Inorganic Salts Market Expected to Reach $92.2 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, "Inorganic Salts Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" The inorganic salts market size was valued at $92.2 billion in 2020, and is projected to reach $150.7 billion by 2030, at a CAGR of 5.1% from 2021 to 2030.

Inorganic salt contains an organic ion or carbon atom. It comes under the broad category of a number of salts, which mainly include halides, oxides, carbonates, acetates, sulfates, nitrates, hypochlorites, silicates, and phosphates, however, the chemical and physical properties of each of these are different from each other.

Inorganic salt is a widespread substance that is used in various industries such as fertilizers, agriculture, and agrochemical industries. In past few years, rise in population and continuous growth of agrochemicals and agriculture industries has increased led to rise in growth of the global inorganic salt market. Magnesium oxide and rubber are the major elements of inorganic salt. Growth in rubber the industry and rise in demand for magnesium oxide has led to rise in the growth of the global inorganic salt market.

The global inorganic salts market analysis is done on the basis of type, application, and region. By type, the inorganic salts market is divided into sodium salts, magnesium salts, calcium salts, potassium salts, and ammonium salts. The sodium salts segment accounted for a substantial market share of inorganic salts, in terms of value, and is estimated to lead the overall market in the coming years. This is attributed to increased demand from developing countries such as China and India.

By application, the agriculture segment accounts for the largest share, owing to increase in use of inorganic salts to provide soil nutrients thus, improving the yield quality. In addition, the pharmaceutical industry is anticipated to witness higher growth rate, owing to rapidly expanding healthcare industry caused by rise in health awareness, coupled with increase in per capita disposable incomes during the forecast period.

By region, Asia-Pacific was one of the most prominent regions in the market. India, China, and ASEAN nations, which are seeing significant expansion in end-use sectors, are expected to propel demand for inorganic salts in Asia-Pacific. Asian-Pacific holds major share in the inorganic salt market, owing to growth in the chemical industry, increase in cement activities, and rise in demand for agrochemicals in the region.

The major companies profiled in this report include BEHN MEYER, Eastman Chemical Company, GFS Chemicals, Inc., Hunter Chemical LLC, Lanxess, Lenntech, LobaChemie Pvt. Ltd, Merck KGaA, Otsuka Chemical Co., Ltd, and Thermo Fisher Scientific Inc.,

 Key findings of the study

• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 5.6%, in terms of revenue, during forecast period.
• By type, the sodium salts segment accounted for the largest inorganic salts market share in 2020.
• By application, the agriculture segment garnered the largest market share in 2020.

Impact of COVID-19 on the global inorganic salts market

• Some of the major economies suffering from the COVID-19 crisis include Germany, France, Italy, Spain, the UK, Norway, and others. Many industries have been shut down due to lack of raw material availability and disruptions in the supply chain, owing to the virus outbreak. The worldwide lockdown has suspended the agriculture, pharmaceuticals and construction activities, which results in declining demand for inorganic salts.
• The pandemic has disrupted economies worldwide, impacting almost every industry. Core industries such as the agricultural and food industry were also hampered. Due to lockdowns and social distancing, hotels and restaurants had to shut leaving farmers with no buyers for their produce.
• Global exports were also hit hard with stringent customs regulations, transport and logistic issues, and lockdowns at global, national, and regional levels.
• On the other hand, as food is an essential commodity, demand for agricultural production increased. Hence, to meet this growing demand and make sure that crops are not damaged, use of fertilizers and pesticides increased. For instance, Moroccan phosphates giant, OCP, sold 11.3 million tons of finished fertilizers in 2020, up from 9 million tons in 2019. Hence, increased use of fertilizers and pesticides impacted the inorganic salts market in 2020.