Global Sodium Nitrate Market - 2022-2029

Global Sodium Nitrate Market - 2022-2029

Market Overview

Sodium Nitrate Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Sodium nitrate is a chemical compound with the formula NaNO3. It is a colorless, odorless, crystalline compound. It is generally alkaline in form. It is a radially available source of nitrate anion, which is useful in several reactions carried out on industrial scales for the production of fertilizers, pyrotechnics, smoke bombs and other explosives, glass and pottery enamels. It is mostly used in fertilizers, which supply a water-soluble form of nitrogen. It does not alter the pH of soil. Sodium nitrate is a common preservative used in cured meat products, including bacon, deli, and jerky. It is added to processed and cured meats to preserve shelf life and to give them flavor and pink color. Molten sodium nitrate and its solutions with potassium nitrate have good thermal stability and high heat capacities. These properties are suitable for thermally annealing metals and storing thermal energy in solar applications. Sodium nitrate is used for thermal energy storage. It is also used for the steel coating process, forming a surface magnetite layer.

Market Dynamics: Increasing demand from the agriculture industry drives the market growth

Sodium nitrate is used in agriculture, acting as fertilizer. It is popular due to its cost-effectiveness with the economic return. It is highly soluble in water with high content of nitrogen. Also, sodium nitrate is used in the field of pesticides. It is also used for the preparation of potassium nitrate and fertilizer. It is the raw material for producing nitric acid, which is also important for fertilizers and explosives, etching metals, and the purification and extraction of gold. Sodium nitrate is essential for plant growth. Excess nitrogen can delay the production of fruit and flowers, and low nitrogen can lead to stunted plant growth. The nitrogen from sodium nitrate fertilizers are immediately available to plant roots.

Moreover, sodium nitrate is also used as a preservative for meat preservation, such as hot dogs, salami, ham, bologna, and other meats. Sodium nitrate prevents the growth of the bacteria that spoils meat and helps increase the meat's shelf life. Also, demand from the glass production industry drives market growth. Sodium nitrate is used in a two-stage process for making strengthened glass. The glass item is first immersed in a sodium nitrate bath which enriches the surface of the glass with sodium ions, increasing the product's strength. This glass is resistant to scratching and has improved impact and bending strength. Also, there is an increasing demand of sodium nitrate in the pharmaceutical industry as it is used as an inactive ingredient in various eye drops.

Apart from agriculture, glass and pharmaceutical industry, sodium nitrite is an important part of the textile industry. It is essential in the production of diazo dyes. The global textile industry is expected to grow steadily over the next few years, and a concomitant rise in the demand for dying materials is anticipated. It will drive the global sodium nitrite market on a higher growth trajectory over the forecast period.

Market Segmentation: Food grade segment accounted for the highest share in global sodium nitrate market

In 2021, food grade had the highest revenue share of over XX percent. Sodium nitrate is widely used in the food industry as an antioxidant in meats such as bacon, ham, luncheon meats, deli meat, jerky and hotdogs. It can prevent the growth of the dangerous environmental bacteria Listeria monocytogenes. This bacterium spoils the quality of meat and cause illness. Sodium nitrate has a considerable effect on those bacteria. It also prevents the growth of botulism and listeria-causing bacteria that causes an unfavorable reaction in the body. It restricts the development of rancidity. It is very useful for the prolonged shelf life of fishes.

Based on application, explosives segment held a significant market revenue share of XX% in the year 2021. Industrial grade of sodium nitrate is used as an explosive, heat transfer component and fertilizer for crops. Sodium nitrate is inexpensive, non-toxic, non-poisonous, and stable, which gives it advantages over other additives in the black powder used in pyrotechnics and smoke bombs. The slow burn rate of sodium nitrate makes it ideal as a solid rocket propellant. Sodium nitrate is the storage vessel for nitrogen. It is helpful for the growth of the plant. Sodium nitrate used as a fertilizer rushes nitrogen to plant roots to stimulate processing throughout the plant’s vascular system.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period

In 2021, Asia Pacific had the highest revenue share of almost XX percent. Increasing demand for sodium nitrogen as a fertilizer in developing countries like India and China is expected to drive the market growth. India has an agricultural-based economy. For crop growth, most farmers use sodium nitrogen as a fertilizer. Some countries in Asia Pacific are increasing their production of sodium nitrogen. China and India are the major sodium nitrogen-producing countries. In 2019, China produced 34,023,626.73 metric tons, and India produced 13,601,710.71 metric tons of sodium nitrogen. The growing population and rising consumer disposable income levels are expected to continue to drive the demand for agriculture commodities, thereby supporting the growth of the regional market.

South America is expected to grow with a significant CAGR of XX% during the forecast period. Brazil held a significant share in the region, owing to the increasing agricultural activities. Brazil is one the largest producers of soybeans, wheat, rice, and coffee among other 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. Farmland availability of oilseeds, corn, and sugarcane in Brazil is expected to boost the growth of the agricultural sector, in turn, promoting the importance of fertilizers. Over the past decade, Brazil has been playing a crucial role in the agricultural industry, with rapidly increasing crop cultivation and simultaneously rising export levels.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are ALFA AESAR, Shandong Haihua Group, AG CHEMI GROUP s.r.o., UBE Corporation, Shouguang Zixu Chemical Co., Ltd., Pon Pure Chemicals Group, Santa Cruz Biotechnology, Inc. and others. In August 2017, Deepak Nitrite Ltd. filed a legal petition seeking review investigations on sodium nitrite imports from China. It was supported by other manufacturers operating in the country to protect their business interests about sodium nitrate. The result has been that the country’s Ministry of Finance has imposed a five-year anti-dumping duty on sodium nitrite imports from China, thereby providing a favorable judgment to the petitioners.

COVID-19 Impact: Negative impact on the global sodium nitrate market

The sodium nitrate market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on food, explosive, and glass end-use industries. Glass manufacturing sector has been hit due to COVID-19 pandemic, owing to temporary halt of production plants in order to conform to government instructed lockdown measures. However, ease of lockdown measures across the globe has helped to regain the growth of glass industry in 2021. Moreover, explosives are key input for mining and infrastructure sectors. There is growing shortfall of explosives across the globe owing to supply demand gap. In addition, short fall of black powder additives that are utmost important in production of explosives such as sodium nitrate and ammonium nitrate, has impacted negatively on the growth of global sodium nitrate market in the pandemic situation.

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