Nitric Acid Market Research Report Information By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, and others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

Global Nitric Acid Market Overview

The  Nitric Acid Market Size was valued at USD 29.77 Billion in 2022 and is projected to grow from USD 30.01 Billion in 2023 to USD  35.9 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.3% during the forecast period (2023 - 2030). The growth in the global market is driven by the increasing use of Nitric Acid in various applications including, cosmetics, rubber, and ceramics. Further, research & developments of ZnO nanoparticles and their adoption in several applications are the factors playing a key role in the market.          

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Nitric Acid Market Trends

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  The increasing fertilizer demand with the growing high crop yield needs is driving the growth of the global market -in the forecast period.

  
  

The Nitric Acid Market is increasing day by day. Hence, the increasing fertilizer demand with the growing high crop yield needs is driving the growth of the global market -in the forecast period. Moreover, the Nitric Acid Market share is boosted due to the military and defense industries, which are increasing the demands for ammonium nitrate and it is further widely used in explosives. Along with that, the global market has been estimated to boost due to the increase of nitric acid consumption in chemicals like adipic acid and toluene di-isocyanate (TDI) in the forecast period.  Adipic acid is extensively used in the textile and automotive industries for nylon-6,6 production, which is predicted to grow the global market.  Moreover, for the better production of polyurethane foams, the furniture and upholstery sectors are extensively using TDI. 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Additionally, The  Nitric Acid Market is increasingly lucrative opportunities day by day for nitric acid producers because of the mining activities growth in the world. Therefore, nitric acids are used extensively as blasting and explosive agent in the mining sector. Along with that, the rising nitric acid use as an oxidizer in rocket propellants is bringing more opportunities for the market players in the global market. Hence, the nitric acid market forecast report has mentioned that nitric acid is increasing its demand across the various region, which is bringing more marketing opportunities for the key players and manufacturers.

Nitric Acid Market Segment Insights

Nitric Acid Application Insights

The Nitric Acid Market segmentation, based on Application, includes fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The fertilizers segment dominated due to rising agricultural activities for fulfilling the ever-growing population demand. HNO3 is used to manufacture fertilizers such as ammonium nitrate, and calcium ammonium nitrate, which provides extensive and quality crop yields. The growing need for nitrogen-based fertilizers over the years is driving the market growth of HNO3.

The adipic acid segment is expected to experience substantial growth due to the rising demand for lighter automobiles. Adipic acid produced from nitric acid is used for the manufacturing of nylons and other resins. Nylons polymer composites are used for automobile components manufacturing to decrease the vehicle's overall weight and make it fuel-efficient. Growing demand for advanced automobiles from the developing regions is boosting market growth. 

Figure 2:  Nitric Acid Market, by Application, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Nitric Acid Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific dominated the market in terms of volume and value and is estimated to have USD 11,409.8 million in 2019, which can be credited to the growing demand for HNO3 from numerous end-use industries that includes automobile, agriculture, and construction. The financial development and rising population within countries such as India, China, and Japan have created significant demand for nitric acid in the agriculture industry. China leads the Asia Pacific region due to rapid population growth, rising infrastructure projects, and a surge in middle-class income that is instigating high consumption of HNO3.

Figure 3:  NITRIC ACID MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is projected to have a noteworthy nitric acid market share in the global market; which can be related to the rapid advancement and disposable income of consumers in the region. The growing demand for lighter and fuel-efficient vehicles and growing new construction and renovation activities are primary factors towards market growth. This, along with the growing fashion industry in the region is further driving this market.

The European region is anticipated to show significant growth during the projection period. This progression can be ascribed to the growing demand for fuel-efficient and eco-friendly automobiles from buyers. Growing awareness regarding the protection of the environment serves as a driving force for fuel-efficient features and lightweight materials such as polymer composites used in automobiles, thus creating further market opportunities. Germany is a major producer in automotive engineering, sustained by economic growth in the country and industrial advancement in fuel-efficient results for weighing automobiles.

Nitric Acid Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Nitric Acid market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Nitric Acid industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Nitric Acid. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Nitric Acid industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Nitric Acid industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Nitric Acid market players, including Koch Fertilizer, LLC (US), PVS Chemicals (US), BASF SE (Germany), Nutrien Ltd (Canada), Orica Limited (Australia), The Chemours Company (US), and others, are attempting to increase market demand by funding R&D initiatives.

PVS (Pressure Vessel Service) is a manufacturer and distributor of chemicals and transportation services. It offers hydrochloric acids, water treatment chemicals, ferric chlorides, sulfur products, and more. The company caters to agricultural, pharmaceutical, metal finishing, food processing, and other sectors.

Also, BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.

Key Companies in the Nitric Acid market include

• Koch Fertilizer, LLC (US)


• PVS Chemicals (US)


• BASF SE (Germany)


• Nutrien Ltd (Canada)


• Orica Limited (Australia)


• The Chemours Company (US)


• LSB Industries (US)


• Apache Nitrogen Products, Inc. (US)


• CF Fertilisers UK (UK)


• Incitec Pivot Limited (Australia)


• Qingdao Hisea Chem Co. Ltd (China)


• Kemcore (China)


• Rubamin (India)

Nitric Acid Industry Developments

In July 2022, UBE Corporation announced the construction of a second high-purity nitric acid production facility at the Ube Chemical Factory in Ube City, Yamaguchi Prefecture, to satisfy anticipated demand growth.

In October 2020, LSB Industries, Inc., agreed to a new long-term supply agreement for nitric acid. According to the contract, LSB will provide nitric acid in the range of 70,000 to 100,000 tons annually.

Nitric Acid Market Segmentation

Nitric Acid Application Outlook

• Fertilizers


• Nitrobenzene


• Adipic Acid


• Toluene Di-isocyanate


• others

Nitric Acid Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America