The nitric acid is used in chemicals and explosives that can push the market over the next few years promising substantial opportunity for market growth
The global nitric acid market size is projected to reach nearly USD 32.3 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 5.1% over the forecast period of 2020-2028. The global nitric acid market is growing, due to the explosives industry shares significant demand of the product in the mining of coal and metals. Manufacturing of explosives utilizing the ammonium nitrate involves the significant requirement of the nitric acid as a precursor. The major use of nitric acid is in preparation of fertilizers and other uses consists of production of nitrate salts, coal tar products, drugs, and making dyes. Nitric acid is the building block chemical for the manufacturing of many other chemical compounds and it is used in production of several types of polymers like polyamides and polyurethane.
Nitric acid are used for the purification of precious metals like gold, silver, and platinum. Around 85% of total nitric acid is consumed in dilute form i.e., weak nitric acid. Ammonium nitrate is one of the most demanding applications of the nitric acid and the product accounts for around three-fourth of total global consumption of the nitric acid.
The report also outlines the various characteristics of the global Nitric Acid industry by assessing the market from value chain analysis. Moreover, the Nitric Acid market report comprises various qualitative parts of the Nitric Acid industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The Nitric Acid market has huge competition amongst the already well-known and new market players. Also, the Nitric Acid industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The segmentation of nitric acid is done on the basis of types, applications, end-users and regional. Weak nitric acid is projecting the market ahead owing to the consumption in large amount for chemical manufacturing such as ammonium nitrate and adipic acid. Ammonium nitrate account for around three-fourth of total global consumption of the nitric acid and nitrobenzene is the fastest growing on the basis of application because it is used in the production of lubricating oils, drugs, synthetic rubber, and dyes etc. Fertilizers in agricultural sector are driving the nitric acid market owing to the rising population, contributing in the growth of fertilizers globally. Europe region is leading the nitric acid market on the basis of region due to the good number of textile industries which consumes the nitric acid for the production of adipic acid and caprolactam.
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.
Segment Overview of Global Nitric Acid Market
Type Overview, 2018-2028 (USD Billion) (Million Tons)
- Weak nitric acid
- Concentrated nitric acid
Application Overview, 2018-2028 (USD Billion) (Million Tons)
- Ammonium Nitrate
- Adipic Acid
- Toluene di-isocyanate (TDI)
End User Overview, 2018-2028 (USD Billion) (Million Tons)
- Chemical Intermediates
Regional Overview, 2018-2028 (USD Billion) (Million Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America