The concentrated nitric acid global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Concentrated Nitric Acid Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Concentrated Nitric Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
Concentrated Nitric Acid Market Overview
Market Drivers –
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.
Market Trends –
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 emissions by 48% and produce a cumulative emissions reduction of at least 4.7 MtCO2e by 2030.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Concentrated Nitric Acid Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Concentrated Nitric Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Concentrated Nitric Acid Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Nutrien Ltd. Financial Performance
Table 75: BASF SE Financial Performance
Table 76: Dupont de Nemours Inc. Financial Performance
Table 77: LSB Industries Inc. Financial Performance
Table 78: CF Industries Holdings Inc. Financial Performance
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