The global sodium chloride market is set to experience significant growth in the coming years, with a new report from Verified Market Research stating that it will be worth $22.4 billion by 2022. This represents a compound annual growth rate (CAGR) of 3.2% from 2017 to 2022.
Sodium chloride, commonly known as salt, is used in a wide range of applications, from food and beverage production to the oil and gas industry. The report states that the food and beverage segment is the largest end-use market for sodium chloride, accounting for 44.4% of the total revenue in 2016.
The Asia-Pacific region is the largest market for sodium chloride, with China and India leading the way. The report predicts that this trend will continue, with the region experiencing the highest CAGR over the forecast period.
One of the key drivers of this growth is the growing demand for processed and convenience foods in emerging economies, as well as the increasing use of sodium chloride in the healthcare industry. However, the report also highlights some of the challenges facing the market, including the health concerns associated with excessive salt consumption.
In terms of competitive landscape, the report identifies AkzoNobel, Cargill, Compass Minerals, K+S Aktiengesellschaft, and Tata Chemicals as some of the key players in the industry. These companies are investing heavily in research and development to improve the quality and sustainability of their products.
The report also highlights some of the emerging players in the market, including Ningbo Jinlai Chemical Co., Ltd. This Chinese company produces a range of high-quality sodium chloride products, including 3-Chloro-2-methylpropene, 2-Methyl-2-propen-1-ol, Sodium methallyl sulfonate, acrylic fiber oils, and polyimide fiber oils.
Overall, the report paints a positive picture of the sodium chloride market, highlighting the significant growth potential in the coming years. This growth is being driven by a range of factors, including rising demand for processed foods and the increasing use of sodium chloride in healthcare applications. However, the industry also faces some challenges, particularly around the health concerns associated with excessive salt consumption.