Sodium Nitrate Market to grow by USD 30.26 million from 2022 to 2027 | The growing demand for fertilizers drives the market

NEW YORK, Aug. 24, 2023 /PRNewswire/ — The sodium nitrate market size is to grow by USD 30.26 million from 2022 to 2027, at a CAGR of 4.52% during the forecast period, according to the latest research report from Technavio. Discover Diversified Metals & Mining industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The sodium nitrate market covers the following areas:

Company Landscape

The sodium nitrate market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Company Offerings

AG Chemi Group s.r.o. – The company offers sodium nitrate for solid propellants, explosives, and fertilizers.
Akshay Group of Companies – The company offers sodium nitrate for glass, explosive-blasting powder, and slurry.
Anish Chemicals – The company offers sodium nitrate for the food industry.

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What’s New? –

Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

Key Market Segmentation

This report extensively covers market segmentation by application (agriculture and others), grade type (industrial, food, and pharmaceutical), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The market share growth by the agriculture segment will be significant during the forecast period. Sodium nitrate is a widely used chemical fertilizer in the agriculture industry. Sodium nitrate plays a pivotal role as an essential nutrient supporting plant growth. Its utilization as a fertilizer becomes particularly prevalent under challenging environmental conditions like limited rainfall, cold temperatures, and infertile soil. The nitrogen content within sodium nitrate is capable of regulating soil acidity by acting as a neutralizing agent. This type of fertilizer finds prominent application in various crops, including tobacco, vegetable crops, and sugar beets, especially when cultivated in acidic soil. Beyond its fertilization attributes, sodium nitrate contributes to enhanced crop yields and even functions as a pesticide. Given these advantageous properties, the sodium nitrate fertilizer segment is poised to exhibit growth during the forecast period.

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Regional Market Outlook

APAC is estimated to account for 50% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The utilization of sodium nitrate as a food preservative has witnessed an upswing in the APAC region, driven by the surging demand for food due to rapid population growth. This trend stands as a significant catalyst propelling the expansion of the market in APAC. Furthermore, sodium nitrate holds a vital role as a fertilizer, particularly within the agricultural sector. Notably, China took the lead as both the largest producer and consumer of sodium nitrate in 2022. The prime application for sodium nitrate within the country revolves around fertilizer production, aligning with the pivotal role of agriculture in China’s economy. The robust demand for fertilizers in the agricultural landscape is set to drive the demand for sodium nitrate in China, thereby fostering regional market growth during the forecast period.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

AG Chemi Group s.r.o.
Akshay Group of Companies
All Chemical Manufacturing and Consultancy Pty Ltd.
Anish Chemicals
Arihant Chemical
BASF SE
Deepak Nitrite Ltd.
Jagannath Chemicals
Jost Chemical Co.
Nitroparis S.L.
Otto Chemie Pvt. Ltd.
Penta s.r.o
Quality Chemicals S.L
Ravi Chem Industries
SNDB
Sociedad Quimica y Minera de Chile SA
Spectrum Laboratory Products Inc.
Vizag Chemical International
Weifang Haiye Chemistry and Industry Co. Ltd.
Avantor Inc.

Market Dynamics

Key Sodium Nitrate Market Driver

The growing demand for fertilizers is notably driving the market growth. Fertilizers play a pivotal role in facilitating the healthy growth of plants and crops by supplying essential nutrients. Among these, sodium nitrate holds historical significance as one of the earliest nitrogen-rich fertilizers. This soluble fertilizer serves as an oxidizer, enriching the soil’s nitrogen content and thereby providing crucial nutrients necessary for plant development. Categorized within the realm of nitrogen-containing fertilizers, sodium nitrate aligns with the pressing demand for nourishing global food requirements. The expanding global population has led to a heightened need for food, prompting intensified research and development (R&D) efforts to devise innovative methods for cultivating high-yielding crops in shorter timeframes. Fertilizers stand as a critical component of this equation, bolstering crop productivity and output. A surge in demand for nitrogen-containing fertilizers has notably materialized in regions such as South Asia, Africa, and Latin America. Such factors will drive the market growth during the forecast period.

Significant Sodium Nitrate Market Trend – The use of sodium nitrate in the renewable energy segment is an emerging market trend.

Major Sodium Nitrate Market Challenge – Health hazards of excessive use of preservatives are major challenges hindering market growth.

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Geography

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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