Nitric Acid Market
The 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 (2023-2033).
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According to The Business Research Company’s Nitric Acid Global Market Report 2024, The nitric acid market size has grown steadily in recent years. It will grow from $21.66 billion in 2023 to $22.37 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increase in agricultural demand, infrastructure development, population growth, production of explosives, changes in environmental regulations.
The nitric acid market size is expected to see steady growth in the next few years. It will grow to $25.54 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to increase in sustainable practices, rise in demand for electronics, advancements in renewable energy, rise in water treatment, urbanization. Major trends in the forecast period include shift towards green nitric acid, digitalization, customized nitric acid solutions, collaboration for innovation, hybrid production processes.
The increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market. Nitric acid is primarily used to manufacture explosives for coal mining, limestone for cement and the fertilizer manufacturing process, due to which the demand for nitric acid is more than 98% in the industries. For instance, according to EQMS India Pvt. Ltd., an India-based provider of premium environment, health, and safety services, in their report in 2022, during the years 2020–21, domestic production was close to 758,000 MT, whereas demand from industries was 993,000 MT. The gap in demand-supply i.e., about 235,000 MT industries demand was met through imports. Therefore, the increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market.
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The nitric acid market covered in this report is segmented –
1) By Type: Concentrated Nitric Acid, Dilute Nitric Acid
2) By Application: Fertilizers, Nitric Acid, Adipic Acid, Toluene Diisocyanate (TDI), Nitrochlorobenzene, Other Applications
3) By End-Use Industry: Explosives, Agrochemicals, Electronics, Automotive, Other End-Use Industries
Major companies operating in the nitric acid market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in February 2023, Rotating Machinery Services Inc., a US-based aftermarket engineering and services company, announced a collaboration with Howden Maintenance Partners, a Belgium-based maintenance and repair services company. Under this collaboration, Rotating Machinery Services (RMS) and Howden Maintenance Partners (HMP) aim to enhance the servicing of hot gas and nitric acid expanders in the Europe and Middle East (EMENA) region. This partnership combines RMS’s expertise in Hot Gas Expanders with HMP’s local repair capabilities, seeking to provide customers with improved reliability, maintainability, and performance for Fluid Catalytic Cracking (FCC) and Nitric Acid Expanders through a European center of excellence for expander services.
The nitric acid market report table of contents includes:
1. Executive Summary
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