January 12, 2022
According to the research report titled ‘Global Sodium Nitrate Market Size study, by Grade (Industrial, Pharmaceuticals, Food), by Application (Chemicals, Fertilizers, Explosives ,Glass, Pharmaceuticals, Food and beverages and others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global sodium nitrate market was worth USD 95.8 million in 2020 and is anticipated to register a CAGR of 5.6% over the next six year to reach a valuation of USD 140.26 million by the year 2027.
Increasing demand for sodium nitrate fertilizers from agriculture and food sectors, and rising consumption of biofuel in automotive sector are impelling the growth of global sodium nitrate market. According to Statista, worldwide food sector generated revenue worth USD 6.72 billion in 2018, which is likely to increase to USD 9.1 billion by the year 2025.
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Furthermore, low price and easy availability of these fertilizers will amplify the industry outlook during the forecast period.
For the unversed, sodium nitrate is utilized to provide crops with necessary and important nitrogenous nutrients. Wheat, sugarcane, soybeans, and corn are among the crops that are benefitted from these fertilizers.
However, adverse impact of the product on water sources and groundwater may hamper the market share over the analysis timeframe.
On the basis of grade, worldwide sodium nitrate market is divided into food, pharmaceutical, and industrial. In terms of application spectrum, the industry is fragmented into explosives, glass, food & beverages, pharmaceuticals, fertilizers, chemicals, and others.
A thorough study of the market trends in North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, rest of Europe), Asia Pacific (India, Japan, China, Australia, South Korea, rest of Asia Pacific), Latin America (Brazil, Mexico), and rest of the World is carried out.
Europe held a substantial industry share in the recent past, due to the presence of highly cultivable territory with good climatic conditions for growing sugarcane, corn, and oilseeds. Meanwhile, Asia Pacific market is expected to rise significantly through 2027, owing to a growing population, and improved disposable income, resulting in rising demand for food products.
The key players in global sodium nitrate marketplace are Deepak Nitrate Ltd., BASF SE, Thermo Fisher Scientific Inc., Shijiazhuang Fengshan Chemical Co., Ltd., Sumitomo Chemical Co., Ltd., Ube Industries Ltd., Quality Chemicals S.L., ACF Nitratos S.A., Weifang Haiye Chemistry and Industry Co., Ltd., and Sociedad Química y Minera de Chile (SQM).