Research Nester assesses the growth and market size of global concentrated nitric acid market which is anticipated to be on account of the growing agrochemicals industry and growing demand for cleaning products
New York – August 24, 2023 - Research Nester’s recent market research analysis on “Concentrated Nitric Acid Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global concentrated nitric acid market in terms of market segmentation by type, end-user, application, and by region.
Growing Aerospace Sector to Promote Global Market Share of Concentrated Nitric Acid
The global concentrated nitric acid market is estimated to grow majorly on account of the increased demand for concentrated nitric acid in the aerospace sector. Moreover, in the aerospace sector, nitric acid is frequently employed as rocket propellants since it has a high oxidizing capacity.
The global concentrated nitric acid market is estimated to grow majorly on account of the increasing use of nitric acid to refine precious metals for the jewelry industry to refine the gold by separating silver and other impurities from gold and platinum.
Some of the major growth factors and challenges that are associated with the growth of the global concentrated nitric acid market are:
Growth Drivers:
• Surge in Chemical Sector Globally
• Rising Demand for Automobiles
Challenges:
The rising concern for risks associated with inhalation of concentrated Nitric Acid, and the stringent regulations developed by the governments of nations worldwide are some of the major factors anticipated to hamper the global market size of concentrated nitric acid. There are certain regulations related to the usage of fertilizers, which might impact the demand for concentrated nitric acid-based fertilizers.
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By end-user, the global concentrated nitric acid market is segmented into agrochemicals, explosives, automobiles, and electronics. The agrochemicals segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to the growing demand for food across the globe. To meet this demand, agriculture practices will intensify which would require the use of nitrogen-based fertilizers. This, as a result, will significantly increase the demand for concentrated nitric acid.
According to estimates, by 2050, the global demand for food is anticipated to rise by over 65%.
By region, the Asia Pacific concentrated nitric acid market is to generate the highest revenue by the end of 2035. This growth is anticipated by the growing textile sector in the region. India offers abundant raw material resources, government support, and investments for the textile industry. This has significantly driven the demand for concentrated nitric acid. A wide range of textiles, apparel, dyes, and other products are made using nitric acid owing to its strong reactivity to other molecules. Besides this, the production of nylon and polyester involves nitric acid.
By 2029, it is estimated that India's textile sector will be worth more than USD 200 billion.
In addition, the concentrated nitric acid market in North America may hold a significant share by the end of 2035. The growth can be attributed to the rising production of polymers, such as polyurethane and polyamides. As a result, the demand for concentrated nitric acid is expected to rise in the region. Moreover, concentrated nitric acid is used as a raw material in the synthesis of polymers and can also be used in recycling processes for polymers. Additionally, the growing demand for automobiles may also increase the demand for concentrated nitric acid in the region. Concentrated nitric acid is used in the production of polyurethane foams which provide a comfortable and supportive surface for drivers and is widely used in the automotive sector for trimming, seats, and headrests.
Between 2011 and 2021, the percentage of electric vehicle sales in the United States rose by over 4%.
Furthermore, the market in Europe is estimated to hold a significant share during the forecasted timeframe. The growth can be attributed to stringent environmental regulations. Some of the world's highest environmental standards benefit EU members, and the country aims to reduce GHG emissions by more than 50% by 2030. As a result, there may be a higher demand for concentrated nitric acid as it is used in emission control systems.
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This report also provides the existing competitive scenario of some of the key players of the global concentrated nitric acid market which includes company profiling of Yara, Nutrien Ltd., BASF SE, Dow Inc., DuPont, Sika AG, C.F. Fertilisers U.K., Innospec, Dorf Ketal Chemicals (I) Pvt. Ltd., PMC Specialties Group, Clariant, and others.
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