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Description
The sodium nitrate market is valued at approximately USD 237.5 Million in 2021 and is predicted to exceed at a significant CAGR of 6.2 percent between 2022 and 2028. The demand for sodium nitrate from end-use industries significantly impacts its production and consumption. However, chemicals found in fertilizer additions and fertilizers can have a negative impact on groundwater and drinking water, resulting in a variety of ailments. The rise of fertilizer products in the agriculture industry is expected to drive the market, and the trends heavily influence the market in its target industries. The market is likely to be driven by increased demand from the fertilizers end-use segment due to rising food consumption throughout the forecast period. Because of their ability to give vital nitrogen nutrients to sodium nitrate-based fertilizers, crops are frequently employed. The fertilizer application segment dominated the market in terms of revenue in 2020, accounting for the most significant proportion. This large percentage can be ascribed to the expanding global need for fertilizers due to increased food production. Food demand has risen as the world’s population has grown.
Recent Market Developments:
In April 2020, Ube Industries, Ltd. announced that the company’s Board of Directors resolved to implement a merger by absorption of its wholly-owned subsidiary, Ube Ammonia Industry, Ltd., which will take effect on October 1, 2020. Details of the merger are below. Since the merger is a simplified and short-form merger between Ube Industries and its wholly-owned subsidiary, some items and details of the merger have not been disclosed.
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