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.
|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.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583