Sodium Nitrate Market to be Worth $167.7 Million by 2030

Grand View Research, Inc.

SAN FRANCISCO, March 27, 2023 /PRNewswire/ -- The global sodium nitrate market size is expected to reach USD 167.7 million by 2030, and is expected to expand at 5.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Industry growth is majorly driven by the rising usage of sodium nitrate in fertilizers, wherein, it provides the plants with a water-soluble form of nitrogen without altering the pH level of the soil, thus promoting the growth of plants. Additionally, it is used in explosives, food & beverages, pharmaceuticals, chemicals, and others.

Key Industry Insights & Findings from the report:

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 5.9% from 2023 to 2030. This is attributed to the increased usage of the product in explosives, fertilizers, chemicals, and the food & beverage industry.
  
  
• It is used majorly in plants such as sugarcane, wheat, corn, and soybean as it provides the crops with essential nitrogen nutrients by supplying them with water-soluble nitrogen without altering the pH of the soil.
  
  
• Central & South America dominated the global market in 2022 with a revenue share of over 32.0% in 2022. This is attributed to a large amount of unexploited agricultural land in the area with large-scale production of soybean, pulses, and sugarcane which require sodium nitrate-based fertilizers for better yield.
  
  
• Agriculture sector accounts for half of the GDP of countries in Central & South America including Argentina, Bolivia Belize, Haiti, Dominica, Paraguay, and Ecuador. As the agriculture sector is a key contributor to the GDP of the countries in the region, it leads to increased consumption of fertilizers.
  
  
• Industrial grade dominated the product segment with a revenue share of over 89.0% in 2022. This growth is attributed to the increasing usage of the product as a complement to ammonium nitrate in explosives, chemicals, glass, and fertilizers.
  
  
• Fertilizer in the application segment dominated the global market with a revenue share of over 69.0% in 2022. This is attributed to the increasing demand for food crops due to the rising population.
  
  
• According to the Indian ministry of finance's economic survey, the agricultural and allied industries exhibited the most resiliency to COVID-19 as it reported a growth of 3.6% in 2020-21, and 3.9% in 2021-22 in India.