Sodium Chloride Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Sodium Chloride Industry Hit Worst due to Russia-Ukraine War Impact?
The global sodium chloride market size is expected to gain momentum owing to the increasing demand for polyester fibers during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Sodium Chloride Market, 2021-2028.” It is most commonly used in the chemicals and foodservice sectors. The primary drivers of demand are economic progress, a growing population, and rising disposable incomes. It is a common ingredient in animal feed and fertilizers. In comparison to natural salts, manufactured salts are more economically feasible, which impacts the expansion of the market. It is also increasingly used in other end-use industries such as oil and gas and water treatment.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Sodium Chloride Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Sodium Chloride Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Detrimental Impact of Covid-19 on Chemical Industry
COVID-19 had a negative influence on the market in 2020. In frigid regions, sodium chloride is often used for deicing roads, runways, and streets. It is also used in the chemical industry to make compounds such as chlorine and caustic soda. Because of the pandemic scenario, roadway building and chemical production units were temporarily halted by the government.
List of Key Players Profiled in the Global Market for Sodium Chloride:
- Cargill Incorporated
- Tata Chemicals
- Wacker Chemie
- Dampier Salts
- Akzo Nobel
By source, the market is segmented into rock salt, seawater, and others. On the basis of grade, the market is segregated into chemical grade, food grade, deicing, and others. On the basis of application, the market is fragmented into chemical production, deicing, water conditioning, agriculture, food processing, pharmaceuticals, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The market research report offers integrated information on the key drivers, constraints, and opportunities driving industry growth. The research goes on to generate data volume by component, end consumer, and demographic. Major brand SWOT analysis identifies vulnerabilities, strengths, opportunities, and threats. The data is useful for business.
Drivers & Restraints-
Rising Chemical Production to Stimulate Growth
The global sodium chloride market growth is expected to grow due to the increased production for chemicals during the projected period. The chemical sector is driving up demand for NaCl, which is widely utilized in producing Chlor-alkali products such as soda ash and caustic soda. These materials are then used to make a variety of goods, including polyvinyl chloride, cleansers, colors, and soap. Furthermore, caustic soda is a raw material for various organic compounds, the most significant of which is epoxypropane (propylene oxide), which is used to manufacture polyurethanes. The rising demand for polyurethane in the industrial and transportation industries throughout the world is expected to drive the market.
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Increasing Manufacturing Base to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global sodium chloride market share during the forecast period. There is a strong demand due to the region’s significant production and consumption and the presence of many chemical and food and beverage enterprises in the region.
North America is expected to have a sizable share of the market. This is due to the region’s massive number of pharmaceutical firms and strong demand for pharmaceutical sodium chloride from the healthcare industry.
Manufacturers Focus on R&D Investments to Strengthen their Position
The suppliers are looking for acquisition and regional growth plans to have a stronger footing. However, brand awareness and strong marketing make it difficult for new entrants into this area. Furthermore, the introduction of internet sales is projected to provide favorable growth opportunities for industry participants.
- January 2021: Aurobindo Pharma has acquired FDA permission to produce and market Dexmedetomidine Hydrochloride in 0.9 percent Sodium Chloride Injection in the United States.
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