Sodium Nitrate Market Expected to Reach $125.1 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, "Sodium nitrate market by grade, end use, and region: global opportunity analysis and industry forecast, 2021–2030,"the global sodium nitrate market was valued at $80.6 million in 2020, and is projected to reach $125.1 million by 2030, growing at a CAGR of 4.5% from 2021 to 2030.

Sodium nitrate is a type of alkali metal nitrate that is used in applications such as fertilizers and explosives. Food grade and industrial grade are types of sodium nitrate available in the market. 

Black powder is used in pyrotechnics and smoke bombs. This powder requires additional additives that help to slow down the burning rate. Sodium nitrate is widely used as active additive in black powder owing to its cost effectiveness and stability. In addition, it is capable of accelerating the burning capability of combustible materials. Thus, making it ideal to be used as a solid rocket propellant and other explosives. Industrial grade sodium nitrate is used in applications such as production of fertilizers, heat transfer component, and as an intermediate chemical compound. In addition, it can also be used for production of explosives, construction chemicals, degreasing products, and adhesives. These factors are anticipated to escalate the growth of the global market.

 However, health hazards associated with prolonged consumption of sodium nitrate containing processed meat are expected to hamper the market growth.

On the other hand, textile industry also uses sodium nitrate for enhancing strength of textiles is the key market trend. Glasses that are installed in aircraft canopies must be durable and have high optical clarity. Sodium nitrate being capable of imparting all these desired characteristics make it widely used during production of glasses that are used in aircraft canopies. In addition, high quality eyewear requires molten glass and use of sodium nitrate for tempering of eyewear molten glass. This factor is anticipated to offer new opportunities in the global sodium nitrate market.

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.

By end use, the global sodium nitrate market is classified into food, pharmaceuticals, chemicals & agrochemicals, explosives, and others. The chemicals & agrochemicals end use dominated the global market in terms of revenue in 2020, with over two-thirds of the total share. Sodium nitrate is used in production of fertilizers as it acts as storage vessel for nitrogen. Nitrogen is important as it helps to stimulate plant growth, stems, and leaves. Moreover, lack of nitrogen reduces plant growth while on the other hand excess nitrogen content can deter flower and fruit growth. Use of sodium nitrate as a fertilizer helps to supply proper amount of nitrogen to plant roots and other vascular system.

Region-wise, the sodium nitrate market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific sodium nitrate market size is projected to grow at the highest CAGR during the forecast period and accounted over 37% of sodium nitrate market share in 2020. Sodium nitrate creates distinct flavor, enables to control oxidation process, and imparts antimicrobial property in food products is the key market trend. Addition of sodium nitrate in processed meat such as ham and salami impart pink color to the meat. In addition, processed meat containing red hue requires preservative in order to extend the shelf life. These factors are driving the adoption of sodium nitrate in food industry and thereby augmenting the demand of the global market in Asia-Pacific.  

Key players operating in the global sodium nitrate market include BASF SE, UNE Industries Ltd. AG CHEMI Group s.r.o, Pon Pure Chemicals Group, Santa Cruz Biotechnology Inc., American Elements, Hach, Aldebaran Sistemas, Sumitomo Chemical Co., Ltd., and Alfa Aesar.

The global sodium nitrate market report provides in-depth competitive analysis as well as profiles of these major players.

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The sodium nitrate market has been moderately impacted due to the wake of COVID-19 pandemic owing to its dependence on food, explosive, and glass end-use industries. Sodium nitrate is used in two-stage production of chemical stable and high strength glasses. In order to increase the strength of finished glass it can be immersed in sodium nitrate bath. In addition, it also improves surface characteristics of glass and chemical stability. Chemically strengthened glass product offers resistance toward scratches, improved bending strength, and temperature stability. 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. On the contrary, sodium nitrate suppliers have increased the price by 20% owing to increase in the cost of explosives that are used in mining sector. This factor is anticipated to fuel the growth of the global market despite the COVID-19 pandemic.

Key findings of the study

• The industrial grade segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2021 to 2030.
• The chemicals and agrochemicals is anticipated to register highest CAGR of 4.7% during the forecast period.
• Asia-Pacific garnered highest share of 37.3% in 2020, in terms of revenue, growing at a CAGR of 5.5% during the forecast period.