The new report by EMR titled, The Global Nitric Acid Market Size, Trends, Analysis, Report and Forecast 2024-2032″, gives an in-depth analysis of the global nitric acid market, assessing the market based on its segments like concentration, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 24.7 billion
- Forecast CAGR (2024-2032): 3%
- Forecast Market Size (2032): USD 29.5 billion
The market for nitric acid has seen substantial growth due to factors such as rising demand for fertilisers. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the nitric acid market. The increasing demand for nitric acid in end-use industries can be attributed to the market’s rise. The increasing use of nitric acid in the production of agrochemicals such as ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate is expected to drive up market demand. During the forecast period, demand for fertilisers is expected to be a key driver of the nitric acid market, as high demand for high crop yields reflects the growing need for crops. Its derivative, ammonium nitrate, is primarily used in explosives, and the global nitric acid industry is expected to expand in response to increased demand for explosives in the military and defence industries. Other factors driving demand growth include increasing customer disposable incomes and increased adoption of modern agricultural techniques.
Industry Definition and Major Segments
Fertilizer demand is expected to be a key driver of the nitric acid market during the forecast period, as high demand for high crop yields represents the increasing need for crops. Ammonium nitrate, a derivative of it, is mainly used in explosives, and the global nitric acid industry is expected to grow in response to increased demand for explosives in the military and defense industries. Increased consumer disposable incomes and increased adoption of modern agricultural techniques are two other factors driving demand development.
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Based on the concentration, the industry is divided into:
- Dilute Nitric Acid (68%)
- Concentrated Nitric Acid (69%-71%)
Based on the application, the industry is divided into:
- Fertilizers
- Adipic Acid
- Nitrobenzene
- Toluene Di-Isocyanate (TDI)
- Nitrochlorobenzene
- Ammonium Nitrate
Based on the end use, the industry is divided into:
- Agrochemicals
- Explosives
- Chemical
- Mining
The regional markets for nitric acid include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Geographically, due to the presence of a large number of multinational chemical manufacturers in the United States, the North America region is projected to expand significantly over the forecast period. Because of the rapid development of industries such as construction, automotive, agriculture, and furniture, the nitric acid market is expected to continue to expand rapidly. For the production of fertilisers and nylon, these industries need high-quality nitric acid. Furthermore, the mining industry is increasing its demand for ammonium nitrate in order to produce explosives, which is driving overall market growth. Due to the COVID-19 restrictions on sectors, market growth slowed slightly; however, demand began to rise toward the end of 2020, and is expected to increase steadily in the coming years. The Asia-Pacific region is expected to be a leader in the production of nitric acid. This is due to the fact that China is the world’s largest fertiliser producer and consumer. The demand for nitric acid has gradually increased in countries such as China and India. With growing demand from end-users such as fertilisers, inks, and the chemical processing industries, Asia-Pacific is expected to rise at the fastest rate in the coming years.
Key Market Players
The major players in the market are BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd, Mitsubishi Chemical Corporation, Nutrien Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players. We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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