The global inorganic salts market size is anticipated to hit USD 299.99 billion by 2028 and exhibit a CAGR of 7.2% during the forecast period. The rising demand for pharmaceuticals and inorganic metal salts’ adoption is expected to fuel the market growth. Fortune Business InsightsTMhas presented this information in its report titled, “Inorganic Salts Market, 2021-2028”. The market size stood at USD 172.34 billion in 2020 and USD 184.76 billion in 2021.
Additionally, the rising demand for nitrogen-rich salts, such as ammonium salts, to make fertilizers is expected to boost the market growth. The increasing crop yield demand due to expanding population and its growing food demand is expected to augment the demand for fertilizers and foster market growth in the coming years.
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Halt in Production Process and Disruption in Demand & Supply Chain due to COVID-19
The chemicals industry has been acutely struck by the rapid spread of COVID-19. A steep decline in demand for chemicals has been witnessed in the last two years. The pricing pressure, trade uncertainty, and other such factors have gravely impacted the market growth. Labor shortage, uncertain shutdowns of production facilities, supply chain disruptions, and raw material scarcity have aggravated the situation. Though the demand for these salts increased due to the rising demand for pharmaceutical drugs, the market still experienced a negative impact of the virus’ quick spread.
Application and Region are Studied
On the basis of application, the market is categorized into agriculture, pharmaceutical & personal care, food industry, chemicals, and others. Geographically, the market is classified into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
- It highlights key growth drivers and suggests strategies to overcome the restraints to market growth.
- It includes companies profiled according to their market rankings and the strategies adopted by them to stay at the top of the game.
- It highlights the impact of the COVID-19 pandemic on the market.
- It incorporates SWOT Analysis and Porters’ Five Forces Analysis for accurate market prediction.
- It includes the latest industry developments.
Drivers & Restraints-
Rising Demand by Pharmaceutical Sector to Fuel Market Growth
Inorganic salts are widely used by the pharmaceutical sector. These salts are vital for our body’s functioning and metabolism. For instance, these salts in plasma help in maintaining the balance of potassium and sodium in cells. The increasing demand for health drinks with inorganic salts is anticipated to boost the inorganic salts market growth. Moreover, the growing instances of autoimmune and oncological diseases are escalating the demand for medicines and drugs, which is expected to uptick market growth in the coming years.
The rising adoption of inorganic metals salts, including magnesium sulfate, potassium sulfate, and others instead of sodium chloride is an emerging trend, which is anticipated to positively influence the market growth.
However, the toxicity of certain inorganic salts, such as lead salts, mercury, and others, may hinder market growth.
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Presence of Large Chemical Manufacturing Base to Fuel Growth in Asia Pacific
Asia Pacific is anticipated to attain remarkable growth in the global inorganic salts market share. The extensive production and export of pharmaceuticals from China, India, and other countries due to a large chemical manufacturing base present in the region are predicted to boost the region’s market growth.
Europe is predicted to experience substantial growth in the forthcoming years. The increasing demand for pharmaceutical drugs from the healthcare industry propels the region’s market growth. Moreover, the government’s growing agricultural initiatives and developments to maximize crop yield are expected to complement the region’s market growth.
North America is projected to exhibit considerable growth in the global market. The rising adoption of the product that contains nitrates, primarily for ammunition and explosives manufacturing, is expected to boost the region’s market growth. Moreover, the increasing utilization of fertilizers to amplify crop yield is predicted to fuel the region’s market growth.
The Middle East & Africa and Latin America are estimated to exhibit significant growth due to rising industrialization and improving socio-economic conditions.
Key Players Emphasize Strategic Alliances to Augment Sales
The market is fragmented in nature and comprises a large number of international players, including Solvay, Arkema, Thermo Fisher Scientific, Eastman Chemical Company, and others as the top market players. The major market players engage in strategic alliances to augment sales and brand. For instance, United Salt Corporation revitalized its brand identity and image in April 2021 to better serve United Salt customers.
- September 2021: Solvay continued to deliver soda ash in the market despite supply chain disruptions caused by the COVID-19 pandemic.
List of Key Market Players-
- Redmond Clay & Salt Company (Utah, U.S.)
- United Salt Corporation (Texas, U.S.)
- Eastman Chemical Company (Tennessee, U.S.)
- Arkema (Colombes, France)
- Solvay (Brussels, Belgium)
- Tata Chemicals (Mumbai, India)
- GFS Chemicals (Ohio, U.S.)
- Otsuka Chemical (Gurugram, India)
- Behn Meyer (Hamburg, Germany)
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