In the initial months of 2023, sodium nitrate prices soared in Asia due to heightened market activities, restocking of inventories, and elevated costs of raw materials. The demand surged notably in China post the Lunar holidays and pandemic recovery, bolstering production levels. However, the second quarter witnessed a significant downturn owing to decreased demand from both local and international markets, compounded by sluggish trade activities.
In Europe, the first quarter witnessed a price upswing driven by robust demand from pharmaceutical and related sectors, despite fluctuations in raw material costs. Nevertheless, the second quarter posed challenges stemming from declining raw material prices, surplus supply, and a slowdown in downstream demand.
While North America initially experienced stability, the second quarter brought a decline due to reduced procurement by end-users, plunging oil prices, and weakened economic conditions impacting the market.
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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, denoted as NaNO₃, holds a crucial role as an industrial compound with multifaceted applications spanning various sectors. Within agriculture, it serves as a nitrogen-rich fertilizer, fostering robust plant growth. In the food industry, its preservative properties inhibit bacterial growth, extending the shelf life of processed meats. As an oxidizing agent, sodium nitrate is fundamental in the creation of pyrotechnics and fireworks. In manufacturing, it contributes significantly to the production of nitric acid, a key component in various chemical processes. Additionally, its role as a corrosion inhibitor safeguards metals against degradation. These diverse and essential roles underscore sodium nitrate’s significance in agriculture, food preservation, chemical production, and pyrotechnics, showcasing its broad-reaching impact across modern industries.
- Alfa Aesar
- UBE Industries LTD
- American Elements
- BASF SE
- AG CHEMI GROUP S.R.O.
- Sumitomo Chemical Co Ltd
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