The global sodium nitrate market to grow at a CAGR of 3.91% during the period 2017-2021.
Global Sodium Nitrate Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
According to the report, one driver in the market is growing demand for fertilizers. Fertilizers provide essential nutrients for the healthy growth of plants and crops. Sodium nitrate is the oldest known nitrogen-rich fertilizer. This water-soluble fertilizer acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants. Sodium nitrate is classified under nitrogen-containing fertilizers. The demand for food is growing at faster pace owing to the rise in the population worldwide. Therefore, research and development (R&D) is focusing on the advanced methods and techniques to grow crops with high yield within a shorter duration.
One trend in the market is use of sodium nitrate in renewable energy segment. With the rise in energy consumption by the growing population, the non-renewable energy resources are getting depleted day-by-day. Thus, adopting renewable energy is the only solution to meet future energy requirements. In terms of revenue, the solar energy market is expected to grow $115.59 billion by 2021. It is going to play an important role in reducing carbon emission, as well as, help in the reduced depletion of natural resources.
Further, the report states that one challenge in the market is soil deterioration caused by chemical fertilizers. Sodium nitrate immediately replenishes the soil by providing nitrogen as it is easily soluble in water and other solvents. It is one of the highly used chemical fertilizers as it is not prone to volatile losses. However, it should be used in a scientific manner. Excessive use of the compound for agricultural purposes can result in the deterioration of the soil over a period time. Several developing countries are dealing with the harsh realities of soil degradation owing to the use of the chemical fertilizer beyond the scientific limit for many years to produce crops.