Product
Sodium Nitrate Price Trend and Forecast
Sodium Nitrate Price Trend and Forecast
Regional Price Trend
Get the latest insights on price movement and trend analysis of Sodium Nitrate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Sodium Nitrate Price Trend for the First Half of 2023
Asia
The sodium nitrate prices surged in the first quarter of 2023, as the trend was supported by the rise in market activities and replenishment of inventories. The rise in feedstock prices also supported the hike in the market activities of sodium nitrate prices. The demand from the downstream industries also helped the production rates to rise as the Chinese economy made a strong comeback after the Lunar holidays and covid phase.
However, the market activities fell significantly in the second quarter due to a steep fall in demand from domestic and international consumers. The trade activities were also hampered, attributed to the fall in feedstock costs and decline in the movement of beverages, cosmetics, and preservatives sectors that eventually led to the decline in the price trend of sodium nitrate.
Europe
The sodium nitrate price trend surged in the first quarter of 2023 with support from the pharmaceutical and other related industries. Even the falling cost of nitric acid did not hamper the progress of the sodium nitrate market as the prices of another feedstock, sodium bicarbonate, surged. But the market activities in the second quarter were hit by the depreciating cost of feedstocks, ample supply of material, and falling demand from the downstream industries. The cost of energy and slow economic activities were other factors that hampered the price trend of sodium nitrate.
North America
A stable and stagnant approach was adopted by the sodium nitrate market in the North American sector, supported by the demand and high number of purchases from the pharmaceuticals and other related end-user industries, but the second quarter did not support this trajectory. The overall market conditions gradually worsened with the quarter as the procurement from the end-user industries declined significantly. The dipping oil costs and falling economic conditions further caused the price trend of sodium nitrate to fall into the negative zone.
Analyst Insight
According to Procurement Resource, the price trend of Sodium Nitrate is estimated to showcase a declining trend as the slow momentum of downstream industries and a global recession will impact the sodium nitrate market negatively.
Procurement Resource provides latest prices of Sodium Nitrate. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About
Sodium nitrate is a white crystalline salt of sodium that is widely used in the agriculture industry as a fertilizer as it is a good source of nitrogen. In addition to this, salt also finds applications in the food industry as a curing agent and in the production of explosives and pyrotechnics as an oxidizing agent.
Product Details
| Report Features | Details |
| Product Name | Sodium Nitrate |
| Chemical formula | NaNO3 |
| Industrial Uses | Fertilizers, Glass production, Pharmaceuticals, Corrosion inhibitor, Water treatment, Dyes and pigments, Oil recovery, Explosives and pyrotechnics, Food preservation |
| CAS Number | 7631-99-4 |
| Molecular weight | 84.99 g/mol |
| HS Code | 31025000 |
| Supplier Database | Alfa Aesar, UBE Industries LTD, American Elements, BASF SE, AG CHEMI GROUP S.R.O., Sumitomo Chemical Co Ltd |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Production Processes
Under proper temperature and pressure, sodium hydroxide and nitric acid are combined to produce sodium nitrate compound. This reaction is the first step in the process. It is an exothermic reaction that produces a high temperature as it proceeds.
When sodium hydroxide reacts with ammonium nitrate under a controlled atmosphere, the breakdown reaction starts and gives sodium nitrate as the final product.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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