Concentrated Nitric Acid Market Size and Forecast 2024-2033| Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc

Overview and Scope

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.

Sizing and Forecast

The concentrated nitric acid market size has grown steadily in recent years. It will grow from $19.04 billion in 2023 to $19.54 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. 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 $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. 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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Segmentation & Regional Insights

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

Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2023. 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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Major Driver Impacting Market Growth

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 2021, according to the analysis by Premier Inc., a US-based healthcare improvement company, the purchases of N95 and KN95 masks increased by 715% from 2020 to 2021, those of surgical masks increased by 93% from 2020 to 2021, and those of exam gloves increased by 225% from 2020 to 2021. Therefore, the rising demand for personal protective equipment drives the concentrated nitric acid market.

Key Industry Players

Major companies operating in the concentrated nitric acid market report 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., Shandong Dacheng Pesticide Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Grasim Industries Limited, Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Taiwan Corporation, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.

The concentrated nitric acid market report table of contents 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. Global Concentrated Nitric Acid Market Size and Growth

26. South America Concentrated Nitric Acid Market

27. Brazil Concentrated Nitric Acid Market

28. Middle East Concentrated Nitric Acid Market

29. Africa Concentrated Nitric Acid Market

30. Concentrated Nitric Acid Market Competitive Landscape And Company Profiles

Top Major Players: