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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124