According to the report published by Allied Market Research, the global inorganic salts market was estimated at $92.2 billion in 2020 and is expected to hit $150.7 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in usage of dietary supplements and rise in applications of inorganic salts drive the growth of the global inorganic salts market. On the other hand, several health & environment concerns impede the growth to some extent. However, surge in use of antacids is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Most of the industries across the world were shut down due to lack of raw materials and disruptions in the supply chain, which impacted the global inorganic salts market negatively, especially during the initial phase.
- Global exports were also hit hard due to transport & logistic issues and stringent customs regulations on board.
- Nevertheless, the market is anticipated to revive soon.
The sodium salts segment to retain the lion’s share-
On the basis of type, the sodium salts segment held the major share in 2020, garnering nearly three-fifths of the global inorganic salts market. This is due to their broad spectrum of applications across various industries. The calcium salts segment, on the other hand, is projected to cite the fastest CAGR of 5.9% throughout the forecast period. This is because calcium salts help build and maintain bones.
The agriculture segment to dominate by 2030-
On the basis of application, the agriculture segment contributed to the lion’s share in 2020, holding more than two-fourths of the global inorganic salts market. This is owing to the use of inorganic salts in improving the soil nutrients. However, the pharmaceuticals segment is projected to manifest the fastest CAGR of 6.0% from 2021 to 2030. This is because pharmaceutical substances are often converted into sodium salts because they are more stable and more soluble or bioavailable.
Asia-Pacific, followed by, North America held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than two-fifths of the global inorganic salt market. The same region is also expected to cite the fastest CAGR of 5.6% throughout the forecast period. The demand for inorganic salts in Asia-pacific is mainly driven by China, India, and ASEAN countries, which are experiencing substantial growth in the applications.
Key players in the industry-
- Eastman Chemical Company
- BEHN MEYER
- GFS Chemicals, Inc.
- Lanxess
- Lenntech
- LobaChemie Pvt. Ltd.
- Merck KGaA
- Otsuka Chemical Co., Ltd.
- Emerald Performance Materials
- Thermo Fisher Scientific Inc.
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