Sodium Nitrate Market: By Type (Sodium Nitrate Crystal, Industrial Sodium Nitrate), By Application (Fertilizers, Food Additives, Construction Chemicals, Explosives, Pharmaceuticals, Wastewater Treatment, and Others), And Region – Global Analysis of Market Size, Share & Trends For 2019–2021 And Forecasts To 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.
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.
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.
Growing demand for Sodium Nitrate in the Food and Agriculture Industry is impacting the market growth
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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:
• 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
• Aldebaran Sistemas
• Sumitomo Chemical Co. Ltd.
• Alfa Aesar
GLOBAL SODIUM NITRATE MARKET REPORT ALSO CONTAINS ANALYSIS ON:
Sodium Nitrate Market Segments:
• By Type
o Sodium Nitrate Crystal
o Industrial Sodium Nitrate
• By Application
o Food Additives
o Construction Chemicals
o Wastewater Treatment
• 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
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.