The Concentrated Nitric Acid Global Market Report 2023, provides comprehensive information on the concentrated nitric acid market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global concentrated nitric acid market is poised for growth, with projections indicating an increase from $18.68 billion in 2022 to $19.12 billion in 2023. This expansion is underpinned by a steady compound annual growth rate (CAGR) of 2.4%. However, it is vital to recognize the perturbing influence of the Russia-Ukraine conflict on the global economic recovery process post-COVID-19. The ongoing war has temporarily thwarted the prospects of swift recovery by sparking economic sanctions across multiple nations, instigating a surge in commodity prices, and fostering supply chain disruptions. These factors have contributed to inflation across goods and services, significantly impacting global markets.
As we look ahead, the concentrated nitric acid market continues to display resilience, with an expected market size of $20.79 billion in 2027, driven by a CAGR of 2.1%. This trajectory underscores the adaptability of the industry amidst a turbulent global economic landscape. It’s imperative for stakeholders to remain vigilant and agile in navigating the evolving economic challenges and opportunities within this dynamic sector.
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Technological advancement is the key trend in the concentrated nitric acid market. Major companies operating in the concentrated nitric acid market are focusing on including new technology to reduce greenhouse gas emissions during the process of producing concentrated nitric acid to meet climate regulation standards. For instance, in November 2021, Orica, an Australia-based commercial explosives company that produced concentrated nitric acid for use in its explosives manufacturing, installed EnviNOx, a proven nitrous oxide greenhouse gas (GHG) emissions tertiary abatement technology, at its Kooragang Island plant. The technology, which will be implemented at all three of the nitric acid production facilities used to make ammonium nitrate on Kooragang Island, is intended to reduce the site’s carbon footprint by at least 567,000 tCO2e annually. Based on projected production, it is anticipated to cut the site’s overall emissions by 48% and produce a cumulative emissions reduction of at least 4.7 MtCO2e by 2030.
The concentrated nitric acid market is segmented:
1) Concentrated Nitric Acid Market By Type: Strong Nitric Acid, Fuming Nitric Acid
2) Concentrated Nitric Acid Market By Application: Agrochemicals, Explosives, Automotive, Rubber, Other Application
3) Concentrated Nitric Acid Market By Distribution Channel: Direct Or Institutional Sales, Retail Sales, Other Distribution Channels
Top Major Players
Asia-Pacific was the largest region in the concentrated nitric acid market in 2022.
The table of contents in TBRC’s concentrated nitric acid market report includes:
1. Executive Summary
2. Concentrated Nitric Acid Market Characteristics
3. Concentrated Nitric Acid Market Trends And Strategies
4. Concentrated Nitric Acid Market – Macro Economic Scenario
5. Concentrated Nitric Acid Market Size And Growth
……..
26. Africa Concentrated Nitric Acid Market
27. Concentrated Nitric Acid Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Concentrated Nitric Acid Market
29. Concentrated Nitric Acid Market Future Outlook and Potential Analysis
30. Appendix
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https://www.thebusinessresearchcompany.com/report/nitric-acid-global-market-report
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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