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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Nitric Acid Market Outlook
The global nitric acid market reached a value of about USD 26.99 billion in 2023. The industry is further expected to grow at a CAGR of about 3.0% in the forecast period of 2024-2032 to reach a value of around USD 35.23 billion by 2032.
| Global Nitric Acid Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 26.99 |
| Market Size 2032 | USD Billion | 35.23 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 3.0% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 3.5% |
| CAGR 2024-2032 - Market by Country | India | 4.0% |
| CAGR 2024-2032 - Market by Country | China | 3.3% |
| CAGR 2024-2032 - Market by Concentration | Concentrated Nitric Acid (69%-71%) | 3.4% |
| CAGR 2024-2032 - Market by End Use | Agrochemicals | 3.6% |
| Market Share by Country 2023 | Japan | 4.5% |
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North America to be one of the Leading Regions for the Global Market
The North America region is expected to see substantial growth in the forecast period due to the presence of a significant number of multinational chemical manufacturers in the United States. The nitric acid market is likely to further represent high growth due to the rapid development of industries including construction, automotive, agriculture and furniture. These industries demand high-quality nitric acid for the production of fertilizers and nylon. In addition, there has been a growing demand for ammonium nitrate from the mining industry to develop explosives, which, in turn, is driving overall market development. There was slight decline in the market growth due to the COVID-19 restrictions on industries, however, the demand started rising towards the end of 2020 and is likely to witness healthy growth in the coming years.
Asia Pacific to Witness Robust Growth in the Coming Years
Asia-Pacific is expected to be among the leading region in the manufacture of nitric acid. This is because China is the largest manufacturer and user of fertilizers. In countries like China and India, the market for nitric acid has steadily increased. Asia-Pacific is projected to witness the fastest growth in the coming years, with rising demand from end-users such as fertilizers, inks, and the chemical processing industries.
Nitric Acid: Market Segmentation
Nitric acid, also referred to as aqua fortis and spirit of niter, is a highly corrosive mineral acid. The pure compound is colourless, however older samples appear to be cast yellow due to decay into nitrogen oxides and water. On being combined with hydrochloric acid, an element known as aqua regia is formed.
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Based on concentration, the industry can be divided into:
- Dilute Nitric Acid (68%)
- Concentrated Nitric Acid (69%-71%)
The product finds wide applications in the following:
- Fertilizers
- Adipic Acid
- Nitrobenzene
- Toluene Di-Isocyanate (TDI)
- Nitrochlorobenzene
- Ammonium Nitrate
- Others
The end-uses of the product can be segmented as follows:
- Agrochemicals
- Explosives
- Chemical
- Mining
- Others
| CAGR 2024-2032 - Market by | Country |
| India | 4.0% |
| China | 3.3% |
| UK | 2.7% |
| USA | 2.6% |
| Italy | 2.1% |
| Canada | XX% |
| Germany | XX% |
| France | XX% |
| Japan | 2.1% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
The regional markets for nitric acid can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Fertilisers the Market Growth
The growth of the nitric acid market can be attributed to the rising demand of the product in the end-use industries. The rising use of nitric acid in the manufacturing of various agrochemicals including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate is likely to boost its demand in the market. The demand for fertilizers due to high demand for high crop yields to reflect the increasing need for crops is expected to be a crucial driver of nitric acid market during the forecast era. Its derivative, ammonium nitrate, is mainly used in explosives, and increased demand for explosives in the military and defence industries is expected to increase the growth of the global nitric acid industry. Other factors boosting the market growth include the rising disposable incomes of the consumers and the rising adoption of modern agricultural techniques.
Key Industry Players in the Global Nitric Acid Market
The report gives a detailed analysis of the following key players in the global nitric acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- BASF SE
- Columbus Chemicals
- Deepak Fertilisers and Petrochemicals Corporation Ltd
- Mitsubishi Chemical Corporation
- Nutrien Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Concentration |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Nitric Acid Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global nitric acid market attained a value of nearly USD 26.99 billion.
The market is projected to grow at a CAGR of 3.0% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 35.23 billion by 2032.
The rising population levels and the rising use of nitric acid in the manufacturing of various agrochemicals, including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate, among others, are the major market drivers.
The key trends guiding the market growth are the rising use of fertilisers and agrochemicals in the agricultural sector and the increasing demand of explosives in the military and defence sectors.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major segments based on concentration of nitric acid considered in the market report are dilute nitric acid (68%) and concentrated nitric acid (69%-71%).
The various applications of nitric acid are fertilisers, adipic acid, nitrobenzene, toluene di-isocyanate (TDI), nitrochlorobenzene, and ammonium nitrate, among others.
The significant end uses of nitric acid include agrochemicals, explosives, chemical, and mining, among others.
The key players in the market are BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd, Mitsubishi Chemical Corporation, and Nutrien Ltd., among others.
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