Europe Sodium Nitrate Market Size – Growth Analysis and Worldwide Forecast 2023
The European sodium nitrate market is predicted to grow at 3.8% CAGR during the forecast period (2018–2023) to reach USD 49,996.4 thousand by 2023, owing to the increasing use of sodium nitrate in agriculture, chemical, and food & beverage industries. Use of sodium nitrate as a heat storage medium in concentrated solar power plants is also anticipated to increase the demand of the chemical compound in the region.
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The growing demand for fertilizers, low cost of sodium nitrate, and economic growth of certain European countries are the major factor contributing towards the growth of the European sodium nitrate market.
In the coming years, more food will be required to feed the growing human population; thus, highlighting the importance of agriculture as it is the only means of mass food production for humans. The world population is calculated to be 7.0 billion as of 2015 and is expected to rise to 8.5 billion by 2030. Land is a limiting factor and the scope for bringing new lands under agriculture is dim, especially in Europe. Rather on the opposite, available land for agriculture is decreasing due to urbanization, soil erosion, and pollution.
The increasing demand for penicillin in European countries acts as an opportunity for the European sodium nitrate market. Sodium nitrate is utilized in penicillin medium preparation along with other salts such as MgSO4, K3PO4, and others. According to the World Health Organization (WHO), many countries such as France and Portugal are facing the shortage of penicillin due to the increasing number of rheumatic heart diseases which develop from a simple untreated throat infection. Thus, an increase in penicillin production is anticipated in the coming years. Thus, the increase in penicillin production assists in sodium nitrate market expansion in Europe.
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BASF SE, Merck KGaA, Honeywell International Inc., Union Group Chemical Company S.L., Grupa Azoty SA, abcr GmbH, URALCHEM Holding P.L.C., PJSC Concern Stirol, PJSC Severodonetsk “Azot”, Neochim Plc, and JSC «Farg’onaazot» are some of the key players operating in the Europe sodium nitrate market.