In the first quarter of 2023, sodium nitrate prices in Asia surged due to increased market activities, inventory replenishment, and higher feedstock prices. Strong demand from downstream industries, notably in China after the Lunar holidays and Covid-19 period, supported production rates. However, Q2 witnessed a substantial market decline due to reduced demand from both domestic and international consumers, along with hindered trade activities. In Europe, Q1 saw a surge in prices driven by pharmaceutical and related industries, despite fluctuating feedstock costs. Yet, Q2 faced challenges from falling feedstock prices, oversupply, and sluggish downstream demand. North America experienced stability initially but suffered a Q2 decline due to decreased end-user procurement, falling oil prices, and weakened economic conditions.
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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 analysis, 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, a vital industrial compound (NaNO₃), finds versatile applications across sectors. In agriculture, it serves as a nitrogen-rich fertilizer, aiding plant growth. In the food industry, it acts as a preservative, preventing bacterial growth and enhancing shelf life in processed meats. As an oxidizing agent, sodium nitrate is pivotal in pyrotechnics and fireworks. In manufacturing, it contributes to the production of nitric acid, crucial for various chemicals. Moreover, it acts as a corrosion inhibitor, safeguarding metals from degradation. These diverse uses highlight sodium nitrate’s significance in agriculture, food preservation, chemicals, and pyrotechnics, underscoring its wide-ranging 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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