Nitric Acid Market To Be Driven By Rising Consumption Of Fertilizers In Agrarian Economies Of World

Nitric Acid Industry Overview

The global nitric acid market size was valued at USD 29.2 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 2.3% from 2022 to 2030.

The growth for the product is expected to be driven by increasing demand for the product from fertilizers formulators and by the rising consumption of fertilizers in agrarian economies of the world. Growing demand for food has propelled the expansion of various fertilizers and agricultural units globally to optimize crop yield, lower cultivation time, attain healthy crop growth, and more. Nitric acid is one of the key components of producing nitrogen fertilizers which are highly demanded by the agricultural world. The global product industry is highly competitive, especially in the presence of multinationals that are constantly innovating to capture the broader share of the market.

Gather more insights about the market drivers, restrains and growth of the Global Nitric Acid Market

Companies like BASF SE, Dow Chemicals, Nutrient, and CF Industries are the major players and dominate the industry with a wide range of products for each application and a strong global presence. Development of the cutting-edge technologies such as mono-medium pressure process, mono-high pressure process, and dual pressure process for producing the product more efficiently are poised to increase the awareness and enhance market growth over the coming years. Increasing demand for the product from the nylon production sector is poised to pave new avenues in the global market space.

The product is consumed in the production of TDI and adipic acid, which are widely used in the development of Nylon 6, 6. Nylon 6, 6 is further used across multiple applications such as manufacturing plastics and industrial carpeting. Nitric acid is a vital raw material in the making of Nitrobenzene which is excessively utilized in the construction industry. The growth in the construction industry is anticipated to trigger the demand for Nitrobenzene in the forecast period.

Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.

• Ammonium Nitrate Market - The global ammonium nitrate market size was estimated at USD 4.67 billion in 2016. The increasing demand for the product in fertilizers as a nitrogen source is expected to propel the market growth. In addition, the product has high demand in explosive manufacturing as an oxidizing agent, which is expected to propel industry growth.

• Adipic Acid Market - The global adipic acid market size was valued at USD 5.56 billion in 2016 and is expected to develop at a CAGR of 4.7% over the forecast period. The market is driven by increasing demand for lightweight and durable products in the automotive, construction, and electronics industries.

Nitric Acid Market Segmentation

Grand View Research has segmented the global nitric acid market report on the basis of application, and region:

Nitric Acid Application Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

• Fertilizers

• Nitrobenzene

• Adipic acid

• Toluene diisocyanate (TDI)

• Nitrochlorobenzene

• Others

Nitric Acid Regional Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Central & South America

• Middle East & Africa

Key Companies profiled:

Some prominent players in the nitric acid market include:

• BASF SE

• Dupont

• Nutrien Ltd.

• Omnia Holding Limited

• Apache Nitrogen Products Inc.

• CF Industry Holdings, Inc

• Thyssenkrupp AG

• Yara International ASA

• Rashtriya Chemical & Fertilizers Ltd.

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.