Europe Sodium Nitrate Market to Witness 3.8% CAGR During 2018–2023

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Europe Sodium Nitrate Market
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Europe Sodium Nitrate Market
Industry Overview
The European sodium nitrate market is predicted
to grow at 3.8 CAGR during the forecast period
(20182023) to reach USD 49,996.4 thousand by
2023. The market is driven by factors such
as increasing use of sodium nitrate in
agriculture, chemical, and food beverage
industries. Sodium nitrate is soluble in water
and other solvents, and thus, it is an effective
nutrient-release fertilizer. Sodium nitrate is
available at a low cost as compared to all other
nitrogen-based fertilizers. It also has a simpler
manufacturing process comparatively, which
includes only one-step chemical reaction from
starting compounds such as nitric acid or
ammonium nitrate. The low cost and easy
manufacturing process of sodium nitrate have
turned sodium nitrate as the material of choice
for most vendors. Subsequently, it is widely used
for diverse applications.
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Europe Sodium Nitrate Market
Based on grade, the sodium nitrate market is
categorized into industrial, food grade, and
pharmaceutical grade of which industrial grade
held the largest share in the European sodium
nitrate market. The low cost and easy
manufacturing process of sodium nitrate have
turned sodium nitrate as the material of choice
for most industrial vendors. On the basis of end
use, the sodium nitrate market is categorized
into agriculture, chemical, food and beverages,
pharmaceutical, and others. The agriculture
industry is estimated to be the largest end-use
category in the market in 2017. This is primarily
due to the growing demand of fertilizers.
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Europe Sodium Nitrate Market
Geographic Overview
Increasing demand of 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 increasing
number of rheumatic heart diseases which develop
from simple untreated throat infection. Thus, an
increase in penicillin production is anticipated
in the coming years. Thus, increase in penicillin
production assists in sodium nitrate market
expansion in Europe.
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Europe Sodium Nitrate Market
Competitive Insight
Some of the major players operating in the Europe
sodium nitrate market are 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
Fargonaazot. Explore Full Report Sample at
https//www.vynzresearch.com/chemicals-materials/e
urope-sodium-nitrate-market
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Europe Sodium Nitrate Market
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urope-sodium-nitrate-market/request-sample