NEW YORK, NY, June 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Nitric Acid Market - Global Insights, Growth, Size, Share, Comparative Analysis, Industry Trends and Forecast Report 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Nitric Acid Market size & share was worth at USD 24.90 billion in 2021 and it is expected to surpass around USD 30.08 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 3.10% during the forecast period 2022 to 2028.”
What is Nitric Acid? How big is the Nitric Acid Market?
Report Overview:
Nitric acid, a corrosive chemical, is used as a raw material to produce adipic acid, toluene diisocyanate, nitrobenzene, and trinitrotoluene, which act as raw materials in end-use industries such as automotive, fertilizers, explosives, electronics, etc. Commercially, nitric acid is produced from the anhydrous oxidation of ammonia.
The resultant nitric oxide is treated with water and then oxidized again to give nitric acid. This procedure is known as Ostwald’s process.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 223+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 24.90 Billion |
| Projected Market Size in 2028 | USD 30.08 Billion |
| CAGR Growth Rate | 3.10% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | DuPont, BASF, Dow, Nutrien, Omnia Holdings, Apache Nitrogen Products Inc, CF Industries, Dyno Nobel, Sasol, Angus Chemical Company, Enaex S.A, J R Simplot, and Others |
| Key Segment | By Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Global Nitric Acid Market: Dynamics
The rapidly growing population increases the emphasis on farmers to increase crop yields, thereby increasing the demand for fertilizers, where nitric acid is used as raw material. This is expected to drive the demand for nitric acid during the forecast period.
Further, stringent regulations in developed markets such as North America and Europe mandate automobile manufacturers to build lighter cars. This is done with an aim to make them fuel-efficient and eco-friendly. This is achieved by replacing metal components with nylon composite made from adipic acid, an intermediate of nitric acid. Thus, rising demand from the automobile industry in developed nations adds to the growth of the nitric acid market. Furthermore, increasing demand for polyurethane from end-users likes construction, furniture, and automotive is driving the demand for toluene diisocyanate, which is derived from nitric acid, thereby driving the overall market.
Market opportunities in the global nitric acid market have been identified as rising demand for fertilizers to increase crop yields due to increasing population, rising demand for nylon composite fiber from automotive manufacturers, and growth of the textile industry. However, the hazardous nature of nitric acid is identified as detrimental to market growth.
Browse the full “Nitric Acid Market By Application (Fertilizers, Adipic Acid, Nitrobenzene, Toluene di-isocyanate, Nitrochlorobenzene, Other), and By Region - Global Insights, Growth, Size, Share, Comparative Analysis, Industry Trends and Forecast Report 2022 – 2028” Report at https://www.fnfresearch.com/nitric-acid-market
Nitric Acid Market: COVID-19 Impact Analysis
The pandemic caused by COVID-19 is having a devastating impact on industries and has temporarily halted business and manufacturing activities. A combination of falling production and demand has wreaked havoc on supply systems. In addition, there have been some temporary setbacks in the production of automobiles, which has resulted in a decrease in the demand for adipic acid. Adipic acid is a raw material that is used to produce nylon resin and fibre, both of which are used in automobile interiors. This has restrained the growth of the market. Despite this, the ever-increasing need for plastics in the medical industry will contribute significantly to the expansion of the market. The increasing need for personal protective equipment has resulted in a rise in the manufacture of plastic, which in turn has had a beneficial effect on the market for nitric acid.
The comprehensive research study investigates facets of the nitric acid market that are both qualitative and quantitative in nature. Research has been done looking into the market from both the demand and supply perspectives. The study on the demand side looks at the revenue of the market in a number of different regions before comparing it to the major countries. The research on the supply side looks at the leading competitors in the sector, as well as their presence in regional and worldwide markets and their strategy. Investigations are carried out in every significant nation in North America, Europe, the Asia-Pacific region, the Middle East, Africa, and Latin America.
Nitric Acid Market: Segmental Overview
During the forecast period, the fertilizer category is projected to hold the largest market share of the global nitric acid market, witnessing steady growth due to increasing demand for fertilizers made out of ammonium nitrate derived from nitric acid. This is due to the rapidly increasing population in Asia-pacific and low mortality rates in the developed nations.
The fastest-growing category in the global nitric acid market is expected to be adipic acid, which is due to the rising demand for nylon fiber and resin from automotive manufacturers to create lightweight vehicles. Automobile manufacturers in developed markets such as the U.S. and Europe face strict government regulations to produce fuel-efficient and eco-friendly cars. This is achieved by replacing metal components with nylon composite made from derivatives of nitric acid.
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Competitive Landscape
Competitive Landscape
The report contains qualitative and quantitative research on the global nitric acid market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
List of Key Players in the Global Nitric Acid Market:
- DuPont
- BASF
- Dow
- Nutrien
- Omnia Holdings
- Apache Nitrogen Products Inc.
- CF Industries
- Dyno Nobel
- Sasol
- Angus Chemical Company
- Enaex S.A.
- J R Simplot
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Nitric Acid market is estimated to grow at a CAGR of around 3.10% over the forecast period.
- The Nitric Acid market was valued at around USD 24.90 billion in 2021 and is projected to reach USD 30.08 billion, by 2028.
- The fertilizer segment accounted for the largest market share in 2021, which is expected to continue during the forecast period.
- The growing human population necessitates an increase in crop yields, which in turn demands an increased application of fertilisers, which in turn stimulates the growth of the market.
- On the basis of region, the Asia-pacific accounted for the largest share of the global nitric acid market in terms of region.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Nitric Acid industry?
- What are the main driving factors propelling the Nitric Acid Market forward?
- What are the leading companies in the Nitric Acid Industry?
- What segments does the Nitric Acid Market cover?
- How can I receive a free copy of the Nitric Acid Market sample report and company profiles?
Regional Analysis:
Asia-Pacific held the largest share of the nitric acid market during the forecast period. Steady demand from end-user industries such as fertilizer, automobiles, and construction is estimated to drive the demand for nitric acid in the region. India, China, and Japan are expected to bolster the market due to the increasing population and growing need for fertilizers to increase crop yield.
In Europe, the demand for nitric acid is expected to be accelerated rapidly by automotive manufacturers looking to make lightweight and eco-friendly vehicles. Countries like Germany are expected to spearhead growth in the region with its major automotive manufacturers such as Adam Opel, Daimler AG, BMW, Ford, etc.
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The global nitric acid market is segmented as follows:
By Application
- Fertilizers
- Adipic Acid
- Nitrobenzene
- Toluene di-isocyanate
- Nitrochlorobenzene
- Other
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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