Nitric acid is widely adopted and captures most of the demand due to consumption in the manufacturing of ammonium nitrate, adipic acid and toluene di-isocynate. Division of the global market into five major continents shows that Europe is at the leading position with the highest CAGR in 2018 making up more than 50% of the total market share. The penetration of nitric acid in the region is moving towards its peak, thereby, implying maturity with more scope for growth.

The global Nitric acid market has shown a remarkable growth in the recent times. Nitric acid is a strong oxidizing agent and is highly corrosive mineral acid. The global nitric acid market is growing due to its vast usage in end-user industries such as explosives, textiles, fertilizers, chemical intermediates and so on. The use of Nitric acid as a precursor for various organic nitrogen compounds and is also commonly used as rocket propellants in the aerospace industry which has substantial growth.

An increase in consumption of nitric acid in fertilizer production and the growing demand of food consumption drives the global nitric acid market. The market is estimated to raise its position due to the significant utilization of ammonium nitrate in manufacturing explosives. Affordable cost of ammonia as a precursor push the market in the future. The industries such as fertilizers, chemical intermediates, textiles, and explosives keep on developing and anticipates the demand for Nitric acid in future.

The Nitric acid market is hampered due to various government regulations on nitric acid product applications and also due to emission of greenhouse gas during the production process of nitric acid. New developments and advanced technology adaption for nitrogen oxide reduction are the drivers anticipated to offer growth opportunities to the global Nitric acid market.

The Nitric acid market has been segmented based on type, application, end-user, and regional. Based on type, the market has been classified into weak and concentrated nitric acid. Weak nitric acid is leading the nitric acid market on the basis of type and is expected to remain largest segment over the forecast period because, it is used in chemical manufacturing such as ammonium nitrate and the adipic acid which supplements the overall consumption of the product.

 The Nitric acid market has been segmented on the basis of application, the market is classified into Ammonium Nitrate, Adipic Acid, Toluene di-isocyanate (TDI), and Nitrobenzene. Ammonium Nitrate is one of the most demanding and the largest application of Nitric acid which account for around three-fourth of total global consumption of the nitric acid.

The fastest growing application of nitric acid is of nitrobenzene because it is consumed in the manufacturing of lubricating oils, synthetic rubber, dye and drugs, etc.

The Nitric acid market has been segmented on the basis of end-users, the market is classified into fertilizers, explosives, chemical intermediates and others. Fertilizer is having the largest share on the basis of end-users due to the growing population, contributing in the growth of agricultural sector which eventually increases the demand for fertilizer segment worldwide.

Based on regional segmentation, the market for Nitric acid are in North America, Central & South America, Asia Pacific, Middle East and Africa, and Europe. Europe region is having the largest market share in global Nitric acid market due to mature textile industries which consumes the nitric acid for manufacturing of adipic acid and caprolactam. The affecting factors such as population, climate, end- users industries and currency inflation rate are there in this region which drives the nitric acid market.

Major companies profiled in the global Nitric acid market report are Yara International ASA, CF Industries Holdings, Inc., BASF SE, Orica Limited, LSB Industries, Agrium Inc., Potash Corporation of Saskatchewan Inc., Omnia Holdings Limited, Sinopec Corporation, OCI Nitrogen, Nitrogénmüvek Zrt, Dyno Nobel, Deepak Fertilizer and Petrochemicals Corporation Limited, Pakarab Fertilizers Limited, and Sasol Limited, among others