IMARC Group, a leading market research company, has recently released a report titled “Nitric Acid Market Report by Type (Concentrated Nitric Acid, Dilute Nitric Acid), Application (Fertilizers, Adipic Acid, Toluene Diisocyanate, Nitrobenzene, and Others), Distribution Channel (Direct and Institutional Sales, Retail Sales, and Others), End Use (Explosives, Agrochemicals, Electronics, Automotive, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is the Nitric Acid Market?
The global nitric acid market size reached US$ 29.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 41.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.58% during 2024-2032. The rising demand for nitrogen fertilizers from the agriculture industry, increasing product applications in the production of TDI and adipic acid, and technological advancements in manufacturing processes represent some of the key factors driving the market.
Global Nitric Acid Market Trends:
The increasing use in wastewater treatment processes to neutralize alkaline waste and in metal processing industries for etching and cleaning metals is impelling the market growth. In line with this, the rising demand for nitric acid in the pharmaceutical sector for synthesizing various drugs, such as antibiotics and anti-inflammatory medications, by increasing production requirements and boosting investment in related industries, is supporting the market growth. Besides this, its expanding application in electronics manufacturing for etching semiconductor wafers and its role in producing specialty chemicals for coatings and dyes is strengthening the market growth.
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Factors Affecting the Growth of the Nitric Acid Industry:
Growing utilization in the production of fertilizer: One of the primary factors driving the nitric acid market is its extensive use in the production of fertilizers, particularly ammonium nitrate. Nitric acid is a critical intermediate in the manufacturing of ammonium nitrate, which is widely used as a high-nitrogen fertilizer. The global agriculture industry continuously demands high-efficiency fertilizers to enhance crop yield and meet the growing food needs of an increasing population. Ammonium nitrate, derived from nitric acid, provides essential nutrients that promote plant growth and improve soil fertility. This strong demand from the agricultural sector ensures a steady consumption of nitric acid. Additionally, the expansion of agricultural activities, especially in developing regions with burgeoning populations, is contributing to the market growth.
Increasing use in industrial chemicals: Nitric acid is a fundamental raw material in the synthesis of various chemicals, including adipic acid, which is a precursor for nylon 6,6 production, and nitrobenzene, used in the manufacture of aniline and methylene diphenyl diisocyanate (MDI). MDI is a crucial component in the production of polyurethane foams, which have widespread applications in industries such as automotive, construction, and furniture. The demand for these industrial chemicals is linked to the growth of their respective end-use industries. For instance, the automotive industry's expansion boosts the demand for nylon 6,6, while the construction sector's growth increases the need for polyurethane foams. Consequently, the demand for nitric acid remains robust due to its essential role in producing these vital industrial chemicals.
Explosives manufacturing: Nitric acid is also a key ingredient in the manufacture of explosives, particularly in the production of ammonium nitrate fuel oil (ANFO) and other nitrate-based explosives. These explosives are extensively used in mining, quarrying, and construction activities. The mining industry relies on efficient and powerful explosives to extract minerals and metals from the earth, while the construction sector uses explosives for tasks such as demolition and land clearing. The demand for nitric acid in explosives manufacturing is closely tied to the growth of these industries. Moreover, the defense sector's need for military explosives also contributes to the nitric acid market. The ongoing global demand for metals, minerals, and infrastructure development ensures a continuous need for explosives, thereby bolstering the demand for nitric acid.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- CF Industries Holdings Inc.
- Columbus Chemical Industries
- Deepak Fertilizers and Petrochemicals Corp. Ltd.
- Enaex SA (Sigdo Koppers S.A.)
- Koch Engineered Solutions (Koch Industries Inc.)
- LSB Industries Inc.
- Nutrien Ltd.
- Orica Limited
- Rashtriya Chemical Fertilizers Ltd.
- Sasol Limited
- Shandong Fengyuan Chemical Co. Ltd.
- Thyssenkrupp AG
- UBE Corporation
- Yara International ASA
Nitric Acid Market Report Segmentation:
By Type:
- Concentrated Nitric Acid
- Dilute Nitric Acid
Concentrated nitric acid holds the largest type segment in the market as it is a crucial raw material in the production of various nitrogen-based fertilizers, explosives, and specialty chemicals, making it the most widely used type of nitric acid.
By Application:
- Fertilizers
- Adipic Acid
- Toluene Diisocyanate
- Nitrobenzene
- Others
Fertilizers constitute the largest application segment for nitric acid due to their integral role in the production of ammonium nitrate-based fertilizers, which are essential for modern agriculture and increasing crop yields.
By Distribution Channel:
- Direct and Institutional Sales
- Retail Sales
- Others
Direct and institutional sales are the largest distribution channel as nitric acid is primarily purchased by industrial manufacturers, agricultural companies, and institutional users in bulk quantities.
By End User:
- Explosives
- Agrochemicals
- Electronics
- Automotive
- Others
Agrochemicals dominate the end-use segment as nitric acid is extensively used in the production of agrochemicals, including fertilizers and pesticides, to enhance agricultural productivity.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific leads the nitric acid market, driven by the region's growing agricultural sector, industrial expansion, and the presence of major nitric acid producers, particularly in countries like China and India.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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