Sodium Nitrate Market

The global sodium nitrate market is expected to see an upward trend in consumption and value over the period from 2022 to 2030, with a forecasted CAGR of +3.0% and +5.2% respectively. Chile is the largest consumer, producer, and exporter of sodium nitrate, with significant growth rates. The United States leads in imports, while Japan and the United Arab Emirates also play key roles in the market. Prices have shown fluctuations, with Russia having the highest export price and Canada the highest import price in 2022.

Market Forecast

Driven by rising demand for sodium nitrate worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 588K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $454M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sodium Nitrate

In 2022, consumption of sodium nitrate increased by 2.9% to 464K tons, rising for the second consecutive year after three years of decline. In general, consumption, however, saw a relatively flat trend pattern. Global consumption peaked at 545K tons in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

The global sodium nitrate market size rose significantly to $302M in 2022, growing by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. Global consumption peaked at $309M in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Consumption By Country

Chile (114K tons) constituted the country with the largest volume of sodium nitrate consumption, comprising approx. 24% of total volume. Moreover, sodium nitrate consumption in Chile exceeded the figures recorded by the second-largest consumer, Denmark (35K tons), threefold. The United States (31K tons) ranked third in terms of total consumption with a 6.7% share.

In Chile, sodium nitrate consumption increased at an average annual rate of +26.3% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Denmark (+1.6% per year) and the United States (-14.1% per year).

In value terms, Chile ($69M) led the market, alone. The second position in the ranking was taken by the United States ($25M). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in Chile stood at +25.6%. In the other countries, the average annual rates were as follows: the United States (-10.0% per year) and Japan (+9.8% per year).

In 2022, the highest levels of sodium nitrate per capita consumption was registered in Trinidad and Tobago (15 kg per person), followed by Denmark (6 kg per person), Chile (5.9 kg per person) and the United Arab Emirates (2 kg per person), while the world average per capita consumption of sodium nitrate was estimated at 0.1 kg per person.

In Trinidad and Tobago, sodium nitrate per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Denmark (+1.1% per year) and Chile (+25.1% per year).

Production

World Production of Sodium Nitrate

In 2022, global sodium nitrate production rose markedly to 515K tons, picking up by 7.6% compared with 2021 figures. The total output volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2013 with an increase of 8.9%. Over the period under review, global production reached the maximum volume in 2022 and is expected to retain growth in the near future.

In value terms, sodium nitrate production shrank to $251M in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 8.6%. As a result, production attained the peak level of $276M. From 2014 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of sodium nitrate production was Chile (254K tons), accounting for 49% of total volume. Moreover, sodium nitrate production in Chile exceeded the figures recorded by the second-largest producer, Russia (55K tons), fivefold. China (44K tons) ranked third in terms of total production with an 8.6% share.

In Chile, sodium nitrate production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Russia (+10.3% per year) and China (+0.4% per year).

Imports

World Imports of Sodium Nitrate

Global sodium nitrate imports soared to 221K tons in 2022, rising by 18% on 2021 figures. In general, imports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2015 with an increase of 51%. Global imports peaked at 378K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sodium nitrate imports soared to $224M in 2022. Overall, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (47K tons), distantly followed by the United Arab Emirates (21K tons), Japan (19K tons), Brazil (13K tons) and the Netherlands (11K tons) represented the key importers of sodium nitrate, together making up 50% of total imports. The following importers - Peru (7.5K tons), Canada (6.8K tons), Pakistan (6.8K tons), Malaysia (5.6K tons), Spain (5.4K tons), Vietnam (5.1K tons), Turkey (4.7K tons) and France (4.3K tons) - together made up 21% of total imports.

Imports into the United States decreased at an average annual rate of -10.8% from 2012 to 2022. At the same time, the United Arab Emirates (+57.9%), Malaysia (+18.7%), Pakistan (+16.1%), Canada (+10.3%), Turkey (+8.0%), the Netherlands (+7.0%), Japan (+4.1%) and France (+1.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the world, with a CAGR of +57.9% from 2012-2022. Brazil experienced a relatively flat trend pattern. By contrast, Peru (-1.0%), Vietnam (-1.3%) and Spain (-22.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Japan, the Netherlands, Pakistan, Canada, Malaysia, Brazil and Turkey increased by +9.2, +5.1, +3.6, +2.7, +2.4, +2.3, +2.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($49M) constitutes the largest market for imported sodium nitrate worldwide, comprising 22% of global imports. The second position in the ranking was taken by Japan ($23M), with a 10% share of global imports. It was followed by the United Arab Emirates, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled -3.3%. In the other countries, the average annual rates were as follows: Japan (+10.1% per year) and the United Arab Emirates (+57.4% per year).

Import Prices By Country

The average sodium nitrate import price stood at $1,015 per ton in 2022, picking up by 63% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sodium nitrate import price increased by +91.6% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($1,483 per ton), while Pakistan ($460 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+12.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sodium Nitrate

In 2022, approx. 271K tons of sodium nitrate were exported worldwide; rising by 27% on the previous year's figure. In general, exports, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 36%. Over the period under review, the global exports hit record highs at 326K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sodium nitrate exports skyrocketed to $233M in 2022. Over the period under review, exports continue to indicate a mild increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Chile (141K tons) represented the key exporter of sodium nitrate, creating 52% of total exports. Russia (38K tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by China (9.6%), the Netherlands (6.1%) and the United States (5.8%). The following exporters - Denmark (8.7K tons), the Czech Republic (5.3K tons) and South Korea (4.3K tons) - together made up 6.7% of total exports.

Exports from Chile decreased at an average annual rate of -4.4% from 2012 to 2022. At the same time, Russia (+70.8%), the Czech Republic (+60.8%), the Netherlands (+23.3%), South Korea (+17.3%) and the United States (+10.7%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +70.8% from 2012-2022. By contrast, China (-2.5%) and Denmark (-3.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Russia, the Netherlands, the United States and the Czech Republic increased by +14, +5.5, +4.1 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($113M) remains the largest sodium nitrate supplier worldwide, comprising 49% of global exports. The second position in the ranking was held by Russia ($43M), with a 19% share of global exports. It was followed by the United States, with a 7.8% share.

In Chile, sodium nitrate exports decreased by an average annual rate of -1.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Russia (+74.5% per year) and the United States (+14.2% per year).

Export Prices By Country

The average sodium nitrate export price stood at $858 per ton in 2022, with an increase of 71% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sodium nitrate export price increased by +95.7% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Russia ($1,157 per ton), while Denmark ($185 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform