Sodium Nitrate Market Size, Share, Trends, Forecast 2022-28
The global sodium nitrate market size was valued at USD 237.5 million in 2021 and is poised to grow at a significant CAGR of 6.2% during the forecast period 2022-28. The growth in demand for sodium nitrate fertilizers in agriculture and the food industry is driving the worldwide sodium nitrate market. Sodium nitrate fertilizers work as oxidizers, increasing soil fertility and providing crops with vital nitrogen nutrients. Price and raw material demand/supply fluctuations are projected to impede the sodium nitrate market throughout the forecast period. The COVID-19 virus has damaged economies around the world and wreaked havoc on supply chains in various industries.
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Industrial Segment Dominates the Sodium Nitrate Market
The industrial segment held the highest economy share, accounting for the majority of turnover. The high percentage was credited due to the increased demand for fertilizers coupled with growing demand for the chemicals in various end-user industries such as construction, electric, and industrial manufacturing.
The global sodium nitrate market segmentation
- By Grade: Industrial, Pharmaceutical, and Food
- By Application: Chemicals, Fertilizers, Explosives, Glass, Pharmaceutical, Food & Beverages, and Others
Asia-Pacific Leads Sodium Nitrate Market
The Asia-Pacific sodium nitrite market is expected to develop at the fastest rate in the following years. The presence of the emerging economies of India, Japan, and China across the region is mainly responsible for the regional market's growth. Furthermore, rising per capita disposable income is another critical factor driving regional market expansion. Moreover, a shift in taste and inclination for international food cuisines across the region is expected to fuel regional market expansion over the anticipated period. In 2020, China contributed the most to the regional market share
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Key player’s profiles in the sodium nitrate market report are Radiant Indus Chem Pvt. Ltd, BASF SE, The Deepak Group, Airedale Chemical Company, Anmol Chemicals, UBE Corporation, SINOY GROUP LIMITED, American Elements, Hach, Aldebaran Sistemas, Sumitomo Chemical Co. Ltd, Alfa Aesar.
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