The Business Research Company’s report on the Concentrated Nitric Acid Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the concentrated nitric acid market further?
Rising demand for personal protective equipment is expected to propel the growth of the concentrated nitric acid market going forward. Personal protective equipment (PPE) refers to wearable safety gear that includes protective clothes, helmets, gloves, face shields, goggles, facemasks, respirators, and other accessories. Personal protective equipment, which prefers to be face masks and gloves, is made of plastic polymers, which require concentrated nitric acid for their manufacturing. For instance, in June 2022, according to the Centers for Disease Control and Prevention (CDC), a US.-based public health agency, N95 masks have proven to be the most effective type of facial protection against respiratory viruses, including COVID-19. A study cited by the CDC revealed that wearing N95 masks reduces the likelihood of testing positive for SARS-CoV-2 by 83%, while surgical masks reduced this likelihood by 66% and cloth masks by 56%. The CDC continues to stress the importance of N95 masks, particularly in healthcare settings, to mitigate the spread of infectious diseases. Therefore, the rising demand for personal protective equipment drives the concentrated nitric acid market.
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What are the key factors influencing the forecasted market size of the concentrated nitric acid industry?
The concentrated nitric acid market size has grown steadily in recent years. It will grow from $19.41 billion in 2024 to $19.86 billion in 2025 at a compound annual growth rate (CAGR) of 2.3%. The growth in the historic period can be attributed to chemical industry growth, agricultural sector requirements, explosives manufacturing, metal processing and mining, industrial applications.
The concentrated nitric acid market size is expected to see steady growth in the next few years. It will grow to $22.52 billion in 2029 at a compound annual growth rate (CAGR) of 3.2%. The growth in the forecast period can be attributed to industrial safety emphasis, continuous innovations in chemical processes, automotive sector needs, water treatment requirements, semiconductor industry demand. Major trends in the forecast period include renewed use in explosives manufacturing, pharmaceutical sector advancements, dyes, pigments, and colorants demand, market competition and innovation.
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Who are the leading competitors in the concentrated nitric acid market?
Major companies operating in the concentrated nitric acid market are Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Koch Fertilizers LLC, National Chemical Group Co. Ltd., OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries Ltd., Yara International ASA, The Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, EuroChem Group AG, Grupa Azoty S.A., FCI Aravali Gypsum and Minerals India Ltd., Abu Qir Fertilizers and Chemicals Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.
Which emerging trends are set to transform the concentrated nitric acid market landscape?
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 July 2023, Orica, an Australia-based commercial explosives company, announced a significant project at its Kooragang Island facility aimed at reducing greenhouse gas emissions by nearly 50%. This initiative involves the integration of renewable hydrogen into their ammonia production processes, collaborating with Origin Energy to establish the Hunter Valley Hydrogen Hub. The project utilizes a grid-connected electrolyser to produce renewable hydrogen from recycled water and renewable electricity, contributing to Orica’s commitment to sustainability and lowering its carbon footprint. The project is part of a larger sustainability push, and it also includes the use of innovative technology to significantly reduce nitrous oxide (N2O) emissions from their three nitric acid plants, slashing greenhouse gases by at least 98%.
How do different geographies compare in terms of market share and growth potential in the concentrated nitric acid market?
Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2024. The regions covered in the concentrated nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the concentrated nitric acid market are experiencing the fastest growth?
The concentrated nitric acid market covered in this report is segmented –
1) By Type: Strong Nitric Acid, Fuming Nitric Acid
2) By Application: Agrochemicals, Explosives, Automotive, Rubber, Other Application
3) By Distribution Channel: Direct Or Institutional Sales, Retail Sales, Other Distribution Channels
Subsegments:
1) By Strong Nitric Acid: 68% Nitric Acid, 70% Nitric Acid
2) By Fuming Nitric Acid: White Fuming Nitric Acid (WFNA), Red Fuming Nitric Acid (RFNA)
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How is the concentrated nitric acid market defined?
Concentrated nitric acid is a concentrated form of nitric acid and a water-based solution with around 70% HNO3. This acid contains less water than its solutes. It is a highly corrosive and toxic mineral acid that appears as a colorless or pale yellow liquid due to the presence of nitrogen oxides.
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