Why is Grade-I Industrial Salt Highly Required in the Drilling & Extraction Sector – Exclusive Report by Fact.MR

The Grade-I Industrial Salt market stood at US$ 13.1 Bn in 2020, accounting for around 45% of the global salt market revenue share. Owing to multiple end uses, Grade-I Industrial Salt demand is projected to increase at around 4% CAGR through 2031.

Market growth is mainly attributed increased application of Grade-I Industrial Salt such as in chemical processing, caustic soda, soda ash, water treatment, de-Icing, and many more. Global consumption of Grade-I Industrial Salt is poised to increase to 455 KT by 2031.

AttributeDetails
Grade-I Industrial Salt Market Size (2020)US$ 13.1 Bn
Market Forecasted Value (2031)US$ 20.3 Bn
Global Market Growth Rate (2021 to 2031)4% CAGR
Market Share of Top 5 Companies>20%

Grade-I Industrial Salt is one of the key elements used for oil & gas drilling applications and to maintain the density of the crude oil produced. Growing demand from this sector has significantly assisted the revenue growth of manufacturers channelling Grade-I Industrial Salt.

Key Takeaways from Market Study

  • The global Grade-I Industrial Salt market is anticipated to witness decent growth over the period of forecast and create a value opportunity of around US$ 6.3 Bn, adding 1.5X value as compared to 2020.
  • Oil & gas applications are set to dominate market revenue in 2021, and expected to gain 20 BPS in their market share by 2031.
  • The de-icing segment is anticipated to lose around 67 BPS over the forecast period.
  • East Asia holds a leading share in the global Grade-I Industrial Salt market, of which, China has captured a lion’s share of the demand.
  • The COVID-19 pandemic adversely affected all regions and industries. With the oil & gas sector – an important end user of industrial gas – being badly affected, growth of the market will be sluggish in 2021.

“Key market stakeholders with economies of scale are set to gain impressive profits over the coming years,” says a Fact.MR analyst.

What are the Prominent Driving Factors for Grade-I Industrial Salt Sales?

Grade-I Industrial Salt market value is estimated to reach US$ 20.3 Bn by 2031, rising at a CAGR of 4% over the forecast period. Credit for expansion of market size goes to the oil & gas sector, which has captured more than 40% market share. Apart from oil & gas application of Grade-I Industrial Salt, water treatment and chemical processing have a major impact on the market, owing to rise in water security policies and increased soda ash & caustic soda production.

Owing to this, Grade-I Industrial Salt finds a wide range of application in many industries, which is expected to be an important driving factor for Grade-I Industrial Salt consumption.

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