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As global demands shift and new technologies emerge, the sodium nitrate market is adapting to meet the changing needs of its diverse applications.
” - Allied Market Research (AMR) WIN SIVERS DRIVE, OR, UNITED STATES, October 1, 2024 /EINPresswire / -- As per the Allied Market Research,The global sodium nitrate market size was valued at $80.6 million in 2020, and is projected to reach $125.1 million by 2030, growing at a CAGR of 4.5% from 2021 to 2030. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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On the basis of grade, the industrial grade segment accounted for the highest market share in 2020, generating more than four-fifths of the global sodium nitrate market. The same segment is also anticipated to cite the fastest CAGR of 4.6% from 2021 to 2030. This is due to the fact that sodium nitrate being inexpensive, non-toxic, non-poisonous, and stable makes itself an ideal compound during production of smoke bombs and solid rocket propellants.
The sodium nitrate market is segmented on the basis of grade, end use, and region. By grade, the market is segregated into food and industrial. The industrial grade dominated the global market in terms of revenue in 2020, with over six-seventh of the total share. Use of food grade sodium nitrate as a color fixative in cured meats and poultry meat products is a key market trend. Sodium nitrate is the most commonly used food preservative in processed meat products. It is used and added during curing process in order to inhibit the growth of bacteria. Moreover, sodium nitrate is capable of removing bacteria that grow in presence of moisture and inhibits the bacterial growth through dehydration.
Sodium nitrate market is driven by rise in the number of surgeries, increase in prevalence of cardiovascular diseases and cancer, and growth in geriatric & preterm infant population. On the other hand, presence of stringent regulatory framework and high cost of technologically advanced patient warmer impede the growth to some extent. However, new launches of technologically advanced patient warmers are expected to create lucrative opportunities in the industry.
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On the basis of region, Asia-Pacific, followed by Europe and North America contributed to the major market share in terms of revenue 2020, holding nearly two-fifths of the global sodium nitrate market. The same region is also projected to cite the fastest CAGR of 5.5% from 2021 to 2030. Sodium nitrate is extensively used to strengthen the textile products by immersing threads into sodium nitrate bath, thereby driving the market growth.
On the basis of end use, the chemicals & agrochemicals segment generated the highest share in 2020, holding around two-thirds of the global sodium nitrate market. The same segment is also expected to cite the fastest CAGR of 4.7% from 2021 to 2030. This is owing to usage of sodium nitrate as a fertilizer that helps to supply proper amount of nitrogen to plant roots and other vascular system.
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Prominent Market Players-
1. UNE Industries Ltd.
2. AG CHEMI Group s.r.o
3. Alfa Aesar
4. Santa Cruz Biotechnology Inc.
5. American Elements
6. BASF SE
7. Hach
8. Aldebaran Sistemas
9. Sumitomo Chemical Co., Ltd.
10. Pon Pure Chemicals Groupe
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.