During the first part of 2023, sodium nitrate prices soared in Asia due to increased market engagements, restocking inventory, and elevated raw material costs. Robust demand from downstream sectors, particularly in China post-Lunar holidays and the Covid-19 period, bolstered manufacturing. However, the second quarter witnessed a significant downturn owing to decreased interest from both local and global buyers, coupled with restricted trade activities. In Europe, prices surged in the first quarter, primarily fueled by the pharmaceutical and associated sectors, despite volatile raw material expenses. Nevertheless, the second quarter encountered hurdles due to declining raw material prices, surplus supply, and sluggish demand from downstream industries. North America initially maintained stability but faced a decline in the second quarter due to reduced purchases by end-users, dropping oil prices, and weakened economic circumstances.
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Definition
Sodium nitrate (NaNO₃) is a chemical compound. It exhibits a white crystalline form and is soluble in water. Sodium nitrate is used in various industrial applications, including fertilizers, food preservation, and pyrotechnics. Its properties include oxidizing capabilities, supporting combustion, and being a source of nitrogen for plants. It’s also used in the production of nitric acid and as a corrosion inhibitor. In pyrotechnics, sodium nitrate imparts an oxygen supply necessary for burning. In summary, sodium nitrate is a versatile compound with uses spanning agriculture, chemistry, and diverse industries.
Key Details About the Sodium Nitrate Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Sodium Nitrate in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Sodium Nitrate Price chart, including India Sodium Nitrate price, USA Sodium Nitrate price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Sodium Nitrate Price Trend:
Sodium nitrate, denoted as NaNO₃, boasts numerous applications across various industries due to its versatility. In agriculture, it functions as a nitrogen-rich fertilizer, supporting robust plant growth. Within the food sector, it serves as a preservative, effectively extending the shelf life of processed meats by inhibiting bacterial growth. Its role as an oxidizing agent is indispensable in pyrotechnics and fireworks. Moreover, it plays a vital part in manufacturing by contributing to the creation of nitric acid, a crucial component in the production of various chemicals. Additionally, it serves as a corrosion inhibitor, safeguarding metals from deterioration. These multifaceted uses underscore the significance of sodium nitrate in agriculture, food preservation, chemical production, and pyrotechnics, emphasizing its broad impact on modern industries.
Key Players:
- Alfa Aesar
- UBE Industries LTD
- American Elements
- BASF SE
- AG CHEMI GROUP S.R.O.
- Sumitomo Chemical Co Ltd
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