Albany, NY -- (SBWIRE) -- 09/27/2017 -- 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.
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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.