SAN FRANCISCO, March 27, 2023 /PRNewswire/ -- The global sodium nitrate market size is expected to reach USD 167.7 million by 2030, and is expected to expand at 5.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Industry growth is majorly driven by the rising usage of sodium nitrate in fertilizers, wherein, it provides the plants with a water-soluble form of nitrogen without altering the pH level of the soil, thus promoting the growth of plants. Additionally, it is used in explosives, food & beverages, pharmaceuticals, chemicals, and others.
Key Industry Insights & Findings from the report:
- The global market is estimated to advance with a compounded annual growth rate (CAGR) of 5.9% from 2023 to 2030. This is attributed to the increased usage of the product in explosives, fertilizers, chemicals, and the food & beverage industry.
- It is used majorly in plants such as sugarcane, wheat, corn, and soybean as it provides the crops with essential nitrogen nutrients by supplying them with water-soluble nitrogen without altering the pH of the soil.
- Central & South America dominated the global market in 2022 with a revenue share of over 32.0% in 2022. This is attributed to a large amount of unexploited agricultural land in the area with large-scale production of soybean, pulses, and sugarcane which require sodium nitrate-based fertilizers for better yield.
- Agriculture sector accounts for half of the GDP of countries in Central & South America including Argentina, Bolivia Belize, Haiti, Dominica, Paraguay, and Ecuador. As the agriculture sector is a key contributor to the GDP of the countries in the region, it leads to increased consumption of fertilizers.
- Industrial grade dominated the product segment with a revenue share of over 89.0% in 2022. This growth is attributed to the increasing usage of the product as a complement to ammonium nitrate in explosives, chemicals, glass, and fertilizers.
- Fertilizer in the application segment dominated the global market with a revenue share of over 69.0% in 2022. This is attributed to the increasing demand for food crops due to the rising population.
- According to the Indian ministry of finance's economic survey, the agricultural and allied industries exhibited the most resiliency to COVID-19 as it reported a growth of 3.6% in 2020-21, and 3.9% in 2021-22 in India.
- The agricultural sector of the U.S. contributed 5.0% of the total country's GDP due to the rising demand for food in the country, according to the U.S. Department of Agriculture. Thus, this increasing demand for food crops is expected to increase the usage of fertilizers.
Read full market research report, "Sodium Nitrate Market Size, Share & Trends Analysis Report By Grade (Pharmaceutical, Industrial), By Application (Fertilizers, Explosives, Chemicals, Glass), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Sodium Nitrate Market Growth & Trends
The increasing processed variety in the food & beverage industry, due to rising demand for convenience foods has resulted in increased demand for sodium nitrate. It is used as a preservative and color fixative in poultry, ham, sausages, and cured meats thus, controlling lipid oxidation, providing distinctive flavor, and acting as an anti-micro bacterial agent.
Nitric acid manufactured from nitrogen dioxide and ammonia is subject to intense supply and price volatility in the global sodium nitrate industry. The fluctuations in the supply and price of the aforementioned raw materials are expected to affect the prices of sodium nitrate over the forecast period. The spread of the pandemic has crippled economies worldwide and impacted the supply chains across different industries.
The production and consumption of sodium nitrate are highly influenced by its usage in the end-use industries thus, with the shutting down of economies the end-use industries have also come to a halt affecting the demand for the product market. However, food & beverage being an essential industry witnessed growth even during the pandemic resulting in the positive growth of sodium nitrate.
Sodium Nitrate Market Segmentation
Grand View Research has segmented the global sodium nitrate market based on grade, application, and region
Sodium Nitrate Market - Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Industrial
- Pharmaceutical
- Food
Sodium Nitrate Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Chemicals
- Fertilizers
- Explosives
- Glass
- Pharmaceuticals
- Food & Beverages
- Others
Sodium Nitrate Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Sodium Nitrate Market
- Deepak Nitrite 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
Check out more related studies published by Grand View Research:
- Nitrogenous Fertilizer Market - The global nitrogenous fertilizer market size is estimated to reach USD 94.02 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the increasing awareness amongst farmers regarding maintaining nutritional balance in the soil. Increasing population across the globe has generated the need to improve the annual crop yield to feed the population, which has boosted the agriculture sector across the globe. Hydrogen and nitrogen are the major raw materials used for manufacturing nitrogenous fertilizers. Nitrogen is required in large quantities by plants and is the primary nutrient in fertilizers. Hydrogen is a crucial component of ammonia, which is an important ingredient in numerous fertilizers. Nearly all commercial-scale ammonia incorporates nitrogen and hydrogen. Raw material Availability impacts nitrogenous fertilizer prices and production.
- Italy Water Soluble Fertilizer Market - The Italy water soluble fertilizer market is estimated to reach USD 862.2 million by 2030 according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.7% from 2022 to 2030. The growth is attributed to the popularity of these products as an immediate nutrient deficiency corrector and large-scale agricultural exports from the country.
- Ammonium Sulfate Market - The global ammonium sulfate market size is expected to reach USD 5.04 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. The advancement in agriculture technology would drive the demand for fertilizers, which would indirectly result in the growing demand for ammonium sulfate.
Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sodium-nitrate-market-to-be-worth-167-7-million-by-2030-grand-view-research-inc-301782096.html
