock a CAGR of 3.8% between 2017 and 2024, for the market to be worth US$19368.5 mn by 2024. The demand in the market was worth US$14891.6 mn in 2017. Application-wise, chemical intermediates is the most lucrative segment in the sodium chloride market; chlorine and caustic soda manufacturers are leading consumers of sodium chloride in the chemical industry. In terms of grade, the others segment comprising mechanically evaporated salts is likely to remain attractive through 2024. However, solar salt is expected to expand at a notable growth rate between 2017 and 2024. Region-wise, Asia Pacific is a key market for sodium chloride and is likely to remain this way during the forecast period.
Extensive Use for Food Flavoring and Food Preservation Applications Benefits Market
Primarily fuelling the global sodium chloride market is the rising demand for chlor-alkali products in Asia Pacific. The growth of the chemical industry in the region has resulted in increasing demand for chlor-alkali products such as soda ash, chlorine, and caustic soda. Emerging domestic markets of Asia Pacific such as China and India are key producers and consumers of chlor-alkali products to cater to economic development.
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Salt is widely used as a primary ingredient for manufacture of chlorine and sodium hydroxide for commercial use as it is relatively inexpensive. Chlorine finds extensive use in various industries such as textile, agrochemical, and plastics. Moreover, chlorine is used in the manufacture of numerous consumer goods.
Rising demand for packaged food bodes well for the growth of sodium chloride market. Commonly known as salt, sodium chloride is used in food and beverages as a flavoring agent and as a preservative. Food & beverages account for a major share in the overall sodium chloride market. It has a significant role in the preservation of pickles and processed meats. Massive production of canned food and packaged food to serve the changing lifestyle in emerging economies bodes well for sodium chloride market.