Market Insights
The global sodium nitrate market size was US$ 99.1 million in 2021 and is expected to expand at a CAGR of 5.1% over the forecast period.
Sodium nitrate is a versatile active additive that finds extensive usage in various applications, including pyrotechnics, smoke bombs, solid rocket propellants, explosives, and glass production. Applications for sodium nitrate of industrial quality include the manufacture of fertilizers, use as a heat transfer component, and as an intermediate chemical compound.
Moreover, sodium nitrate is widely used to make adhesives, degreasing goods, building chemicals, and explosives. A significant industry trend is the use of food-grade sodium nitrate as a color fixative in cured meats and chicken meat products. The demand for food additives and preservatives has increased as a result of expanding legislative food rules to protect food safety, which will contribute to market growth in the coming years.
Market Drivers:
The market is expected to witness significant growth due to the rising demand for industrial-grade sodium nitrate and glass production. The use of sodium nitrate in two-stage glass production enhances its strength, and its growing end-use sectors will drive market growth.
Moreover, glass is immersed in a sodium nitrate bath in order to increase its strength. Therefore, the growing end-use sectors of sodium nitrate will drive the growth of the market. Due to the expanding application fields, mostly in industrial-grade operations like the production of fertilizers, explosives, glass, etc., the need for sodium nitrate will undoubtedly rise.
COVID-19 Impact:
The COVID-19 pandemic had a mixed impact on the market, with the agricultural sector remaining robust, while the glass manufacturing industry witnessed a temporary halt, which negatively impacted the global sodium nitrate market.
Despite the shutdown of certain businesses, the agricultural sector remained robust to the effects of COVID-19, which potentially boosted the sodium nitrate demand. The Indian finance ministry's economic review estimates that the agriculture sector saw an escalation of 3.9% in 2020. The main cause of the global rise in agricultural production is the quickening of population expansion.
Therefore, the demand for sodium nitrate from the agriculture sector remained constant. Moreover, the World Bank estimates that cereal crop production in the U.S. upscaled from 431.87 million metric tons in 2015 to 434.88 million metric tons in 2020, registering a potential hike in the demand for sodium nitrate.
Key Players
The sodium nitrate market is highly competitive, with manufacturers adopting various strategies to increase their profit margins and outperform the market. Moreover, the growing demand for sodium nitrate across various end-use industries and its extensive usage in multiple applications are expected to drive the market's growth in the coming years.
- Deepak Nitrate Limited
- SQM S.A.
- BASF SE
- Weifang Haiye Chemistry and Industry Co
- Acf Nitratos S.A
- Quality Chemicals S.L
- Shijizhuang Fengshan Chemical Co. Ltd.
- Ural Chem JSC
- Other Prominent Players
Segment Analysis
Grade Type:
The sodium nitrate market is classified into various grades, including industrial grade and food grade, among others. The industrial grade, which generated the most revenue during the base year, is expected to grow at the highest CAGR during the projection period. The chemicals and agrochemicals sector is expected to dominate the market on the basis of end-use, owing to sodium nitrate's utilization in the manufacture of fertilizers.
End Use Type:
The chemicals and agrochemicals sector will dominate the sodium nitrate market on the basis of end-use. The segment will register the highest CAGR of 4.1% over the course of the forecast period. As sodium nitrate serves as a container for storing nitrogen, it is utilized in the manufacture of fertilizers. Nitrogen is crucial because it promotes the growth of stems, leaves, and other parts of plants. Moreover, a deficiency of nitrogen slows down plant growth, while an overabundance of nitrogen might prevent the development of flowers and fruits. Therefore, the potential end-use of sodium nitrate in chemicals and agrochemicals will boost the growth of the market.
Regional Analysis:
In terms of regional analysis, the Asia-Pacific sodium nitrate market is expected to grow at the highest rate during the forecast period. This growth can be attributed to the growing packaged food industry in the region, which requires high usage of sodium nitrate, mainly in processed meat products like ham and salami, where sodium nitrate is added to give the meat a pink tint and to increase the shelf life of processed beef.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
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Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
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