The Business Research Company’s Nitric Acid Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Nitric Acid Global Market Report 2023 evaluates nitric acid market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global nitric acid market size is expected to grow from $21.09 billion in 2022 to $21.84 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global nitric acid market is expected to grow to $24.35 billion in 2027 at a compound annual growth rate (CAGR) of 2.8%.
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 segments in the report are:
1) By Type: Concentrated Nitric Acid, Dilute Nitric Acid
2) By Application: Fertilizers, Nitrobenzene, Adipic Acid, Toluene Diisocyanate (TDI), Nitrochlorobenzene, Other Applications
3) By End-Use Industry: Explosives, Agrochemicals, Electronics, Automotive, Other End-Use Industries
The table of contents in TBRC’s nitric acid market report includes:
- Executive Summary
- Nitric Acid Market Characteristics
- Nitric Acid Market Trends And Strategies
- Nitric Acid Market – Macro Economic Scenario
- Nitric Acid Market Size And Growth
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- Africa Nitric Acid Market
- Nitric Acid Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Nitric Acid Market
- Nitric Acid Market Future Outlook and Potential Analysis
- Appendix
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