Global Sodium Nitrate Market 2017-2021
About Sodium Nitrate
Sodium nitrate is one of the widely used inorganic salts. It is used in fertilizers, pharmaceutical products, food, and gunpowder. It is a white crystalline salt that is found as mineral deposit called caliche ore in the Earth’s crust. This odorless compound is also known as Chile saltpeter. Chile and Peru are the largest producers of sodium nitrate. Sodium nitrate is a strong oxidizing agent. It is used as fertilizers to help in the crop yield by improving the nutrient content of the soil.
Technavio’s analysts forecast the global sodium nitrate market to grow at a CAGR of 3.91% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global sodium nitrate market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Sodium Nitrate Market 2017-2021
Technavio recognizes the following companies as the key players in the global sodium nitrate market: BASF, Dahua Group Dalian Guanlin International Trade, Hangzhou Xinlong Chemical, Liuzhou Chemical Industry, Rashtriya Chemicals and Fertilizers, Shandong Haihua Group, Sumitoma Chemical, and SQM.
Other Prominent Vendors in the market are: Akshay Group, Alfa Aesar, American Elements, Anhui Huaertai Chemicals, Chongqing Fuyuan Chemical, COFERMIN, HuaQiang Chemical Group, Jiangsu Huaihe Chemicals, Shanxi Jiaocheng Hongxing Chemicals, Sinkiang Nitrate Minerals, SNDB, Yingfengyuan Industrial Group, and Zibo Xuhang Chemical.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is use of sodium nitrate in renewable energy segment. With the rise in energy consumption by the growing population, the non-renewable energy resources are getting depleted day-by-day. Thus, adopting renewable energy is the only solution to meet future energy requirements. In terms of revenue, the solar energy market is expected to grow $115.59 billion by 2021. It is going to play an important role in reducing carbon emission, as well as, help in the reduced depletion of natural resources.”
According to the report, one driver in the market is growing demand for fertilizers. Fertilizers provide essential nutrients for the healthy growth of plants and crops. Sodium nitrate is the oldest known nitrogen-rich fertilizer. This water-soluble fertilizer acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants. Sodium nitrate is classified under nitrogen-containing fertilizers. The demand for food is growing at faster pace owing to the rise in the population worldwide. Therefore, research and development (R&D) is focusing on the advanced methods and techniques to grow crops with high yield within a shorter duration.
Further, the report states that one challenge in the market is soil deterioration caused by chemical fertilizers. Sodium nitrate immediately replenishes the soil by providing nitrogen as it is easily soluble in water and other solvents. It is one of the highly used chemical fertilizers as it is not prone to volatile losses. However, it should be used in a scientific manner. Excessive use of the compound for agricultural purposes can result in the deterioration of the soil over a period time. Several developing countries are dealing with the harsh realities of soil degradation owing to the use of the chemical fertilizer beyond the scientific limit for many years to produce crops.
BASF, Dahua Group Dalian Guanlin International Trade, Hangzhou Xinlong Chemical, Liuzhou Chemical Industry, Rashtriya Chemicals and Fertilizers, Shandong Haihua Group, Sumitoma Chemical, SQM, Akshay Group, Alfa Aesar, American Elements, Anhui Huaertai Chemicals, Chongqing Fuyuan Chemical, COFERMIN, HuaQiang Chemical Group, Jiangsu Huaihe Chemicals, Shanxi Jiaocheng Hongxing Chemicals, Sinkiang Nitrate Minerals, SNDB, Yingfengyuan Industrial Group, and Zibo Xuhang Chemical.