Scienza e Tecnologia
Sodium Nitrate Market to Garner $125.1 Billion, Globally, By 2030 at 4.5% CAGR, Says Allied Market Research
Rise in the number of surgeries, increase in prevalence of cardiovascular diseases and cancer, and growth in geriatric & preterm infant population drive the global sodium nitrate market. On the other hand, presence of stringent regulatory framework and high cost of technologically advanced patient warmer impede the growth to some extent. However, new launches of technologically advanced patient warmers are expected to create lucrative opportunities in the industry.
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On the basis of grade, the industrial grade segment accounted for the highest market share in 2020, generating more than four-fifths of the global sodium nitrate market. The same segment is also anticipated to cite the fastest CAGR of 4.6% from 2021 to 2030. This is due to the fact that sodium nitrate being inexpensive, non-toxic, non-poisonous, and stable makes itself an ideal compound during production of smoke bombs and solid rocket propellants.
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On the basis of end use, the chemicals & agrochemicals segment generated the highest share in 2020, holding around two-thirds of the global sodium nitrate market. The same segment is also expected to cite the fastest CAGR of 4.7% from 2021 to 2030. This is owing to usage of sodium nitrate as a fertilizer that helps to supply proper amount of nitrogen to plant roots and other vascular system.
On the basis of region, Asia-Pacific, followed by Europe and North America contributed to the major market share in terms of revenue 2020, holding nearly two-fifths of the global sodium nitrate market. The same region is also projected to cite the fastest CAGR of 5.5% from 2021 to 2030. Sodium nitrate is extensively used to strengthen the textile products by immersing threads into sodium nitrate bath, thereby driving the market growth.
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