Sodium Nitrite Market Size, Share, Growth Analysis, By Application(Dyes and Pigments, Food and Beverages, Pharmaceutical, Other), By Region - Industry Forecast 2024-2031

Sodium Nitrite market size was valued at USD 420.59 million in 2022 and is poised to grow from USD 442.88 million in 2023 to USD 669.44 million by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).

The sodium nitrite market is highly fragmented, with numerous manufacturers present. In the market, multinational firms have created a global supply chain via in-house supply channels or third-party distributors. Companies such as BASF SE, for example, have recruited third-party distributors to supply their products to the market. China is the primary producer of the commodity in the Asia Pacific area, with huge manufacturers located throughout the country. To remain competitive in the global marketplace, incumbent businesses are likely to face intense competition. 'BASF SE', 'Airedale Chemical', 'Merck KGaA', 'The Dow Chemical Company', 'Sumitomo Chemical Co., Ltd.', 'Hill Brothers Chemical Company', 'Anhui Haoyuan Chemical Industry Group Co., Ltd.', 'Haihang Industry Co., Ltd.', 'Huaxing Chemical Co., Ltd.', 'Linyi Luguang Chemical Co., Ltd.', 'Jinan Yuntian Chemical Industry Limited Company', 'Anhui Ningguo Xinning Industrial Co., Ltd.', 'Spectrum Chemical Manufacturing Corp.', 'Weifang Qiangyuan Chemical Industry Co., Ltd.', 'Yixing Xinwei Leeshing Rare Earth Co., Ltd.', 'Shanxi Xinghua Chemical Co., Ltd.', 'Shandong Minji Chemical Co., Ltd.', 'Zouping Changshan Town Zefeng Fertilizer Factory', 'Shandong Zhongke Fertilizer Co., Ltd.', 'Shandong Hongda Chemical Co., Ltd.', 'In November 2023, Trecora LLC, acquired the lubricant additives business of Chemtrade based in Lawrence, KS. Chemtrade is one of North America’s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite and sodium hydrosulphite.   ', 'In October 2023, DKSH's Business Unit Performance Materials, a well-established distributor specializing in the distribution of specialty chemicals and ingredients, initiated a significant partnership with Vink Chemicals. This partnership marks a pivotal step in their collaboration, as DKSH is set to provide a comprehensive array of services encompassing business development, marketing, sales, logistics, and distribution for Vink Chemicals' range of biocides. ', 'In 2020, Merck KGaA announced the acquisition of AmpTec, a German biotech company specializing in RNA technology. The acquisition is expected to complement Merck's existing capabilities in the field of RNA research and expand its portfolio of RNA products, including sodium nitrite. ', 'In 2020, Prayon SA announced plans to expand its purified phosphoric acid production capacity at its plant in Belgium. The expansion will increase the company's production capacity of purified phosphoric acid, a key raw material used in the production of sodium nitrite, and support the growing demand for the compound. '

The major factors driving the market growth are food preservation, agriculture, industrial applications, healthcare, and environmental regulations.

Rapid changes in consumer tastes and preferences, combined with changing lifestyles, have resulted in an increased reliance on convenience snacks such as hot dogs and bacon in recent years, influencing sodium nitrite adoption patterns as well as sodium nitrite market potential.

The Asia-Pacific region is anticipated to dominate the market for Sodium Nitrite market. This growth is attributed to the increased demand for food-grade sodium nitrite, particularly in China, India, and Japan. China is the world's greatest consumer of food and beverages. According to a 2020 China Chamber of Commerce article, the beverage market, which comprises drinks, vegetable juices, and fruits, produced USD 39,330 million in revenue. Population growth and rising per capita disposable income are expected to drive expansion in the food and beverage industry. Because of their hectic lifestyles, Chinese consumers' eating habits have evolved. People prefer to eat packaged goods rather than prepare their own meals. The pharmaceutical market in India is the largest; according to IBEF's November 2021 report, India is the world's largest generic medication provider. India supplies half of the world's supply of different medications. The production of the COVID-19 vaccine has elevated India to a prominent position in the pharmaceutical industry. The country's rise in the sector is prompting companies to produce innovative medicine. As more companies become involved in the manufacturing of medications, the need for the sodium nitrite market, which is necessary to manufacture various types of drugs, rises.