According to Fortune Business Insights the global inorganic salts market size was USD 213.52 billion in 2023 and is projected to grow from USD 229.25 billion in 2024 to USD 396.18 billion by 2032 at a CAGR of 7.2% during the forecast period. Additionally, the rising demand for nitrogen-rich salts, such as ammonium salts, to make fertilizers is expected to boost the market growth. The increasing crop yield demand due to expanding population and its growing food demand is expected to augment the demand for fertilizers and foster market growth in the coming years.

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Segments

Application and Region are Studied

On the basis of application, the market is categorized into agriculture, pharmaceutical & personal care, food industry, chemicals, and others. Geographically, the market is classified into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.

List of Key Market Players-

• Redmond Clay & Salt Company (Utah, U.S.)
• United Salt Corporation (Texas, U.S.)
• Eastman Chemical Company (Tennessee, U.S.)
• Arkema (Colombes, France)
• Solvay (Brussels, Belgium)
• Tata Chemicals (Mumbai, India)
• GFS Chemicals (Ohio, U.S.)
• Otsuka Chemical (Gurugram, India)
• Behn Meyer (Hamburg, Germany)

Drivers & Restraints-

Rising Demand by Pharmaceutical Sector to Fuel Market Growth

Inorganic salts are widely used by the pharmaceutical sector. These salts are vital for our body's functioning and metabolism. For instance, these salts in plasma help in maintaining the balance of potassium and sodium in cells. The increasing demand for health drinks with inorganic salts is anticipated to boost the inorganic salts market growth. Moreover, the growing instances of autoimmune and oncological diseases are escalating the demand for medicines and drugs, which is expected to uptick market growth in the coming years.

The rising adoption of inorganic metals salts, including magnesium sulfate, potassium sulfate, and others instead of sodium chloride is an emerging trend, which is anticipated to positively influence the market growth.

However, the toxicity of certain inorganic salts, such as lead salts, mercury, and others, may hinder market growth.

Regional Insights-

Presence of Large Chemical Manufacturing Base to Fuel Growth in Asia Pacific

Asia Pacific is anticipated to attain remarkable growth in the global inorganic salts market share. The extensive production and export of pharmaceuticals from China, India, and other countries due to a large chemical manufacturing base present in the region are predicted to boost the region’s market growth.

Europe is predicted to experience substantial growth in the forthcoming years. The increasing demand for pharmaceutical drugs from the healthcare industry propels the region’s market growth. Moreover, the government’s growing agricultural initiatives and developments to maximize crop yield are expected to complement the region’s market growth.

North America is projected to exhibit considerable growth in the global market. The rising adoption of the product that contains nitrates, primarily for ammunition and explosives manufacturing, is expected to boost the region’s market growth. Moreover, the increasing utilization of fertilizers to amplify crop yield is predicted to fuel the region’s market growth.

The Middle East & Africa and Latin America are estimated to exhibit significant growth due to rising industrialization and improving socio-economic conditions.

Competitive Landscape-

Key Players Emphasize Strategic Alliances to Augment Sales

The market is fragmented in nature and comprises a large number of international players, including Solvay, Arkema, Thermo Fisher Scientific, Eastman Chemical Company, and others as the top market players. The major market players engage in strategic alliances to augment sales and brand. For instance, United Salt Corporation revitalized its brand identity and image in April 2021 to better serve United Salt customers.

Industry Development-

• September 2021: Solvay continued to deliver soda ash in the market despite supply chain disruptions caused by the COVID-19 pandemic.

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