Nitric Acid Market Overview:
Nitric Acid belongs to a class of inorganic acids which is both extremely corrosive and toxic. On the basis of nature of nitric acid, unstable nitric acid is extensively used in explosives whereas stable nitric acid is used in the production of dyes, paints, and pigments. The Nitric Acid market is expected to grow tremendously and register a strong growth over the assessment period. Growth of global nitric acid market is predominantly driven by fertilizer and explosive industry. Furthermore, increasing industrial explosive market coupled with strong demand for mining and construction activities is predicted to fuel the market growth. Increasing defense activities due to rising terrorism activities has resulted in increasing demand for explosives which in turn is estimated to propel the market growth over the forecast period.
In addition to this, increase in need of fertilizer to meet the rising quality food demand with followed by raise in crop production is predicted to drive market growth. Nitric acid is majorly used in the manufacturing of fertilizer followed by adipic acid. Adipic acid is further used in the production of automobile parts. Increasing automobile production & sales across the globe is estimated to fuel the demand for nitric acid in near future. Some of the prominent drivers supporting the market growth are rapidly growing agriculture and automotive industry, and rising construction activities.
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Nitric Acid Market Key Players:
• The Dow Chemical Company,
• Bayer AG,
• BASF SE,
• LyondellBasell Industries,
• Agrium Inc.,
• Koch Fertilizer LLC.,
• AkzoNobel NV,
• Basic Chemical Solutions LLC,
• PVS Chemicals,
• Apache Nitrogen Products Inc,
• Deepak Fertilizers,
• Petrochemicals Corp. Ltd
among others are some of the prominent players at the forefront of competition in the Global Nitric Acid Market and are profiled in MRFR Analysis.
Nitric Acid Market Segment:
Nitric Acid Market is booming and is anticipated to witness a striking growth in fertilizer industry registering a CAGR of 6.5% in terms of value, during the forecast period.
Nitric Acid is colourless and a corrosive mineral acid that has concentration of around 70%. It turns pale yellow due to decomposition of oxides. Commercially nitric acid with more than 85% concentration is known as fuming nitric acid.
Nitric Acid is used in fertilizer which act as key application segment. Nitric acid used in ammonium nitrate and calcium ammonium nitrate is used as a fertilizer in the agrochemical industry. The global fertilizer industry is expected to grow owing to rise in population leading to high growth demand for food in countries like China, India and Mexico.
Nitric Acid Market Regional Analysis:
Asia Pacific is largest market segment owing to increase in fertilizer and chemical industries in the region. China forecasted fastest growth rate in the production and consumption of nitric acid owing to growing chemical and explosive industries. North America and Europe witnessed a significant loss due to adverse environmental issues which will rise as a result of usage of chemicals relating to nitric acid.
Strict regulations government in Europe and North America regarding usage of ammonium nitrate in fertilizer has shift the demand to emerging countries like China and India. Other application like adipic and TDI is expected to drive the demand of nitric acid in North America. Other parts of the world are expecting to be witnessed strong growth due to increase in demand for nitrate-based fertilizer in agrochemical industry and lack of regulation in using chemicals.
Nitric Acid Market Table of Content to be Continue…...,
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