The Concentrated Nitric Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s comprehensive analysis, the Concentrated Nitric Acid Global Market is poised for continuous expansion. The market, which exhibited steady growth, is anticipated to ascend from $19.04 billion in 2024 to $19.54 billion in the same year, marking a notable compound annual growth rate (CAGR) of 2.7%. This upward trajectory is attributed to the robust development in the chemical industry, burgeoning agricultural sector requisites, heightened demand in explosives manufacturing, burgeoning metal processing and mining activities, and versatile industrial applications.
Projections for the concentrated nitric acid market signal persistent advancement, with an estimated valuation of $21.59 billion by 2028, driven by a commendable CAGR of 2.5%. This anticipated growth in the forecast period can be attributed to a heightened emphasis on industrial safety, continuous breakthroughs in chemical processes, surging needs in the automotive sector, increasing water treatment requirements, and the burgeoning demand from the semiconductor industry. Significant trends in this forecast period encompass a resurgence in explosives manufacturing, notable advancements in the pharmaceutical sector, escalating demands for dyes, pigments, and colorants, intensified market competition, and a pervasive culture of innovation.
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.
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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
Top 5 Major Players;
A key paradigm shift in the concentrated nitric acid market is the prominent role of technological advancement. Leading corporations within the market are strategically incorporating state-of-the-art technology to curtail greenhouse gas emissions, aligning with stringent climate regulation standards. A noteworthy example is Orica, a prominent Australia-based commercial explosives entity. In November 2021, the company augmented its concentrated nitric acid production at the Kooragang Island plant by installing EnviNOx, an established nitrous oxide greenhouse gas (GHG) emissions tertiary abatement technology. This pioneering technology is slated for implementation across all three nitric acid production facilities on Kooragang Island, with the aim of reducing the site’s carbon footprint by an estimated 567,000 tCO2e annually. Projections indicate a 48% reduction in emissions at the site, contributing to a cumulative reduction of at least 4.7 MtCO2e by 2030, showcasing a commitment to sustainability and environmental responsibility in the concentrated nitric acid industry.
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
…..
31. Global Concentrated Nitric Acid Market Competitive Benchmarking
32. Global Concentrated Nitric Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Concentrated Nitric Acid Market
34. Concentrated Nitric Acid Market Future Outlook and Potential Analysis
35. Appendix
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
….
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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