Nitric Acid Market Report

Market Overview:

The global nitric acid market size reached US$ 28.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028. The rising demand for nitrogen fertilizers from the agriculture industry, increasing product applications in the production of TDI and adipic acid, and technological advancements in manufacturing processes represent some of the key factors driving the market.

Nitric acid (HNO₃), also called aqua fortis and spirit of niter, refers to a highly corrosive mineral acid. The pure compound appears colorless, but aged samples might acquire a yellow cast due to decomposition into oxides of nitrogen and water. It is commercially produced through a two-step process, including the oxidation of ammonia with air to form nitrogen oxides, which are then absorbed in water to give nitric acid. It is mainly used for the industrial production of fertilizers. It is also utilized as a primary reagent for nitration, which involves the addition of a nitro group, usually to an organic molecule. Besides this, nitric acid is neutralized with ammonia to obtain ammonium nitrate. At present, nitric acid finds extensive applications in the manufacturing of explosives, nylon precursors, plastics, and specialty organic compounds.

Nitric Acid Market Trends:

Nitric acid is widely employed to produce ammonium nitrate and calcium ammonium nitrate (CAN), which find applications as fertilizers. Moreover, ammonium nitrate is commonly utilized to manufacture urea ammonium nitrate (UAN) used in fertilizers and as explosives. As a result, the rising demand for nitrogen fertilizers from the agriculture industry to optimize crop yield and lower cultivation time represents the primary factor driving the market growth. In addition, there is a rise in the adoption of ammonium nitrate as a blasting and explosive agent in mining and military applications. This, coupled with the growing usage of nitric acid as a raw material for inks, pigments, and dyes, which have extensive applications in the textile sector, has augmented the product demand. Furthermore, there has been an increase in product use as an intermediate in the production of toluene diisocyanate (TDI), which is utilized in manufacturing polyurethane (PU) foams. Consequently, the escalating demand for PU foams from the automotive, transportation, carpet, and furniture industries has catalyzed market growth. In line with this, the surging consumption of nitric acid for manufacturing nitrobenzene employed in the construction sector and adipic acid used in Nylon 6, 6 production has propelled the market growth. Other factors, including increasing product applications as an oxidizer in rocket propellants, rising utilization of nitric acid in cleaning agents, favorable government initiatives, and technological advancements in manufacturing processes, are also creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global nitric acid market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type, application, distribution channel, and end use.

Type Insights:

• Concentrated Nitric Acid
• Dilute Nitric Acid
   

The report has provided a detailed breakup and analysis of the nitric acid market based on the type. This includes concentrated nitric acid and dilute nitric acid. According to the report, concentrated nitric acid represented the largest segment.

Application Insights:

• Fertilizers
• Adipic Acid
• Toluene Diisocyanate
• Nitrobenzene
• Others
   

A detailed breakup and analysis of the nitric acid market based on the application has also been provided in the report. This includes fertilizers, adipic acid, toluene diisocyanate, nitrobenzene, and others. According to the report, fertilizers accounted for the largest market share.

Distribution Channel Insights:

• Direct and Institutional Sales
• Retail Sales
• Others
   

The report has provided a detailed breakup and analysis of the nitric acid market based on the distribution channel. This includes direct and institutional sales, retail sales, and others. According to the report, direct and institutional sales represented the largest segment.

End Use Insights:

• Explosives
• Agrochemicals
• Electronics
• Automotive
• Others
   

A detailed breakup and analysis of the nitric acid market based on the end use has also been provided in the report. This includes explosives, agrochemicals, electronics, automotive, and others. According to the report, agrochemicals accounted for the majority of the market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for nitric acid. Some of the factors driving the Asia Pacific nitric acid market included its high production and consumption of fertilizers, rapid growth in the textile industry, escalating demand for explosives from the mining sector, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global nitric acid market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include CF Industries Holdings Inc., Columbus Chemical Industries, Deepak Fertilizers and Petrochemicals Corp. Ltd., Enaex SA (Sigdo Koppers S.A.), Koch Engineered Solutions (Koch Industries Inc.), LSB Industries Inc., Nutrien Ltd., Orica Limited, Rashtriya Chemical & Fertilizers Ltd., Sasol Limited, Shandong Fengyuan Chemical Co. Ltd., Thyssenkrupp AG, UBE Corporation, Yara International ASA, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Nitric Acid Market Report Scope:

Key Questions Answered in This Report:

• How has the global nitric acid market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global nitric acid market?
• What is the impact of each driver, restraint, and opportunity on the global nitric acid market?
• What are the key regional markets?
• Which countries represent the most attractive nitric acid market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the nitric acid market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the nitric acid market?
• What is the breakup of the market based on distribution channel?
• Which is the most attractive distribution channel in the nitric acid market?
• What is the breakup of the market based on end use?
• Which is the most attractive end use in the nitric acid market?
• What is the competitive structure of the global nitric acid market?
• Who are the key players/companies in the global nitric acid market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the nitric acid market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global nitric acid market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the nitric acid industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.