WASHINGTON, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The Global Nitric Acid Market is valued at $ 28.9 Billion in 2021 and is projected to reach a value of $ 32.7 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 2.1% over the forecast period 2022-2028.
One of the most significant economic areas is the Nitric Acid business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also goes into detail about the global drivers of the demand for Nitric Acid, including rising investment requirements, developing technology, and new laws.
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Nitric Acid Market Overview
According to Vantage Market Research, some key factors anticipated accelerating the Nitric Acid Market growth over the forecast period. The demand for the product from manufacturers of fertilizers is anticipated to rise, as is the consumption of fertilizers in agricultural economies worldwide. Various fertilizers and agricultural facilities have been expanded globally in response to rising food demand to maximize crop yield, shorten cultivation times, achieve healthy crop growth, and other objectives.
We forecast that the fertilizers category in Nitric Acid Market sales will account for more than 30% of total sales by 2028. Its large market share can be attributed to the rising global food demand, which has sparked the growth of fertilizer manufacturing facilities. With the aid of fertilizers, farmers are implementing methods that maximize crop yield in the shortest amount of time.
Nitric Acid Market Dynamics
Growth of the Market will be Aided by Rising Demand for HNO3 from Various End-Use Industries
In the agricultural sector, HNO3 is widely utilized in producing fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate. To meet the increasing need for food from the expanding population, fertilizers are employed to increase agricultural productivity. High demand for organic and high-quality foods has also been sparked by customers' rising disposable incomes, which has increased bio-based fertilizers' usage and accelerated market expansion.
Expanding Mining Operations to Fuel Market Expansion
Due to the expansion of mining operations worldwide, Nitric Acid makers are continually presented with more lucrative opportunities. As a result, Nitric Acids are frequently used as explosives and blasting agents in the mining industry. Additionally, as Nitric Acid is employed as an oxidizer in rocket propellants, the range of business opportunities available to industry players on the global market is expanding.
Global Nitric Acid Market Segmentation
By Application
- Fertilizers
- Nitrobenzene
- Adipic Acid
- Toluene Diisocyanate (TDI)
- Nitrochlorobenzene
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Top Trends in Global Nitric Acid Market
- One trend that Vantage Market Research (VMR) expects to see in the Nitric Acid industry is its use in the agricultural industry. To increase crop output and quality, nitrogenous fertilizers are frequently utilized in agriculture. They are applied by irrigation systems or directly to the soil.
- Another trend that VMR predicts will continue in the Nitric Acid industry is that the automotive industry is using it more frequently. Due to its application in creating catalytic converters, the automotive industry is another significant consumer of Nitric Acid. Over the projection period, demand for these converters is anticipated to increase due to stricter emission standards worldwide.
Top Report Findings
- Based on application, most of the Nitric Acid Market's revenue is dominated by the fertilizers category. This is because more products, such as ammonium nitrate and nitro phosphates, are being used to mass-produce various fertilizers. The market has benefited from the rising demand for Nitric Acid from the agricultural industry. Agrochemicals like pesticides, insecticides, and fertilizers are expected to be produced at a higher rate, which will be extremely beneficial to the industry.
Top 10 Players Generate More Than 45% of the Global Nitric Acid Market Revenue
The report also found that the largest players in the Nitric Acid Market are technology providers such as BASF SE (Germany), DuPont de Nemours Inc. (US), Nutrien Ltd. (Canada), Omnia Holdings Limited (South Africa) and Apache Nitrogen Products Inc. (US). These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include BASF SE (Germany), DuPont de Nemours Inc. (US), Nutrien Ltd. (Canada), Omnia Holdings Limited (South Africa), Apache Nitrogen Products Inc. (US), CF Industries Holdings Inc. (US), Rashtriya Chemicals & Fertilizers Ltd. (India), Dyno Nobel (US), Sasol (South Africa), Angus Chemical Company (US), Enaex S.A. (Chile), LSB Industries (US), Thyssenkrupp AG (Germany), Yara International ASA (Norway), J.R. Simplet Company (US), Ixom (Australia) and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Fertilizers Category in Nitric Acid Market to Generate Over 30% Revenue
Nitric Acid is an expensive investment. Vantage Market Research has analyzed the market for Nitric Acid to understand its current state and potential future growth factors. For better understanding, based on the application, the Nitric Acid Market is divided into fertilizers, nitrobenzene, adipic acid, toluene diisocyanate (TDI), nitro chlorobenzene, and other applications.
During the forecast period, the market for Nitric Acid is anticipated to experience the highest CAGR for the fertilizers category. Over the past few years, fertilizer businesses have been the major consumers of Nitric Acid. This results from rising fertilizer demand, which in turn has increased production.
On the other hand, the adipic acid category is anticipated to grow significantly over the forecast period. Adipic acid is primarily used in producing nylon 66 (PA66), polyurethane, and adhesives. This market segment is anticipated to grow faster during the forecast period due to the increasing demand from end-use industries.
Top Players in the Global Nitric Acid Market
- BASF SE (Germany)
- DuPont de Nemours Inc. (US)
- Nutrien Ltd. (Canada)
- Omnia Holdings Limited (South Africa)
- Apache Nitrogen Products Inc. (US)
- CF Industries Holdings Inc. (US)
- Rashtriya Chemicals & Fertilizers Ltd. (India)
- Dyno Nobel (US)
- Sasol (South Africa)
- Angus Chemical Company (US)
- Enaex S.A. (Chile)
- LSB Industries (US)
- Thyssenkrupp AG (Germany)
- Yara International ASA (Norway)
- J.R. Simplet Company (US)
- Ixom (Australia)
Regional Analysis:
Europe dominates the market, and this trend of dominance will continue throughout the projection period. This is explained by the region's strong value chain and substantial domestic consumption. In Central Europe, the rate of growth is moderate and steady. The chemical and automotive industries are the region's primary pillars and propellers for the product.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Nitric Acid Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 28.9 Billion |
| Revenue Forecast by 2028 | USD 32.7 Billion |
| CAGR | 2.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BASF SE (Germany), DuPont de Nemours Inc. (US), Nutrien Ltd. (Canada), Omnia Holdings Limited (South Africa), Apache Nitrogen Products Inc. (US), CF Industries Holdings Inc. (US), Rashtriya Chemicals & Fertilizers Ltd. (India), Dyno Nobel (US), Sasol (South Africa), Angus Chemical Company (US), Enaex S.A. (Chile), LSB Industries (US), Thyssenkrupp AG (Germany), Yara International ASA (Norway), J.R. Simplet Company (US), Ixom (Australia) and others. |
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