The sodium nitrate price index experienced a surge in the first quarter of 2023 in Asia, attributed to heightened market activities, inventory replenishment, and rising feedstock prices. Strong demand from downstream industries, particularly in China following the Lunar holidays and Covid-19 period, bolstered production rates. However, the second quarter witnessed a significant market decline due to decreased demand from both domestic and international consumers, alongside hindered trade activities. In Europe, the first quarter witnessed a price surge driven by pharmaceutical and related industries, despite fluctuating feedstock costs. Nevertheless, the second quarter encountered challenges from declining feedstock prices, oversupply, and sluggish downstream demand. Initially stable, North America experienced a decline in the second quarter due to reduced 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 chart, 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 (NaNO₃), a crucial industrial compound, boasts diverse applications across multiple sectors. In agriculture, it serves as a nitrogen-rich fertilizer, promoting plant growth. Within the food industry, it functions as a preservative, inhibiting bacterial growth and extending the shelf life of processed meats. As an oxidizing agent, sodium nitrate plays a pivotal role in pyrotechnics and fireworks. In manufacturing, it contributes to the production of nitric acid, essential for various chemical processes. Additionally, sodium nitrate acts as a corrosion inhibitor, shielding metals from degradation. These varied uses underscore the significance of sodium nitrate in agriculture, food preservation, chemical manufacturing, and pyrotechnics, highlighting its broad 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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