Sodium Nitrate Market Size
The global sodium nitrate market was worth USD 92.7 million in 2021 and is expected to increase at a CAGR of 5.2% from 2021 to 2031, to reach USD 153.9 million by 2031.
Because of its cost-effectiveness and durability, sodium nitrate is commonly utilized as an active ingredient in black powder. In addition, it can speed up the burning of combustible materials. As a result, it's perfect for solid rocket propellants and other explosives. Furthermore, as the need for industrial quality sodium nitrate grows, so does the utilization of sodium nitrate in glass production. In the two-stage manufacturing of chemically stable and high-strength glasses, sodium nitrate is employed. The polished glass can be put in a sodium nitrate bath to boost its strength. All of these factors combine to increase demand for sodium nitrate, boosting the global market growth.
Market Highlights
Global Sodium Nitrate Market is expected to project a notable CAGR of 5.2% in 2031.
The global sodium nitrate market was worth USD 92.7 million in 2021 and is expected to increase at a CAGR of 5.2% from 2021 to 2031, to reach USD 153.9 million by 2031. Sodium nitrate is a chemical compound that is used in fertilizers and explosives, among other things. It's an alkali metal nitrate that's used as a preservative in cured meats. Because of their ability to give vital nitrogen nutrients to crops, sodium nitrate-based fertilizers are frequently employed. Wheat, soybeans, sugarcane, and corn are among the crops that benefit from it as fertilizer. Apart from fertilizers, the substance is also utilized as a preservative in the food business.
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Global Sodium Nitrate Market: Segments
Industrial Sodium Nitrate holds a major share of the Sodium Nitrate Market
Industrial segment dominated the market and held a significant proportion of the market. This high share was attributed to rising fertilizer demand along with rising chemical demand in a variety of end-user industries, including construction, electronics, industrial production, and others. The highest purity level of sodium nitrate is found in industrial-class sodium nitrate. It's used as a solvent in a variety of sectors. It's also utilized in the formulation of finished products including construction chemicals, adhesives, and degreasers.
The fertilizer segment is predicted to grow significantly over the forecast period
The fertilizer application segment dominated the market by application. This high percentage can be attributable to the expanding global need for fertilizers as a result of increased food production. The increased need for food has stemmed from the world's growing population. Because of their high solubility and biodegradable qualities, demand for sodium nitrate fertilizers has also surged.
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Market Dynamics
Drivers
Growing demand for Sodium Nitrate in the Food and Agriculture Industry is impacting the market growth
The growth in demand for sodium nitrate fertilizers from the agriculture and food industries is driving the worldwide sodium nitrate market. Sodium nitrate fertilizers operate as an oxidizing agent, increasing soil fertility and providing crops with vital nitrogen nutrients. Corn, wheat, sugarcane, canola, and soybeans benefit from sodium nitrate fertilizers. These crops are used to make biofuels. Biofuels are becoming more popular in the automobile sector as they improve fuel efficiency and reduce pollution. The demand for biofuels is expected to increase, which will increase the need for sodium nitrate fertilizers.
Innovation of Digital Smell on Smart Phones
Another driving factor for market expansion is the rising demand for industrial-grade sodium nitrate in glass production. In the two-stage manufacturing of chemically stable and high-strength glasses, sodium nitrate is employed. The polished glass can be put in a sodium nitrate bath to boost its strength. All of these factors combine to increase demand for sodium nitrate, boosting the global market growth.
Restraint
The fertilizers and chemicals in the additives have an adverse impact on the body, hindering the market growth
The chemicals found in fertilizer additions and fertilizers can harm groundwater and drinking water, resulting in a variety of ailments. Blue baby syndrome is a sickness that affects infants and is caused by nitrate-contaminated water.
Global Sodium Nitrate Market:
Key Players
- BASF SE
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- UNE Industries Ltd. AG CHEMI Group s.r.o
- Pon Pure Chemicals Group
- Santa Cruz Biotechnology Inc.
- American Elements
- Hach
- Aldebaran Sistemas
- Sumitomo Chemical Co. Ltd.
- Alfa Aesar
Global Sodium Nitrate Market: Geography
North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa are among the regions researched in the global sodium nitrate market. The sodium nitrate industry in the Asia Pacific is expected to grow rapidly due to rising consumer disposable income and population increase. Rapid development in nations like China, India, and Japan has raised the demand for sodium nitrate. Because of the increased demand for sodium nitrate in the food and agriculture industries, North America and Europe hold a significant proportion of the worldwide sodium nitrate market.
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Impact of Covid-19 on Sodium Nitrate Market
Because of the sudden stop of production plants to comply with government-ordered lockdown measures, the glass manufacturing industry has been damaged by the COVID-19 pandemic, negatively hurting the growth of the sodium nitrate market during the pandemic. The market is characterized by a mix of small and medium-scale producers with plans to expand regionally.
Global Sodium Nitrate Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Peru, Chile Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Saudi Arabia, South Africa, Rest of Middle East and Africa
Global Sodium Nitrate Market report also contains analysis on:
Sodium Nitrate Market Segments:
- By Type
- Sodium Nitrate Crystal
- Industrial Sodium Nitrate
- By Application
- Fertilizers
- Food Additives
- Construction Chemicals
- Explosives
- Pharmaceuticals
- Wastewater Treatment
- Others
- Sodium Nitrate Market Dynamics
- Sodium Nitrate Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Sodium Nitrite Market report Scope and Segmentation
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 92.7 million |
|
Revenue forecast in 2031 |
USD 153.9 million |
|
Growth Rate |
CAGR of 5.2% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Type, Application, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
BASF SE, UNE Industries Ltd. AG CHEMI Group s.r.o, Pon Pure Chemicals Group, Santa Cruz Biotechnology Inc., American Elements, Hach, Aldebaran Sistemas, Sumitomo Chemical Co. Ltd. |
Frequently Asked Questions (FAQ):
Sodium Nitrate Market size was estimated at USD 153.9 million 2031 and is expected to grow at a CAGR of 5.2% over the forecast period.
Sodium nitrate is commonly utilized as an active ingredient in black powder. In addition, it can speed up the burning of combustible materials. As a result, it's perfect for solid rocket propellants and other explosives.
Industrial segment accounted for the largest Sodium Nitrate Market share.
Key players profiled in the market include BASF SE, UNE Industries Ltd. AG CHEMI Group s.r.o, Pon Pure Chemicals Group, Santa Cruz Biotechnology Inc., American Elements, Hach, Aldebaran Sistemas, Sumitomo Chemical Co. Ltd.
Growing demand for Sodium Nitrate in the Food and Agriculture Industry is boosting the market. Also, Innovation of Digital Smell on Smart Phones is driving the market.
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