The Global Sodium Nitrate Market is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2023-28, states MarkNtel Advisors in their recently published research report. The market growth of sodium nitrate is anticipated to be pushed in an upward trajectory due to the mounting requirement in industrial-grade applications, such as production of the explosives, fertilizer manufacturing, and glass manufacturing, along with the ever-increasing demand for greater crop yields, increasing population, and agricultural sector’s resilience on fertilizers.
The research report further states that due to its favorable price & stability, the usage of sodium nitrate in black powder as an active preservative has observed an increase. The construction industry also aids significantly in fueling the demand for sodium nitrate, due to the widespread usage of the compound in various applications, including concrete mixtures, etc.
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The product’s capacity to quicken the burning ability of ignitable ingredients makes it a suitable choice for solid rocket propellants & other explosives. Moreover, the rising demand for industrial-grade sodium nitrate for glass production is also propelling the overall growth of the Global Sodium Nitrate Market.
Global Sodium Nitrate Market Segmentation Breakdown
- By Grade (Industrial, Pharmaceutical, and Food)
- By Application (Chemicals, Fertilizers, Explosives, Glass, Pharmaceuticals, Food & Beverages, and Others)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
Fertilizers attained the highest market share in the past years and are anticipated to continue robust growth in the coming years due to the ever-increasing need to fulfill the mounting food demand across the world. Sodium nitrate is a vital nutrient to facilitate several plant functions, leaf progress, photosynthesis, etc., thus improving crop yields and confirming food security. Furthermore, sodium nitrate is deeply engrained in agricultural practices and can be used for various agricultural purposes given its versatility & compatibility. Also, the farmers are incessantly utilizing fertilizers to enhance crop yields, especially sodium nitrate, thus augmenting the overall market growth of sodium nitrate.
South America retained a dominant stand in the Global Sodium Nitrate Market during the historical period. Chile in particular ruled the Sodium Nitrate Market across the region, as the leading producer & exporter in the past years given the abundance of natural deposits of sodium nitrate in the Atacama Desert in the country. Moreover, another major aspect of the region being dominant in the given market is the robust & firm mining and production infrastructure permitting resourceful withdrawal & processing of sodium nitrate from the natural deposits. Further, the country’s tactical positioning & well-built export infrastructure, and top-quality sodium nitrate make it a chief exporter of sodium nitrate, where the goods get transported to numerous international markets.
Companies Having a Strong Market Presence in the Global Sodium Nitrate Market
Some of the major contenders standing at the forefront with the highest market share in the Global Sodium Nitrate Market include Nitroparis, SQM, Weifang Haiye Chemistry & Industry Co, Acf Nitratos S.A, Quality Chemicals S.L, Shijiazhuang Fengshan Chemical Co., Ltd., URALCHEM JSC, YingFengYuan Industrial Group Limited, Deepak Group, Aldebaran Sistemas, Sumitomo Chemical Co., Ltd., Pon Pure Chemicals Group, Hach, and others.
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