Nitric Acid Market

Global Nitric Acid Market:

The global nitric acid market size reached USD 31.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 42.0 Billion by 2033, exhibiting a growth rate (CAGR) of 3.44% during 2025-2033. The rising demand for nitrogen fertilizers from the agriculture industry, the 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 Market Analysis:

• Major Market Drivers: The rising demand for optimizing crop yield and lowering cultivation time represents the primary factor driving the market growth. In addition, the escalating demand for PU foams from the automotive, transportation, carpet, and furniture industries is acting as a significant growth-inducing factor.
• Key Market Trends: The surging consumption of nitric acid for manufacturing nitrobenzene employed in the construction sector and adipic acid used in Nylon 6, 6 productions is propelling the market. Moreover, the increasing product applications as an oxidizer in rocket propellants, the rising utilization of nitric acid in cleaning agents, favorable government initiatives, and technological advancements in manufacturing processes are also creating a positive market outlook.
• Competitive Landscape: Some of the prominent market companies 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, and Yara International ASA, among many others.
• Geographical Trends: The increasing demand for fertilizers, especially ammonium nitrate, is catalyzing the market in Asia Pacific. Moreover, the widespread adoption of nitric acid as a raw material for pigments, inks, dyes, etc., is also propelling the regional market.
• Challenges and Opportunities: Fluctuating prices of raw materials and high competition from alternative fertilizers are hampering the market's demand. However, the increasing demand for sustainable agricultural practices will continue to bolster the market in the coming years.

Nitric Acid Market Trends:

Growing Fertilizers Production

The increasing demand from the fertilizer industry is one of the primary drivers of the market growth. Nitric acid is a key ingredient in nitrogen-based fertilizer production, particularly ammonium nitrate and urea. For instance, in July 2024, Stamicarbon collaborated with NextChem Tech to conduct a feasibility study and a pre-FEED contract from FertigHy. Under this contract, Stamicarbon will provide its NX Stami Green AmmoniaTM and NX Stami Nitric AcidTM technologies for FertigHy's first low-carbon fertilizer plant in France.

Emerging Tire Industry

The growing tire industry is significantly driving the market growth. For instance, according to IMARC, the global tire market size reached US$ 164.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 256.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032. A large portion of tires produced use synthetic rubber, which is derived from petrochemicals. Nitric acid is involved in the nitration process that produces chemicals, such as butadiene and acrylonitrile, key precursors for synthetic rubber-like nitrile rubber (NBR) and butadiene rubber (BR). These factors further positively influence the nitric acid market revenue.

Expanding Mining and Explosive Projects

Nitric acid is crucial for manufacturing explosives, such as trinitrotoluene (TNT) and other nitrated compounds. The mining industry, which relies heavily on explosives for extraction, is expanding, especially in developing regions with rich mineral resources. For instance, in January 2024, the Ministry of Mines and the Government of India inked the first lithium exploration and mining project agreement between Khanij Bidesh India Limited (KABIL) and the state-owned business of Argentina's Catamarca region, thereby boosting the nitric acid market demand.

Global Nitric Acid Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global market report, along with the nitric acid market forecast at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, application, distribution channel, and end use.

Breakup by Type: 

• Concentrated Nitric Acid
• Dilute Nitric Acid
   

Concentrated nitric acid represented the largest segment

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

According to the nitric acid market outlook, concentrated nitric acid is a critical ingredient in the production of ammonium nitrate, which is used to manufacture explosives like TNT (trinitrotoluene) and nitroglycerin. The expanding mining, construction, and defense sectors are driving the demand for these explosives, thus boosting CNA consumption. Moreover, the automotive and aerospace industries rely heavily on lightweight materials like nylon and polyurethane foams, both of which are produced using adipic acid derived from concentrated nitric acid. With the growing trend toward lighter and more fuel-efficient vehicles, this sector is a key driver of CNA demand.

Breakup by Application: 

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

Fertilizers accounted for the largest market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes fertilizers, adipic acid, toluene diisocyanate, nitrobenzene, and others. According to the report, fertilizers represented the largest market segmentation.

According to the market overview, nitric acid is primarily used to produce ammonium nitrate, a nitrogen-rich fertilizer that helps plants grow and improve crop yields. Ammonium nitrate is especially popular for cereals like wheat and corn. Besides this, the push for increased agricultural productivity and sustainability has led to an emphasis on nitrogen-based fertilizers, further positively impacting the nitric acid market’s recent price.

Breakup by Distribution Channel:

• Direct and Institutional Sales
• Retail Sales
• Others
   

Direct and institutional sales represented the largest segment

The report has provided a detailed breakup and analysis of the 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 market segmentation.

Direct sales primarily involve large-scale industrial buyers who purchase nitric acid directly from manufacturers or suppliers. This channel is typically used by industries that require nitric acid in significant quantities for ongoing operations. Moreover, direct buyers typically require large quantities of nitric acid, allowing manufacturers to offer bulk pricing and volume discounts, further propelling the nitric acid market share.

Breakup by End Use:

• Explosives
• Agrochemicals
• Electronics
• Automotive
• Others
   

Agrochemicals accounted for the majority of the nitric acid market statistics

The report has provided a detailed breakup and analysis of the market based on the end use. This includes explosives, agrochemicals, electronics, automotive, and others. According to the report, agrochemicals represented the largest market segmentation.

Nitric acid plays a significant role in agrochemical industry, particularly in nitrogen-based fertilizer production, which are crucial for modern agriculture. The demand for nitric acid in agrochemicals is driven primarily by the need to produce fertilizers that improve crop yields and support global food production. As per the nitric acid market overview, this will continue to propel the growth of the segment over the forecasted period.

Breakup by Region: 

• 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
   

Asia Pacific accounted for the largest market share

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 exhibits a clear dominance in the market.

According to the market report, Asia Pacific accounted for the largest market share. The rapid population growth in countries, such as China, India, and South Korea, is driving demand for food, thereby resulting in increased agricultural productivity. Moreover, nitric acid is used in the production of various chemicals, including adipic acid (for nylon production), nitrates, and intermediates for pharmaceuticals, dyes, and pigments. The Asia-Pacific is a global hub for chemical manufacturing, which is one of the nitric acid market recent opportunities across the region. For instance, according to TrendEconomy, South Korea was represented as the world's top exporter of nitric acid in 2022, accounting for almost 25% of global exports.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major nitric acid market companies have also been provided. Some of the key players in the market 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
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Nitric Acid Market Recent Developments:

• July 2024: Stamicarbon collaborated with NextChem Tech to conduct a feasibility study and a pre-FEED contract from FertigHy. Under this contract, Stamicarbon will provide its NX Stami Green AmmoniaTM and NX Stami Nitric AcidTM technologies for FertigHy's first low-carbon fertilizer plant in France.
• April 2024: Tata Projects Limited (TPL) acquired the nitric acid expansion project of Deepak Fertilizers and Petrochemicals Corporation Ltd. (DFPCL).
• March 2024: Casale announced a significant milestone as its subsidiary, Casale Project a.s., successfully secured a turn-key contract with BorsodChem MCHZ, s.r.o. for the construction of a cutting-edge nitric acid plant.

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 growth?
• 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 2019-2033.
• 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.