The Sodium Nitrate Price Index in Asia experienced a notable surge during the first quarter of 2023, attributed to heightened market activities, replenishment of inventories, and elevated feedstock costs. Robust demand from downstream industries, particularly in China post-Lunar holidays and the Covid-19 recovery period, bolstered production rates. However, the second quarter witnessed a significant downturn as both domestic and international consumers reduced demand, coupled with hindered trade activities.
In Europe, the Sodium Nitrate Price Index saw a surge in the first quarter, driven by demand from pharmaceutical and related industries, despite fluctuations in feedstock costs. However, the second quarter posed challenges with falling feedstock prices, oversupply issues, and sluggish demand downstream.
North America initially experienced stability, but a decline occurred in the second quarter due to reduced procurement from end-users, declining 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 versatile applications spanning multiple sectors. In agriculture, it serves as a potent nitrogen-rich fertilizer, fostering robust plant growth. Within the food industry, it functions as an effective preservative, thwarting bacterial proliferation and extending the shelf life of processed meats. Its role as an oxidizing agent makes it indispensable in pyrotechnics and fireworks displays. In manufacturing, sodium nitrate plays a pivotal role in the production of nitric acid, a key component in various chemical processes. Additionally, it serves as a corrosion inhibitor, shielding metals from degradation. These diverse applications underscore the profound significance of sodium nitrate in agriculture, food preservation, chemical manufacturing, and pyrotechnics, highlighting its extensive influence across 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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