The Asia Pacific Sodium Nitrate Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 22,437.4 Tonnes, showcasing a growth of 5.0% (2019-2022).
Food-grade sodium nitrate is used throughout the curing process of packaged foods and to prevent botulism in long-aged meats. However, the Food and Drug Administration (FDA) prohibits the commercial use of food-grade sodium nitrate in products such as smoked meat, cooked meat, sausages, and bacon. Industrial-grade sodium nitrate is used in fertilizer production as an intermediate chemical compound and heat transfer component. It can also make explosives, construction chemicals, degreasing products, and adhesives. A significant market trend is the application of food-grade sodium nitrate as a colour fixative in cured and poultry meat products. The demand for food additives and preservatives has increased due to the expansion of regulatory food regulations aimed at ensuring food safety.
The adoption of sodium nitrate-based fertilizers is stimulated by the need for more efficient agricultural practices fuelled by population growth, urbanization, and the rising demand for food products. The ever-expanding population necessitates enhanced food production, making sodium nitrate a critical component in modern agriculture. Moreover, the growth of the chemical and pharmaceutical industries significantly contributes to adopting sodium nitrate. The demand for sodium nitrate as a raw material for the synthesis of different chemicals and pharmaceuticals increases in direct proportion to the continued expansion of these sectors.
As per Invest India, in India, the pharmaceutical industry is anticipated to increase to $65 billion by 2024 and $130 billion by 2030. One of the world's largest suppliers of inexpensive vaccines is India. India is a significant exporter of pharmaceuticals, with exports to over 200+ countries. It is utilized to synthesize certain medications, particularly antibiotics in India. The growth of the Indian pharmaceutical sector increased demand for sodium nitrate as a raw material in the synthesis of Active Pharmaceutical Ingredients. Nitration is a key step in synthesizing various pharmaceutical compounds in India, and the demand for sodium nitrate parallels the growth in pharmaceutical research and development.
The China market dominated the Asia Pacific Sodium Nitrate Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $19,477.6 Thousands by 2030. The India market is exhibiting a CAGR of 5.6% during (2023 - 2030). Additionally, The Thailand market would experience a CAGR of 5.8% during (2023 - 2030).
Based on Grade, the market is segmented into Industrial, Pharmaceutical, and Food. Based on Application, the market is segmented into Fertilizers, Chemicals, Explosives, Glass, Pharmaceuticals, Food & Beverages and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Thailand, and Rest of Asia Pacific.
Free Valuable Insights: The Global Sodium Nitrate Market is Predict to reach $160.1 Million by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include BASF SE, Weifang Binhai Petro-Chem Co., Ltd (Tiande Chemical Holdings Co., LTD), Airedale Chemical Holdings Limited, Linyi Shansong Biological Products Co., Ltd., SABIC (Saudi Arabian Oil Company), AG CHEMI GROUP s.r.o., Pon Pure Chemicals Group (Pure Chemicals Co.), Santa Cruz Biotechnology, Inc., Sumitomo Chemical Co., Ltd., and UBE Corporation.
By Grade (Volume, Tonnes, USD Million, 2019-2030)
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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