GVR Report cover Sodium Nitrate Market Size, Share & Trends Report

Sodium Nitrate Market Size, Share & Trends Analysis Report By Grade (Pharmaceutical, Industrial, Food), By Application (Fertilizers, Chemicals, Glass), By Region (CSA, APAC), And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-368-3
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 95

Report Overview

The global sodium nitrate market size was valued at USD 95.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is anticipated to be driven by the growth of fertilizers products in the agriculture industry. The market is largely dependent on the trends of its application industries. The high demand from fertilizers end-use segment due to the increasing demand for food is expected to drive the market over the forecast period. Sodium nitrate-based fertilizers are used widely due to their ability to provide necessary nitrogen nutrients to the crops. These fertilizers are considered favorable for crops like wheat, soybeans, sugarcane, and corn. Apart from fertilizers, the product is also used in the food industry as a preservative.

U.S. sodium nitrate market size, by grade, 2018 - 2028 (USD million)

Nitric acid is subject to intense price and supply volatility in the global sodium nitrate 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. 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. However, chemicals present in fertilizers additives and fertilizers can also have an adverse impact on groundwater and water, which is used for drinking and can lead to various diseases. Blue baby syndrome is one such disease that affects infants caused by water contaminated with nitrate. Sodium nitrate is mainly manufactured using nitric acid with soda ash.

Grade Insights

In terms of revenue, the industrial segment dominated the market and accounted for a share of more than 89% in 2020. This high share was credited to the increased demand for fertilizers coupled with the growing demand for chemicals in various end-user industries, such as construction, electronic, industrial manufacturing, and others. Industrial-class sodium nitrate has a purity level of 99%. It is widely utilized as a solvent in various industries.

It is also used as a key ingredient for formulating final products, such as construction chemicals, adhesives, and degreasing. The food segment is estimated to witness a significant CAGR of more than 4.5% from 2021 to 2028. This high share is attributed to the growing demand for Ready-to-Eat (RTE) food. This grade of the product has the ability to help increase the shelf life of processed foods.

Application Insights

In terms of revenue, the fertilizer application segment dominated the market and accounted for the largest share of more than 69% in 2020. This high share is attributed to the increasing demand for fertilizers globally as a result of the rising food production. The rising population across the globe has resulted in an increased demand for food.

Global sodium nitrate market share, by application, 2020 (%)

Farmers are adopting techniques that maximize their per hectare yields with the usage of fertilizers, which is expected to play a major role in driving the product demand. The demand for food has increased exponentially during the pandemic, which is expected to result in short-term growth for fertilizer manufacturers. However, the growing concerns surrounding the problems associated with product toxicity are expected to limit the market growth. Explosives were the second-largest application segment and are anticipated to grow at a steady CAGR from 2021 to 2028. This growth is attributed to the rising usage of the product in this application due to its ability to react with heat and accelerate the burning process.

Regional Insights

Central and South America dominated the global market in 2020 and accounted for the largest revenue share of more than 32%. The country is anticipated to expand further at a steady CAGR from 2021 to 2028 due to the increasing agricultural activities coupled with the rising demand for processed foods due to changing lifestyles and growing chemical manufacturing.

Brazil is one 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. 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.

In terms of revenue, Asia Pacific is anticipated to be the fastest-growing region over the forecast period. The region has been a cumulation of the largest agrarian countries including China, Japan, India, and other agricultural-based economies. 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.

Key Companies & Market Share Insights

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 focusing on increasing their production capacities to meet the growing demand. Manufacturers are also continuously engaged with third-party distributors. Moreover, some manufacturers are selling their products directly through their websites to earn more profits. Companies, such as BASF SE, are investing more in R&D activities to develop innovative products to widen their product portfolio. Some of the prominent players in the global sodium nitrate market include:

  • Deepak Nitrite Ltd.

  • BASF SE

  • SQM

  • Weifang Haiye Chemistry & Industry Co.

  • ACF Nitratos S.A.

  • Shijiazhuang Fengshan Chemical Co., Ltd.

  • Quality Chemicals S.L.

Sodium Nitrate Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 100.09 million

Revenue forecast in 2028

USD 149.22 million

Growth rate

CAGR of 5.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in tons, revenue in USD thousand/million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Grade, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Japan; Brazil; Chile; Peru; Saudi Arabia; South Africa

Key companies profiled

Deepak Nitrate Ltd.; BASF SE; SQM; Weifang Haiye Chemistry &Industry Co; ACF Nitratos S.A; Shijiazhuang Fengshan Chemical Co., Ltd.; Quality Chemicals S.L.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017to 2028. For the purpose of this study, Grand View Research has segmented the global sodium nitrate market report on the basis of grade, application, and region:

  • Grade Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

    • Industrial

    • Pharmaceutical

    • Food

  • Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

    • Chemicals

    • Fertilizers

    • Explosives

    • Glass

    • Pharmaceutica

    • Food & Beverages

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Thousand; 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

      • Chile

      • Peru

    • Middle East & Africa

      • Saudi Arabia

      • South Africa

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