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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Nitric Acid Market Report Snapshots
Nitric Acid Market Regional Analysis
*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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