The global Sodium Nitrate market size is expected to be worth around US$ 200.5 million by 2030, according to a new report by Vision Research Reports.
The global Sodium Nitrate market size was valued at US$ 96.8 million in 2020 and is anticipated to grow at a CAGR of 6.7% during forecast period 2021 to 2030.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/38884
Sodium Nitrate Market (By Grade: Industrial, Pharmaceutical, Food; By Application: Chemicals, Fertilizers, Explosives, Glass, Pharmaceutical, Food & Beverages) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 200.5 million by 2030|
|Growth Rate||CAGR of 6.7% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Grade, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Deepak Nitrate Ltd.; BASF SE; SQM; Weifang Haiye Chemistry &Industry Co; ACF Nitratos S.A; Shijiazhuang Fengshan Chemical Co., Ltd.; Quality Chemicals S.L|
the rising product demand in fertilizer application because of its ability to increase the crop yield. Sodium nitrate is mainly manufactured using nitric acid with soda ash. Nitric acid is subject to intense price and supply volatility in the global 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 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.
By Grade Analysis
The industrial segment dominated the market and accounted for a share of more than 89% in 2020. This high share was credited to the increased demand for fertilizers coupled with the growing demand for chemicals in various end-user industries, such as construction, electronic, industrial manufacturing, and others.
It is also used as a key ingredient for formulating final products, such as construction chemicals, adhesives, and degreasing. The food segment is estimated to witness a significant CAGR of more than 5.5% from 2021 to 2030.
By Application Analysis
In terms of revenue, the fertilizer application segment dominated the market and accounted for the largest share of more than 69% in 2020. This high share is attributed to the increasing demand for fertilizers globally as a result of the rising food production. The rising population across the globe has resulted in an increased demand for food.
The demand for food has increased exponentially during the pandemic, which is expected to result in short-term growth for fertilizer manufacturers. However, the growing concerns surrounding the problems associated with product toxicity are expected to limit the market growth.
By Regional Analysis
Central and South America dominated the global market in 2020 and accounted for the largest revenue share of more than 32.05%. The country is anticipated to expand further at a steady CAGR from 2021 to 2030.
Brazil is one the largest producers of soybeans, wheat, rice, and coffee among other Central & South American countries. The agricultural sector in the country is expected to grow at a fast pace due to the presence of highly cultivable land and suitable climatic conditions.
Asia Pacific is anticipated to be the fastest-growing region over the forecast period. The region has been a cumulation of the largest agrarian countries including China, Japan, India, and other agricultural-based economies.
- Deepak Nitrite Ltd.
- BASF SE
- Weifang Haiye Chemistry & Industry Co.
- ACF Nitratos S.A.
- Shijiazhuang Fengshan Chemical Co., Ltd.
- Quality Chemicals S.L.
- By Grade
- By Application
- Food & Beverages
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38884 or call: +1 9197 992 333