The sodium nitrate market share will post an incremental growth of 177.55 thousand MT, progressing at a CAGR of 2% during the forecast period. The growing demand for fertilizers will offer immense growth opportunities to market vendors. The sodium nitrate market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Sodium Nitrate Market by Application and Geography - Forecast and Analysis 2020-2024” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The sodium nitrate market is segmented by geography (APAC, Europe, North America, South America, and MEA) and application (agriculture and others).
The growth of the sodium nitrate market size in the agriculture segment will be significant during the forecast period. The growing shift towards organic farming will significantly influence sodium nitrate market growth in APAC. 59% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for sodium nitrate market in APAC.
The growing demand for fertilizers will directly influence the sales of the sodium nitrate market. In addition, the growing shift toward organic farming is one of the major sodium nitrate market trends that will positively impact the market growth. However, factors such as stringent regulations will hamper the sodium nitrate market growth.
The market is fragmented due to the presence of several players. Some of the major sodium nitrate market vendors are BASF SE, Cofermin Gruppe, Rashtriya Chemicals and Fertilizers Ltd., Sinkiang Nitrate Minerals Co. Ltd., SNDB, Sociedad Quimica y Minera de Chile SA, Sumitomo Chemical Co. Ltd., Thermo Fisher Scientific Inc., Ube Industries Ltd., and Yogi Chemical Industries.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2020-2024.
CAGR of the sodium nitrate market forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the sodium nitrate market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the sodium nitrate market.
Sodium nitrate industry growth across APAC, Europe, North America, South America, and MEA.