Sodium Nitrate Industry Overview
The global sodium nitrate market size was valued at USD 95.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
The market is anticipated to be driven by the growth of fertilizers products in the agriculture industry. The market is largely dependent on the trends of its application industries. The high demand from fertilizers end-use segment due to the increasing demand for food is expected to drive the market over the forecast period. Sodium nitrate-based fertilizers are used widely due to their ability to provide necessary nitrogen nutrients to the crops. These fertilizers are considered favorable for crops like wheat, soybeans, sugarcane, and corn. Apart from fertilizers, the product is also used in the food industry as a preservative.
Gather more insights about the market drivers, restrains and growth of the Global Sodium Nitrate Market
Nitric acid is subject to intense price and supply volatility in the global sodium nitrate market as it is manufactured from ammonia and nitrogen dioxide. Fluctuations in the price and demand/supply of the aforementioned raw materials are expected to hamper the prices of sodium nitrate over the forecast period.
The spread of the COVID-19 virus has crippled economies across the globe and severely impacted the supply chains across industries. The production and consumption of sodium nitrate are highly influenced by its demand from end-use industries. However, chemicals present in fertilizers additives and fertilizers can also have an adverse impact on groundwater and water, which is used for drinking and can lead to various diseases. The blue baby syndrome is one such disease that affects infants caused by water contaminated with nitrate. Sodium nitrate is mainly manufactured using nitric acid with soda ash.
Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.
- Nitric Acid Market - The global nitric acid market size was valued at USD 29.2 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 2.3% from 2022 to 2030. The growth for the product is expected to be driven by increasing demand for the product from fertilizers formulators and by the rising consumption of fertilizers in agrarian economies of the world.
- Construction Chemicals Market - The global construction chemicals market size to be valued at USD 67.61 billion by 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% during the forecast period. Growing infrastructural developments and rising demand, especially from Asia Pacific region, will propel the market growth in the coming years.
Sodium Nitrate Market Segmentation
Grand View Research has segmented the global sodium nitrate market on the basis of grade, application, and region:
Sodium Nitrate Grade Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- Industrial
- Pharmaceutical
- Food
Sodium Nitrate Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- Chemicals
- Fertilizers
- Explosives
- Glass
- Pharmaceuticals
- Food & Beverages
- Others
Sodium Nitrate Region Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global sodium nitrate market include
- Deepak Nitrite Ltd.
- BASF SE
- SQM
- Weifang Haiye Chemistry & Industry Co.
- ACF Nitratos S.A.
- Shijiazhuang Fengshan Chemical Co., Ltd.
- Quality Chemicals S.L.
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