MRRSE has announced the addition of a new research study on the "Sodium Chloride Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024" to its report database.
Albany, NY -- (SBWIRE) -- 01/27/2017 -- The global market for sodium chloride is primarily driven by the significant rise in demand for chlor-alkali substances and packaged food products globally. The market will gain sizeable traction from the demand across the flourishing food and beverages and chemicals industries across emerging market but will bear the brunt of the declining demand for deicing application in regions such as North America and Europe.
Transparency Market Research estimates that the market will exhibit a moderate 3.8% CAGR over the period between 2016 and 2024. If the prediction holds true, the market will rise from a valuation of US$13.85 bn in 2015 to US$19.37 bn in 2024.
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Usage in Manufacturing of Chemical Intermediates to Remain Most Promising Application Area
Of the key applications of sodium chloride in the global market, applications across the chemical industry helped the global sodium chloride gain the most prominent share in revenue in 2015. In the chemical industry, sodium chloride is used in the manufacture of chlor-alkali products such as chlorine, soda ash, and caustic soda. These products are further used for manufacturing a wide range of products such as PVC, detergents, glass, dyes, and soaps. The rising global demand for these products will be a key factor driving the demand for sodium chloride in chemical applications in the next few years.
Over the forecast period, the market is expected to witness the most promising growth across the application segment of flavoring agent and food preservative, an estimated 4.3% CAGR from 2016 through 2024. The flourishing global market for packaged food will be the key factor leading to the high demand for sodium chloride across this application segment over the forecast period.
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The application segment of deicing, which involves the use of salt for deicing of snow on public and private areas such as roads, highways, airports, public and private grounds, and airplanes, accounted for a nearly 16% of the global sodium chloride market in 2015. However, the segment is expected to witness a decline over the forecast period owing to the fluctuations in snowfall in key regional markets such as Europe and North America. The segment, as a result, is expected to account for a nearly 15% of the market by 2024.
Decline across Deicing Application to Hamper Growth in North America and Europe
Asia Pacific holds the top spot in the global sodium chloride market in terms of both production and consumption. The region is also expected to remain the most lucrative market for sodium chloride over the forecast period, chiefly owing to the rising demand from end-use industries such as water treatment, chemicals, and food and beverages. The rising demand for chloro-alkali products in the chemical industry are likely to provide lucrative opportunities for the sodium chloride market in Asia Pacific. Increase in disposable incomes and changing food habits are expected to provide significant growth opportunities owing to the rising consumption of packaged and preserved food products.
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The sodium chloride markets in North America and Europe are mature and less lucrative than Asia Pacific. However, North America and Europe are also the largest deicing salt consuming markets and will continue to account for a sizeable share in the global sodium chloride market over the forecast period. In the North America market, the U.S., which currently holds a significant share in the regional market's revenues, is likely to continue to remain the primary market for deicing and chemical intermediates segments; Canada is expected to offer higher market potential for deicing.
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