Overview and Scope
Nitric acid is a red fume that appears as a pale yellow to reddish-brown liquid and generates red-brown fumes produced by the oxidation of ammonia, which is primarily used as raw material for the manufacture of fertilizers and explosives. Nitric acid is used in the automotive and fertilizer industries for various manufacturing purposes.
Sizing and Forecast
The nitric acid market size has grown steadily in recent years. It will grow from $21.66 billion in 2023 to $22.37 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increase in agricultural demand, infrastructure development, population growth, production of explosives, changes in environmental regulations.
The nitric acid market size is expected to see steady growth in the next few years. It will grow to $25.54 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to increase in sustainable practices, rise in demand for electronics, advancements in renewable energy, rise in water treatment, urbanization. Major trends in the forecast period include shift towards green nitric acid, digitalization, customized nitric acid solutions, collaboration for innovation, hybrid production processes.
Order your report now for swift delivery, visit the link:
https://www.thebusinessresearchcompany.com/report/nitric-acid-global-market-report
The nitric acid market covered in this report is segmented –
1) By Type: Concentrated Nitric Acid, Dilute Nitric Acid
2) By Application: Fertilizers, Nitrobenzene, Adipic Acid, Toluene Diisocyanate (TDI), Nitrochlorobenzene, Other Applications
3) By End-Use Industry: Explosives, Agrochemicals, Electronics, Automotive, Other End-Use Industries
Europe was the largest region in the nitric acid market in 2023. The regions covered in the nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:
https://www.thebusinessresearchcompany.com/sample_request?id=7905&type=smp
Major Driver Impacting Market Growth
The increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market. Nitric acid is primarily used to manufacture explosives for coal mining, limestone for cement and the fertilizer manufacturing process, due to which the demand for nitric acid is more than 98% in the industries. For instance, according to EQMS India Pvt. Ltd., an India-based provider of premium environment, health, and safety services, in their report in 2022, during the years 2020–21, domestic production was close to 758,000 MT, whereas demand from industries was 993,000 MT. The gap in demand-supply i.e., about 235,000 MT industries demand was met through imports. Therefore, the increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market.
Key Industry Players
Major companies operating in the nitric acid market report are Sinopec Nanjing Chemical Industries Co Ltd, BASF SE, Thyssenkrupp AG, Nutrien Ltd., Mitsubishi Chemical Corporation, 3M company, Yara International ASA, Deepak Fertilisers and Petrochemicals Corporation Ltd., DuPont de Nemours Inc., CF Industry Holdings Inc., Sika AG, EuroChem Group AG, OCI N.V., The Lubrizol Corporation, Adeka Corp, Enaex S.A., Rashtriya Chemicals & Fertilizers Ltd., Hanwha Corporation, Gujarat Narmada Valley Fertilizers & Chemicals Limited, TKG Huchems Co Ltd., LSB Industries Inc., Dorf Ketal Chemicals Pvt Ltd., Ube Industries Ltd., PMC Specialties Group Inc., Mayzo Inc., Chemtrade Logistics Inc., Angus Chemical Company, Apache Nitrogen Products Inc., Abu Qir Fertilizers and Chemicals Co, MaxamCorp Holding SL
The nitric acid market report table of contents includes:
1. Executive Summary
2. Nitric Acid Market Characteristics
3. Nitric Acid Market Trends And Strategies
4. Nitric Acid Market – Macro Economic Scenario
5. Global Nitric Acid Market Size and Growth
…..
32. Global Nitric Acid Market Competitive Benchmarking
33. Global Nitric Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nitric Acid Market
35. Nitric Acid Market Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
