The global inorganic salts market is driven by increased salt consumption and its application in various chemical manufacturing industries. It is also used extensively in industries, such as fertilizer, agrochemicals, paint, rubber, paper, ceramics, pharmaceutical and many others. In addition, it is used in small quantities in animal feed as catalyst, fire retardant and sulphur adsorbent. Inorganic salts are those salts that do not contain carbon content in there molecular structure. Inorganic salts can be categorized into numerous salt groups including oxides, sulphides, halides, fluorides, chlorides, carbonates, acetates, nitrates, silicates, phosphates and hypochlorides among others. Every group of these inorganic salts can be further sub-categorized on the basis of attached functional group, for example chlorides can be added to sodium, potassium and magnesium to yield sodium chloride, potassium chloride and magnesium chloride respectively.
Among the various applications, the chemical segment held the largest share in the Global inorganic salts market in 2015, and it is anticipated to retain its dominance during the forecast period. The growth in the chemical segment is attributed to the use of end products such as sodium carbonate, caustic soda and others for the production of paper, glass and other important chemicals. In addition, various inorganic chemical salts are used extensively for de-icing and anti-icing products, thus increasing the demand of organic salts. The chemical application segment is anticipated to grow at a CAGR of 4.7%, in terms of value during the forecast period. Moreover, other application segments including fertilizer and healthcare are anticipated to grow at steady rate.
The global inorganic salts market is expected to grow at a CAGR of 4.4% during 2016 – 2022. In terms of volume, Asia-Pacific accounted for the largest share in the global inorganic salts market in 2015. The major reason behind the growth of the market in the region is the growing demand for construction, agrochemical and fastly evolving chemical industry.
Some of the major key companies operating in the global inorganic salt market include Eastman Chemical company, Hebei Yatai Electrochemistry Co., Ltd., Behn Meyer, Lanxess AG, Otsuka Chemical Co Ltd, Arkema SA, Thermo Fisher Scientific Inc., Loba Chemie, and others.
News Courtesy: P&S Market Research