Sodium Chloride Market: Players Bank on Product Development to Stay Ahead of Curve - Transparency Market Research

Albany,NY, November 14, 2017 (Newswire.com) - ​​​The global sodium chloride market is characterized by stiff competition owing to the presence of numerous players, both local and international. In order to steal a march over their competitors in such a cutthroat environment, the players are banking upon product development to cater to the different requirements of the customers. A case in point is that of Tata Salt Lite by Tata Salt, which has lower sodium content meant for circulatory strain administration. While it retains the taste of salt, it also has health benefits.

Some of the prominent participants in the global market for sodium chloride are Wacker Chemie AG, Dampier Salts, Akzo Nobel N.V., Tata Chemicals Ltd., and Cargill Incorporated.

A report by Transparency Market Research forecasts the global sodium chloride market to clock a lackluster 3.8% CAGR from 2016 to 2024. Rising at this pace, the report expects the market, which was valued at US$13.85 bn in 2015, to become worth US$19.37 bn by 2024.

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Depending upon application, the global market for sodium chloride can be segmented into deicing, chemical intermediate, flavoring agent and food preservative, animal feed additive, water treatment, and others such as pharmaceuticals. Among them, the segment of chemical intermediates accounted for about half the market share in 2015. This is because of the rising production of dyes, soaps, glass, detergents, and PVC.

Geographically, key segments of the global market for sodium chloride is are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, of them, is likely to steal the show in the upcoming years with almost 50.0% share in the overall market on the back of solid demand from numerous end-use industries, namely food and beverages, water treatment, and chemicals.

Chloralkali Substances Drive Market

At the forefront of driving demand in the global sodium chloride market is the rise in demand for chloralkali substances. The chloralkali process, also referred to as chlor-alkali and chlor alkali, is an industrial process for the electrolysis of sodium chloride. It is the technology leveraged to manufacture chlorine and sodium hydroxide (lye/caustic soda) in large bulk. The ever-growing chemical industry worldwide, on the other hand, is serving to drive demand in the global sodium chloride market. Emerging economies in Asia Pacific, namely India and China, are dominant producers as well as buyers of chlor-alkali items.

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Apart from that, a proliferating food and beverage industry worldwide, particularly in developing countries due to rising disposable incomes of people, is also positively influencing demand in the global sodium chloride market.

Intense Rivalry among Players Hits Margins

One of the main challenges facing manufacturers in the global sodium chloride market is the abundant availability of salt, which has generated intense rivalry among players thereby making it difficult for them to maintain margins. Besides, salt is hygroscopic, meaning they absorb moisture. This further makes it difficult for producers to profit.

To tackle the problem, companies are focusing on product development. They are coming up with better varieties of salt having health benefits, without compromising on the flavor.

This review is based on the findings of a TMR report, titled, “Sodium Chloride Market (Grade - Solar Salt, Rock Salt, and Vacuum Salt; Applications - Chemical Intermediate, Deicing, Flavoring Agent and Food Preservative, Water Treatment, and Animal Feed Additive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”

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Source: Transparency Market Research