Global Sodium Chloride Market - Segmented by Grade, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global sodium chloride (NaCl) market is expected to witness a CAGR of 3.8% owing to an increase in utilization of sodium chloride as a reagent for the chemical industry. The growing demand of NaCl for the pharmaceutical industry is also likely to stimulate the sodium chloride market during the forecast period.
NaCl as a Chemical Reagent to Drive the Market
The demand for NaCl is on the surge from the chemical industry, where it is widely used for the manufacturing of chlor-alkali products, such as chlorine, soda ash, and caustic soda. These products are further used for producing a wide range of products such as PVC, detergents, glass, dyes, and soaps. The rising demand for these products across the globe is expected to be a key factor driving the demand for sodium chloride during the forecast period.
Chemical Production the Dominant Application
Chemical production application accounted for over half of the NaCl market share. It is used in the manufacturing of many chemical products, organic and inorganic. The second largest consuming application is road salt for deicing. The market is expected to witness promising growth across the food packaging application as a preservative and flavoring agent. The growing demand for convenience food products across the globe is likely to drive the sodium chloride market.
Water Treatment and Chemical Industries Supporting the Asia-Pacific Market
Asia-Pacific is leading in the consumption and production of sodium chloride, with China accounting for more than one-fourth of the market share. It is likely to continue its position due to increasing demand from water treatment, chemical, and food & beverage industries. North America is the second largest consumer of NaCl, owing to the significant use in deicing industry. The consumption in deicing application varies substantially depending on climatic conditions. The market for North America and Europe is mature and is expected to grow at a sluggish rate.
In Jan 2018, Baxter International Inc., a global leader in sterile medication production and delivery, announced the approval of the United States Food and Drug Administration (FDA) for 0.9% sodium chloride injection.
The major players are Akzo Nobel N.V., INEOS Salts, Wacker Chemie AG, Cargill Incorporated, and Dampier Salt, amongst others.
Reason to Purchase the Report
To understand the impact of various grade type on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating grade and application in the market.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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