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Sodium Nitrate Market Size, Share, Trend, Segment Review, Grade, Key Market Players, Regional Reports and Forecast, 2021-2031
Sodium Nitrate Market
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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.
According to the report published by Allied Market Research, the global sodium nitrate market was over $80.6 million in 2020, and is anticipated to cross $125.1 million by 2030, registering 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.
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.
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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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.
Covid-19 Scenario-
The distorted supply chain across the world gave way to shortfall of black powder additives that are utmost important in production of explosives such as sodium nitrate and ammonium nitrate, thereby impacting the global sodium nitrate market negatively, especially during the initial phase.
However, ease of lockdown measures across the globe has helped the market recoup soon.
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 Group
Similar Report:
Ammonium Nitrate Market
https://www.alliedmarketresearch.com/ammonium-nitrate-market-A07297
Calcium Nitrate Market
https://www.alliedmarketresearch.com/calcium-nitrate-market-A11072
Potassium Nitrate Market
https://www.alliedmarketresearch.com/potassium-nitrate-market-A11483
Cobalt Nitrate Market
https://www.alliedmarketresearch.com/cobalt-nitrate-market-A13765
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