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In the Asia Pacific region, the sodium nitrite market experienced fluctuations in Q1 and Q2, 2023. Despite improved demand from the food and beverages sector, high inventories, rising interest rates, and inflation posed challenges to prices. Reduced purchasing capacity due to declining demand from North America and Europe contributed to a sodium nitrite price decline.
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In Europe, weak market dynamics, driven by rising inflation and economic volatility, impacted Q1 prices. Q2 saw improvement with downstream food industry support and extreme weather conditions boosting demand, affecting inventories and prices positively. North America faced mixed trends, with Q1 price surge from food industries' support, and Q2 decline due to Asian imports, strict monetary policies, and eventual stabilization.
Definition
Sodium nitrite is an inorganic compound (NaNO2) with a white crystalline appearance. It's soluble in water and has a slightly salty taste. It's a strong oxidizing agent and can decompose at elevated temperatures. Sodium nitrite is commonly used as a food preservative and color fixative due to its ability to inhibit bacterial growth and maintain meat's red color. Additionally, it's used in industrial applications like chemical synthesis, corrosion inhibition, and as a precursor for other chemicals. However, its handling requires care, as it can be toxic and potentially react with other compounds to form hazardous substances.
Key Details About the Sodium Nitrite 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 Nitrite 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 Nitrite Price chart, including India Sodium Nitrite price, USA Sodium Nitrite 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 Nitrite Price Trend:
Sodium nitrite finds diverse industrial applications due to its properties. In the food industry, it serves as a preservative, preventing bacterial growth and maintaining the color of cured meats. It's used in chemical processes as a reducing agent and in the production of various chemicals, including dyes and pharmaceuticals. Sodium nitrite acts as a corrosion inhibitor, protecting metals in water systems and pipelines. Additionally, it's employed in wastewater treatment and as a precursor for other nitrogen-containing compounds. In the automotive sector, it aids in diesel exhaust treatment. Its multifaceted reactivity and versatility contribute to its importance across several industrial domains.
Key Players:
- BASF
- Solvay S.A
- Sumitomo Chemical Co., Ltd.
- Yara International ASA
- Mitsubishi Chemical Corporation
- Puyang Longquan Chemical Co., Ltd
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