Global Inorganic Salts Market Report, published by Fior Markets, forecast that the global market is expected to reach $69,131 billion by 2024 from $47,224 billion in 2016; growing at a CAGR of 4.9% from 2016 to 2024. Inorganic salts comprise of wide assortment of salts that are used in various industries including agriculture, healthcare, and construction, among others. They are essential nutrients for humans and animals, that helps to regularize the body functions.
“Inorganic Salts Market (By Product Type: Sodium Salt, Magnesium Salt, Calcium Salt, Potassium Salt, Ammonium Salt, and Others; By Application: Chemical, Fertilizer, Food, Healthcare, Construction, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Expanding agrochemicals and agricultural industry drives the growth of global inorganic salts market
Some of the drivers boosting the growth of the market includes growing agrochemicals and agricultural industry, rising need for magnesium oxide, growth in rubber industry, and increasing use of salts in pharmaceutical and construction industry. Though, toxic nature of certain salts would restrain the growth of the market. Besides, increasing research in chemicals and biotechnology would create growth opportunities for the market players in forecasted period.
Product type, application, and geography are the key segmentations considered in the global inorganic salts market. By product type, the segment is bifurcated as sodium salt, magnesium salt, calcium salt, potassium salt, ammonium salt, and other product types. Application is further categorized as chemical, fertilizer, food, healthcare, construction, and other applications. Based on geographical analysis, inorganic salts market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Potassium salt accounted for the largest market share in the product type segment
Potassium salt was leading the segment with largest market share in 2016, driven by increasing popularity of organic food, increased demand from fertilizer industry, and increasing momentum of hydroponics.
Chemicals dominated the type of application segment
Chemicals dominated the application segment, owing to increasing investments in R&D, and increased use of salts for various applications in chemical industry.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia-Pacific is expected to attain the fastest CAGR of 5.2% during the forecast period 2016-2024, driven by, increasing use of salts as fertilizers, and expanding construction, and chemical industry. In terms of market share, Asia-Pacific held the largest market share with 45%, followed by Europe in 2016.
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The Major players competing in this market include Thermo Fisher Scientific Inc., Chemtura Corporation, Lanxess AG, Behn Meyer, Merck Millipore, Bann Química, Eastman Chemicals Co., Loba Chemie Pvt. Ltd., Otsuka Chemical Co Ltd., and Emerald Performance Materials, among others.