Enjoy complimentary customisation on priority with our Enterprise License!
The sodium nitrate market is estimated to grow at a CAGR of 4.52% between 2022 and 2027. The size of the market is forecast to increase by USD 30.26 million. The growth of the market depends on several factors, including growing demand for fertilizers, an increase in demand for food preservatives, and a low-cost and easy manufacturing process.
This report extensively covers market segmentation by application (agriculture and others), grade type (industrial, food, and pharmaceutical), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Technavio categorizes the global sodium nitrate market as a part of the global diversified metals and mining market within the global materials market. The global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing demand for fertilizers is notably driving the market growth, although factors such as health hazards of excessive use of preservatives may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Sodium Nitrate Market Driver
The growing demand for fertilizers is notably driving the market growth. Fertilizers provide essential nutrients for the healthy growth of plants and crops. Sodium nitrate is the oldest known nitrogen-rich fertilizer. This water-soluble fertilizer acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants. Sodium nitrate is classified under nitrogen-containing fertilizers.
The demand for food is growing at a faster pace owing to the rise in the population worldwide. Therefore, research and development (R&D) focus on advanced methods and techniques to grow crops with high yields within a shorter duration. Fertilizers play a vital role in crop production as it enhances the yield. Increasing demand for nitrogen-containing fertilizers is mainly observed in South Asia, Africa, and Latin America. Thus, with the increasing use of fertilizers, the global market is expected to witness high growth during the forecast period.
Significant Sodium Nitrate Market Trend
The use of sodium nitrate in the renewable energy segment is an emerging trend in the market. With the rise in energy consumption by the growing population, non-renewable energy resources are getting depleted day by day. Thus, adopting renewable energy is the only solution to meet future energy requirements. In terms of revenue, the solar energy market is expected to grow at a higher CAGR during the forecast period. It is going to play an important role in reducing carbon emissions. It will also help in the reduced depletion of natural resources.
Solar power plants generate electricity by converting heat energy into electric current. To use the heat generated by a solar power plant, the use of heat storage media is very important. A combination of potassium nitrate and sodium nitrate is used as thermal energy storage material. The heat storage system stores the heat through the transition of salts from one state to another. The ratio in which sodium nitrate is used in combination with potassium nitrate is 60:40. Thus, sodium nitrate is a major component of the thermal energy storage material. Hence, these factors will boost the growth of the global market during the forecast period.
Major Sodium Nitrate Market Challenge
Health hazards of excessive use of preservatives are major challenges impeding the market growth. Sodium nitrate is used in preservatives as it prevents bacterial growth in products such as fish and meats. According to the American Medical Association, consuming sodium nitrate in high quantities can lead to a disorder called methemoglobinemia. People who consume preserved bacon, hot dogs, and other cured meat are more susceptible to diseases.
In addition, the salts present in sodium nitrate can cause a reaction in the body, which generates a chemical called nitrosamines. Nitrosamines increase the chances of gastrointestinal and brain cancer. Thus, because of the side effects and to stay healthier and fit, people are shifting their focus toward consuming fresh meat and vegetables. The global market is affected due to this, as sodium nitrate is widely used as a preservative in packaged food. Therefore, this may hamper the growth of the global market during the forecast period.
Key Sodium Nitrate Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Sodium Nitrate Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AG Chemi Group s.r.o. - The company primarily offers chemicals, ceramics, refractory materials, detergents, fertilizers, mining fuels, automotive, construction, and explosives. The key offerings of the company include sodium nitrate for solid propellants, explosives, and fertilizers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the agriculture segment will be significant during the forecast period. Sodium nitrate is a widely used chemical fertilizer in the agriculture industry. It is an essential nutrient, which is responsible for the growth of plants.
Get a glance at the market contribution of various segments Request a PDF Sample
The agriculture segment was valued at USD 82.94 million in 2017 and continued to grow until 2021. As sodium nitrate is an essential nutrient to plants, its deficiency in the soil or the environment can adversely affect the growth of plants. Sodium nitrate as a fertilizer fulfills the deficiency in the soil and helps in the growth and development of plants. The use of sodium nitrate as a fertilizer is most common during adverse environmental conditions, such as low rainfall, cold weather, and infertile soil. The nitrogen present in sodium nitrate can regulate soil acidity by acting as a neutralizer. Sodium nitrate fertilizer is effectively used for the production of tobacco, vegetable crops, sugar beets, and many other crops that are grown in soil that is acidic in nature. It also helps in increasing crop yield and acts as a pesticide. Thus, owing to such factors the segment is expected to grow during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The use of sodium nitrate as a food preservative has increased in APAC, to meet the growing demand for food due to the rapid population growth in the region. This is one of the major reasons for the growth of the market in APAC. In addition, sodium nitrate (as a fertilizer) is one of the important components in the agriculture segment. China was the largest producer and consumer of sodium nitrate in 2022. The major demand for sodium nitrate in the country is for manufacturing fertilizers. Agriculture has been one of the major contributing factors to China's economy. Therefore, the use of fertilizers in agriculture will boost the demand for sodium nitrate in China.
Furthermore, China is the leading exporter of fireworks and contributes to nearly 91% of the world's total exports. It generated USD 942.64 million in revenue in 2019. The use of sodium nitrate in the manufacturing of fireworks is driving the growth of the market in China. India is an agricultural country, and sodium nitrate is used as a fertilizer in the country. In India, growing agricultural activities will increase the demand for sodium nitrate during the forecast period. Also, the increasing mining activities in India will boost the use of sodium nitrate. Therefore, the abovementioned factors will fuel the regional market growth during the forecast period.
The outbreak of the COVID-19 pandemic in the region hindered the growth of the market. However, in 2021, sodium nitrate manufacturers resumed their operations with proper social distancing and sanitization norms, owing to the progressing vaccination drives in the region. In India, under the Union Budget 2021-2022, the government allocated over USD 32 million to the Department of Chemicals and Petrochemicals, which increased the demand for sodium nitrate. In addition, a rise in product demand from the food and pharmaceutical industry has driven the regional market in 2022. Therefore, as this trend is expected to continue, the regional market is anticipated to expand during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Sodium Nitrate Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
154 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.52% |
|
Market growth 2023-2027 |
USD 30.26 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
4.23 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 50% |
|
Key countries |
US, China, Japan, India, and Germany |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AG Chemi Group s.r.o., Akshay Group of Companies, All Chemical Manufacturing and Consultancy Pty Ltd., Anish Chemicals, Arihant Chemical, BASF SE, Deepak Nitrite Ltd., Jagannath Chemicals, Jost Chemical Co., Nitroparis S.L., Otto Chemie Pvt. Ltd., Penta s.r.o, Quality Chemicals S.L, Ravi Chem Industries, SNDB, Sociedad Quimica y Minera de Chile SA, Spectrum Laboratory Products Inc., Vizag Chemical International, Weifang Haiye Chemistry and Industry Co. Ltd., and Avantor Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
