Nitric Acid Market is Estimated to Grow at a CAGR of 2.1% from 2022 to 2028
As stated in our extensive report; the Global Nitric Acid Market accounted for USD 28.9 Billion in 2021.
The demand for the product from manufacturers of fertilizers is anticipated to rise, as is the consumption of fertilizers in agrarian economies around the world. Various fertilizers and agricultural facilities have been expanded globally in response to rising food demand to maximize crop output, shorten cultivation times, achieve healthy crop growth, and other objectives. One of the essential ingredients in the manufacture of nitrogen fertilizers, which are in high demand in the agricultural sector, is nitric acid. However, the global product market is extremely competitive, particularly with multinational corporations always inventing to win a larger market share.
The market is segmented based on Application and Region. On the basis of Application, the market is segmented into Fertilizers, Nitrobenzene, Adipic acid, Toluene diisocyanate (TDI), Nitrochlorobenzene, and Other Applications. Region-wise, the Global Nitric Acid Market has been segmented into North America, Europe, Europe, Latin America, and Middle East & Africa.
The production of fertilizers, including ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate, uses Nitric Acid extensively in the agricultural sector. In order to meet the rising food demand from the expanding population, fertilizers are employed to increase agricultural productivity. Additionally, as consumer disposable income rises, there is a greater demand for high-quality, organic foods, which in turn encourages the use of bio-based fertilizers and propels market expansion. As toluene di-isocyanate (TDI) and Nitric Acid are intermediates used in the production of polyurethane foams, wood and floor coatings, and insulating materials, rising construction activity also benefits the market. Along with this, rising renovation activities, new public infrastructure projects, and bettering consumer lifestyles all contribute to the market expansion for Nitric Acid. Nitric Acid’s use in the production of dyes is another element fueling market expansion. The rising demand for dye in the textile industry may be connected to the expanding fashion sector.
Europe Region to Take Over the Market
During the forecast period, the Nitric Acid Market in Europe is anticipated to develop at the quickest rate. The increasing demand for Nitric Acid from a variety of end-use industries, such as the automotive, agricultural, and construction sectors, can be credited with this dominance. Nitric Acid is in high demand in agriculture due to the growing population and financial prosperity in nations like China, India, and Japan. China is the top consumer of Nitric Acid in the Europe area as a result of its rapid population expansion, expanding infrastructure, and rising middle-class affluence.
Increasing Demand for HNO3 from Various End-Use Industries will have a favorable impact on the overall Nitric Acid Market.
Some of the key players in the Global Nitric Acid Market 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.