SAN FRANCISCO, Nov. 3, 2021 /PRNewswire/ -- The global sodium nitrate market size is expected to reach USD 149.2 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.7% from 2021 to 2028 and is majorly driven by 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.
Key Insights & Findings:
In terms of volume, the industrial segment dominated the market in 2020. This high share was credited to the increased demand for fertilizers in the agriculture industry
In terms of revenue, the fertilizer application segment dominated the industry and accounted for the largest share of more than 68% in 2020
In terms of revenue, Asia Pacific is anticipated to be the fastest-growing regional market at a CAGR of 6.5% from 2021 to 2028 due to growing agriculture activities
Manufacturers are involved in increasing their production capacities to meet the growing product demand from various end-use sectors
Central and South America dominated the global market and accounted for the largest revenue share in 2020 It is expected to maintain its dominance throughout the forecast period due to the growing agriculture activities in countries like Brazil, Argentina, and Peru. Brazil is one of 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.
The spread of the COVID-19 virus has crippled economies across the globe and severely impacted the supply chains across industries. The production and consumption of sodium nitrate are highly influenced by its demand from end-use industries. The market is characterized by the presence of a mix of small-&medium-scale producers with regional expansion aspirations. This scenario is expected to change over the forecast period owing to the rising demand for food. Most of the players in the market are focusing on differentiating themselves from other players as the market is highly competitive and concentrated. Manufacturers are also continuously engaged with third-party distributors.
Grand View Research has segmented the global sodium nitrate market on the basis of grade, application, and region:
Fertilizer Additives Market–The global fertilizer additives market size was estimated at USD 3.25 billion in 2018 and is expected to grow at a CAGR of 3.1% over the forecast period.
Food Preservatives Market–The global food preservatives market size was valued at USD 2.5 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% from 2020 to 2027.
Soda Ash Market–The global soda ash market size was USD 15.94 billion in 2015. The global market is supposed to observe demand recovery over the forecast period after witnessing negative year-on-year growth for the past few years.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.