18-May-2022 | Facts and Factors
According to Facts and Factors, the global nitric acid market was valued at USD 24.90 billion in 2021 and is predicted to increase at a CAGR of 3.10% to USD 30.08 billion by 2028. The study examines the market in terms of revenue in each of the leading regions, which are classified into countries.
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. 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.
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
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 like 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.
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.
Regional Overview
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.
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 |
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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
The global nitric acid market is segmented as follows;
By Application
- Fertilizers
- Adipic Acid
- Nitrobenzene
- Toluene di-isocyanate
- Nitrochlorobenzene
- Other
By Regional Segment Analysis
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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