Sodium Nitrate Market is expected to grow at a CAGR of 5.7% from 2021 to 2028
Sodium Nitrate Industry Overview The global sodium nitrate market size is expected to reach USD 149.2 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 5.7% from 2021 to 2028 and is majorly driven by the rising product demand in fertilizer application because of its ability to increase the crop yield. Sodium nitrate is mainly manufactured using nitric acid with soda ash. Nitric acid is subject to intense price and supply volatility in the global market as it is manufactured from ammonia and nitrogen dioxide. Fluctuations in the price and demand/supply of the aforementioned raw materials are expected to hamper the prices of sodium nitrate over the forecast period. Sodium Nitrate Market Segmentation Grand View Research has segmented the global sodium nitrate market on the basis of grade, application, and region : Based on the Grade Insights, the market is segmented into Ind...