Sodium Nitrate Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global sodium nitrate market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.

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Technavio has published a new report on the global sodium nitrate market from 2017-2021. (Graphic: B ...

Technavio has published a new report on the global sodium nitrate market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global sodium nitrate market for 2017-2021. The market is segmented based on application (agriculture, pharmaceuticals, and food) and geography (APAC, Europe, the Americas, and ROW).

Sodium nitrate is used in fertilizer as an important plant nutrient because it can be used irrespective of the soil quality. In 2016, the agriculture segment accounted for more than 57% of total sodium nitrate consumption. Sodium nitrate is used as food additives and preservative in food industry. The demand from the food industry to cater growing population worldwide is prompting the demand of sodium nitrate in food industry as preservatives and additives. The demand for food preservative is one the key drivers for the growth of the global sodium nitrate market.

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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global sodium nitrate market:

  • Growing demand for fertilizers
  • Increase in demand for food preservatives
  • Low cost and easy manufacturing process

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Growing demand for fertilizers

Fertilizers provide essential nutrients for the healthy growth of plants and crops. Sodium nitrate is the oldest known nitrogen-rich fertilizer. This water-soluble fertilizer acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants. Sodium nitrate is classified under nitrogen-containing fertilizers.

Mohd Shakeel Iqbal, a lead metals and minerals research analyst at Technavio, says, “The demand for food is growing at faster pace owing to the rise in the population worldwide. Therefore, research and development (R&D) is focusing on the advanced methods and techniques to grow crops with high yield within a shorter duration. Fertilizers play a vital role in crop production as it enhances the yield.”

Increase in demand for food preservatives

According to the United Nations, the global population will reach 9.7 billion by 2050 and subsequently, the demand for food will increase from 59% to 98% during the same period. Also, the change in the food habits owing to the rise in disposable income and increasing urbanization around the world are the key factors for the increasing demand of preservative based food. Protein-based food is gaining preference among people along with staple crops.

“Sodium nitrate is used as a food preservative and additive in the food industry. All these factors will lead to the increase in the demand for sodium nitrate in different application areas, and this will drive the global sodium nitrate market in a positive direction in the next five years. Sodium nitrate is used as food preservative and additive as it helps in preventing bacterial growth and botulism-causing bacteria. Sodium nitrate is popularly used for preserving meat,” adds Shakeel.

Low cost and easy manufacturing process

Sodium nitrate is available in three forms, which are industrial grade, technical grade, and refined grade. Sodium nitrate is soluble in water and other solvents, and thus, it is an effective nutrient-release fertilizer.

Sodium nitrate is available at a low cost as compared with all other nitrogen-based fertilizers. It also has a simpler manufacturing process, which includes one-step chemical reaction from starting compounds such as nitric acid or ammonium nitrate. The low cost and easy manufacturing process of sodium nitrate have turned sodium nitrate as the material of choice for most vendors. Subsequently, it is widely used for diverse applications.

Top vendors:

  • BASF
  • Dahua Group Dalian Guanlin International Trade
  • Hangzhou Xinlong Chemical
  • Liuzhou Chemical Industry
  • Rashtriya Chemicals and Fertilizers
  • Shandong Haihua Group
  • Sumitoma Chemical
  • SQM

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