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NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Sodium Nitrate Market size is estimated to grow by USD 32.5 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of almost
4.65%
during the forecast period.
growing demand for fertilizers
is driving market growth,
with a trend towards
use of sodium nitrate in renewable energy segment
However,
soil deterioration caused by chemical fertilizers
poses a challenge - Key market players include AG Chemi Group s.r.o., Akshay Group of Companies, All Chemical Manufacturing and Consultancy Pty Ltd., Anish Chemicals, Arihant Chemical, Avantor Inc., 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, SQM S.A., Spectrum Laboratory Products Inc., Vizag Chemical International, and Weifang Haiye Chemistry and Industry Co. Ltd..
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Technavio has announced its latest market research report titled Global sodium nitrate market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Sodium Nitrate Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 4.65% |
| Market growth 2024-2028 |
USD 32.5 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
4.4 |
| Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
| Performing market contribution |
APAC at 50% |
| Key countries |
China, US, Japan, Germany, and India |
| Key companies profiled |
AG Chemi Group s.r.o., Akshay Group of Companies, All Chemical Manufacturing and Consultancy Pty Ltd., Anish Chemicals, Arihant Chemical, Avantor Inc., 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, SQM S.A., Spectrum Laboratory Products Inc., Vizag Chemical International, and Weifang Haiye Chemistry and Industry Co. Ltd. |
Market Driver
The solar energy market is experiencing significant growth due to the increasing energy demands and depletion of non-renewable resources. Solar power plants generate electricity by converting heat energy into electric current, requiring thermal energy storage materials to effectively store and utilize this heat. A combination of potassium nitrate and sodium nitrate, with a ratio of 60:40, is used as a thermal energy storage material. Sodium nitrate plays a crucial role in this system by undergoing a state transition during heat storage. Consequently, the expanding solar industry is projected to boost the sodium nitrate market during the forecast period.
The sodium nitrate market is experiencing significant growth due to its diverse applications in various industries. In the agricultural sector, sodium nitrate is widely used as a fertilizer for crops like sugarcane, corn, wheat, and soybeans , boosting cereal crop production and improving yield. In the explosives industry, it is an additive element in black powder and pyrotechnics. In glass manufacturing, sodium nitrate provides stability and clarity. The Indian agriculture sector, with its large population and expanding agricultural production, is a major consumer of sodium nitrate. It is also used as a non-toxic, non-poisonous preservative, antimicrobial, and coloring agent in the food industry for meats, fish, cheese, and other food products. In the chemical industries, sodium nitrate is used in industrial-grade activities. However, concerns over groundwater and drinking water contamination and diseases like Blue Baby Syndrome limit its use. The market is expected to continue growing due to increasing demand from the fertilizer and explosive manufacturing industries. According to the World Bank, the global sodium nitrate market is projected to reach over 2 million metric tons by 2025, with agricultural land and arable land being the primary consumers. Farmers continue to rely on sodium nitrate to increase their food crops' yield and improve their livelihoods.
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Market
Challenges
Sodium nitrate is a widely used fertilizer due to its easy solubility in water and other solvents , making it quickly available to plants. It is not prone to volatile losses, making it a reliable choice for farmers. However, excessive use can negatively impact soil health over time. Developing countries have faced soil degradation due to long-term use of chemical fertilizers, leading to a shift towards less harmful alternatives. This trend may negatively influence the global sodium nitrate market growth in the fertilizer sector. Farmers must use sodium nitrate scientifically to maintain soil health and maximize crop yield.
The Sodium Nitrate market faces significant challenges in the agricultural sector due to fluctuating cereal crop production and limited arable land. Farmers rely on sodium nitrate as a yield enhancer for food crops, but its use is restricted due to the availability of arable land. In the food industry, sodium nitrate serves as a preservative, antimicrobial, and coloring agent in various end-use industries like fish, cheese , and meats. The industrial-grade segment caters to industries requiring high purity levels, such as construction, electronics, and solvents for adhesives, drain cleaners, heat transfer agents, and fertilizers. Population growth fuels the demand for processed foods with longer shelf life, driving the market growth. However, the production of industrial-grade sodium nitrate, including black bombs, raises safety concerns. Ensuring safety and maintaining the required purity levels for food-grade sodium nitrate remains a key challenge.
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Segment Overview
This sodium nitrate market report extensively covers market segmentation by
Application
1.1 Agriculture
1.2 Others
Grade Type
2.1 Industrial
2.2 Food
2.3 Pharmaceutical
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1
Agriculture-
The Sodium Nitrate market is experiencing steady growth due to its extensive applications in various industries. Food processing is a major sector driving demand, as sodium nitrate is used as a preservative and color enhancer. In agriculture, it functions as a fertilizer and herbicide. Pharmaceuticals also utilize sodium nitrate for therapeutic purposes. Its versatility and wide range of applications ensure a continuous market presence.
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Research Analysis
Sodium nitrate is a versatile inorganic compound with the chemical formula NaNO3. It is a white, crystalline solid that is highly soluble in water. Sodium nitrate finds extensive applications in various industries, including fertilizers, explosives, glass , and pyrotechnics. In the agricultural industry, it is used as a source of nitrogen for crops, particularly in the Indian agriculture sector, where it plays a crucial role in increasing agricultural production. Sodium nitrate is a non-toxic and non-poisonous additive element for cereal crops such as sugarcane, corn, and wheat. Its stability makes it an ideal choice for use in the explosive industry as well. However, excessive use of sodium nitrate in agriculture can lead to groundwater contamination, posing potential risks to drinking water and human health. Diseases like blue baby syndrome have been linked to high levels of sodium nitrate in drinking water. Despite these concerns, the global consumption of sodium nitrate continues to grow, with the market projected to reach several metric tons in the coming years.
Market Research Overview
Sodium nitrate is a versatile inorganic compound with various applications in different industries. It is primarily used as an essential ingredient in fertilizers due to its ability to enhance agricultural production, particularly in crops like sugarcane, corn, wheat, and soybeans. In the agricultural industry, sodium nitrate plays a crucial role in increasing crop yield and improving food-grade quality. Beyond fertilizers, sodium nitrate finds extensive use in the explosives industry as an additive element, enhancing the stability and performance of explosives such as black powder and pyrotechnics. It is also used in the glass industry as a fluxing agent. The Indian agriculture sector, with its vast arable land and growing population, is a significant consumer of sodium nitrate. The increasing demand for food crops to feed the expanding population has led to a surge in the consumption of sodium nitrate in the fertilizer manufacturing industries. Sodium nitrate is also a non-toxic and non-poisonous compound, making it suitable for use in the chemical industries, food processing, and pharmaceuticals. It is used as a preservative, antimicrobial, and coloring agent in various food products like fish, cheese, and meats. In the industrial-grade segment, sodium nitrate is used in various applications such as solvents, adhesives , drain cleaners, heat transfer agents, and in the production of ready-to-eat food products to enhance their shelf life and processed foods for improved texture and flavor. The global sodium nitrate market is expected to grow significantly due to population growth, increasing agricultural production, and the expanding end-use industries such as construction, electronics, and various manufacturing industries. However, concerns regarding the potential contamination of groundwater and drinking water due to sodium nitrate usage and the risk of diseases like blue baby syndrome may pose challenges to the market's growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Grade Type
Industrial
Food
Pharmaceutical
Geography
APAC
Europe
North America
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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