VynZ Research | Kolkata | 11/02/2019:
The European sodium nitrate market is predicted to grow at 3.8% CAGR during the forecast period (2018–2023) to reach USD 49,996.4 thousand by 2023. The market is driven by factors such as increasing use of sodium nitrate in agriculture, chemical, and food & beverage industries.
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Sodium nitrate is soluble in water and other solvents, and thus, it is an effective nutrient-release fertilizer. Sodium nitrate is available at a low cost as compared to all other nitrogen-based fertilizers. It also has a simpler manufacturing process comparatively, which includes only one-step chemical reaction from starting compounds such as nitric acid or ammonium nitrate. The low cost and easy manufacturing process of sodium nitrate have turned sodium nitrate as the material of choice for most vendors. Subsequently, it is widely used for diverse applications.
Based on grade, the sodium nitrate market is categorized into industrial, food grade, and pharmaceutical grade of which industrial grade held the largest share in the European sodium nitrate market. The low cost and easy manufacturing process of sodium nitrate have turned sodium nitrate as the material of choice for most industrial vendors.
On the basis of end use, the sodium nitrate market is categorized into agriculture, chemical, food and beverages, pharmaceutical, and others. The agriculture industry is estimated to be the largest end-use category in the market in 2017. This is primarily due to the growing demand of fertilizers.
Increasing demand of penicillin in European countries acts as an opportunity for the European sodium nitrate market. Sodium nitrate is utilized in penicillin medium preparation along with other salts such as MgSO4, K3PO4, and others. According to the World Health Organization (WHO), many countries such as France and Portugal are facing the shortage of penicillin due to increasing number of rheumatic heart diseases which develop from simple untreated throat infection. Thus, an increase in penicillin production is anticipated in the coming years. Thus, increase in penicillin production assists in sodium nitrate market expansion in Europe.
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Some of the major players operating in the Europe sodium nitrate market are BASF SE, Merck KGaA, Honeywell International Inc., Union Group Chemical Company S.L., Grupa Azoty SA, abcr GmbH, URALCHEM Holding P.L.C., PJSC Concern Stirol, PJSC Severodonetsk “Azot”, Neochim Plc, and JSC
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