During the initial months of 2023, sodium nitrate prices soared in Asia, driven by heightened market activities, restocking inventories, and increased costs of raw materials. This surge was bolstered by robust demand from industries, especially in China post-Lunar holidays and Covid-19 disruptions, supporting production. However, the second quarter saw a significant downturn as demand dwindled from both local and global consumers, coupled with disruptions in trade activities.
In Europe, prices spiked in the first quarter due to strong demand from pharmaceutical and related sectors, despite fluctuating raw material expenses. Nonetheless, the second quarter posed challenges with plummeting raw material prices, oversupply concerns, and sluggish demand from downstream markets.
North America initially experienced stability but faced a decline in the second quarter due to reduced procurement by end-users, declining 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 trends, 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, known as NaNO₃, plays a crucial role in various industries due to its versatility. It serves as a nitrogen-rich fertilizer in agriculture, fostering plant growth. Within the food sector, it functions as a preservative, extending the shelf life of processed meats by preventing bacterial growth. Its role as an oxidizing agent is pivotal in pyrotechnics and fireworks. In manufacturing, sodium nitrate contributes to the creation of nitric acid, essential in the production of various chemicals. Additionally, it serves as a corrosion inhibitor, protecting metals from deterioration. These diverse applications underscore the significance of sodium nitrate in agriculture, food preservation, chemical production, and pyrotechnics, highlighting its substantial impact across multiple 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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