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In the initial quarter of 2023, the prices of sodium nitrate in Asia saw a notable increase, propelled by heightened market activities, inventory restocking, and elevated feedstock costs. The robust demand from downstream industries, particularly in China post the Lunar holidays and Covid-19 period, contributed to sustained production rates. However, the second quarter witnessed a significant market downturn attributed to diminished demand from both domestic and international consumers, coupled with impeded trade activities.
In Europe, the first quarter witnessed a surge in sodium nitrate prices, driven by the pharmaceutical and related industries, despite fluctuations in feedstock costs. Nevertheless, challenges emerged in the second quarter, stemming from declining feedstock prices, oversupply concerns, and sluggish demand from downstream sectors.
North America initially experienced stability, but a decline in the second quarter was observed due to reduced procurement by end-users, 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 compound in industry, boasts a wide array of applications spanning various sectors. Within agriculture, it functions as a nitrogen-rich fertilizer, supporting the growth of plants. In the food industry, it serves as a preservative, inhibiting bacterial growth and extending the shelf life of processed meats. Sodium nitrate also plays a pivotal role as an oxidizing agent in pyrotechnics and fireworks. In the realm of manufacturing, it contributes to the production of nitric acid, which is essential for the creation of various chemicals. Additionally, sodium nitrate acts as a corrosion inhibitor, providing protection for metals against degradation. These diverse roles underscore the significance of sodium nitrate in agriculture, food preservation, chemical production, and pyrotechnics, showcasing its broad-reaching 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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