The sodium nitrate market is expected to grow by 177.55 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Sodium Nitrate Market 2020-2024 (Graphic: Business Wire)
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The growing population across the world has created a strong demand for food. This is increasing adoption of various methods and techniques to grow crops with high yield in a shorter time. Fertilizers play a vital role in enhancing crop yield. They increase the nitrogen content of the soil by providing the essential nutrients required for plant growth. Sodium nitrate is one of the commonly used fertilizers as it is rich in nitrogen. Therefore, the growing demand for fertilizers is expected to fuel the growth of the global sodium nitrate market during the forecast period.
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As per Technavio, the low cost and easy manufacturing process will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sodium Nitrate Market: Low Cost and Easy Manufacturing Process
Sodium nitrate is available at a lower cost compared to other nitrogen-based fertilizers. It is also easy to manufacture. The manufacturing process of sodium nitrate includes a one-step chemical reaction that involves compounds such as nitric acid or ammonium nitrate. Also, sodium nitrate is widely available in three forms, namely industrial grade, technical grade, and refined grade. All these factors are increasing the use of sodium nitrate among end-users, which is driving the market growth.
“The growing shift towards organic farming and the use of sodium nitrate in renewable energy segment will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Sodium Nitrate Market: Segmentation Analysis
This market research report segments the sodium nitrate market by Application (Agriculture and Others) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the sodium nitrate market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to increasing demand from the firework industry in the region.
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