The global Sodium Nitrate market size is expected to be worth around US$ 200.5 million by 2030, according to a new report by Vision Research Reports.
The global Sodium Nitrate market size was valued at US$ 96.8 million in 2020 and is anticipated to grow at a CAGR of 6.7% during forecast period 2021 to 2030.
|Market Size||US$ 200.5 million by 2030|
|Growth Rate||CAGR of 6.7% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Grade, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Deepak Nitrate Ltd.; BASF SE; SQM; Weifang Haiye Chemistry &Industry Co; ACF Nitratos S.A; Shijiazhuang Fengshan Chemical Co., Ltd.; Quality Chemicals S.L|
the rising product demand in fertilizer application because of its ability to increase the crop yield. Sodium nitrate is mainly manufactured using nitric acid with soda ash. Nitric acid is subject to intense price and supply volatility in the global market as it is manufactured from ammonia and nitrogen dioxide. Fluctuations in the price and demand/supply of the aforementioned raw materials are expected to hamper the prices of sodium nitrate over the forecast period.
The high demand from fertilizers end-use segment due to the increasing demand for food is expected to drive the market over the forecast period. Sodium nitrate-based fertilizers are used widely due to their ability to provide necessary nitrogen nutrients to the crops. These fertilizers are considered favorable for crops like wheat, soybeans, sugarcane, and corn. Apart from fertilizers, the product is also used in the food industry as a preservative.
By Grade Analysis
The industrial segment dominated the market and accounted for a share of more than 89% in 2020. This high share was credited to the increased demand for fertilizers coupled with the growing demand for chemicals in various end-user industries, such as construction, electronic, industrial manufacturing, and others.
It is also used as a key ingredient for formulating final products, such as construction chemicals, adhesives, and degreasing. The food segment is estimated to witness a significant CAGR of more than 5.5% from 2021 to 2030.
By Application Analysis
In terms of revenue, the fertilizer application segment dominated the market and accounted for the largest share of more than 69% in 2020. This high share is attributed to the increasing demand for fertilizers globally as a result of the rising food production. The rising population across the globe has resulted in an increased demand for food.
The demand for food has increased exponentially during the pandemic, which is expected to result in short-term growth for fertilizer manufacturers. However, the growing concerns surrounding the problems associated with product toxicity are expected to limit the market growth.
By Regional Analysis
Central and South America dominated the global market in 2020 and accounted for the largest revenue share of more than 32.05%. The country is anticipated to expand further at a steady CAGR from 2021 to 2030.
Brazil is one the largest producers of soybeans, wheat, rice, and coffee among other Central & South American countries. The agricultural sector in the country is expected to grow at a fast pace due to the presence of highly cultivable land and suitable climatic conditions.
Asia Pacific is anticipated to be the fastest-growing region over the forecast period. The region has been a cumulation of the largest agrarian countries including China, Japan, India, and other agricultural-based economies.
Deepak Nitrite Ltd.
Weifang Haiye Chemistry & Industry Co.
ACF Nitratos S.A.
Shijiazhuang Fengshan Chemical Co., Ltd.
Quality Chemicals S.L.
Food & Beverages
Central & South America
Middle East & Africa
The Sodium Nitrate market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Sodium Nitrate market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Sodium Nitrate market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Sodium Nitrate market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Sodium Nitrate market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Sodium Nitrate capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Sodium Nitrate by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Sodium Nitrate market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Sodium Nitrate market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Sodium Nitrate market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Sodium Nitrate industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Sodium Nitrate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Sodium Nitrate market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Sodium Nitrate market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Sodium Nitrate market. These factors have benefited the growth of the global market for Sodium Nitrate. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Sodium Nitrate. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Sodium Nitrate are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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