Acumen Research and Consulting estimates that global Nitric Acid market is expected to reach the market value of around US$ 33 Bn by 2027 and is anticipated to grow at a CAGR of around 3% in terms of revenue during the forecast period 2020 – 2027.
Nitric acid is a poisonous solvent a potent oxidizing agent that produces startling red or yellow gases in warm air. It quickly ionizes in solution and forms a good electricity conductor. Nitric acid has wide variety of uses in various end-use industries, including metallurgy, metalworking, pharmaceutical and other sectors that are expected to expand on the world nitric acid market. Increased demand in food and emerging textile industries are becoming the main driving force of products of nitric acid.
The report provides analysis of global Nitric Acid market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The growing demand from the agricultural and chemical industries is a major factor driving the global market. Another big factor that will drive growth in the global demand in the coming years is the increasing use of nitric acid in the automobile and explosive industries. Moreover, increased competition from the electronics industry is projected to stimulate global business growth. However, strict policy regulations are essential factors that inhibit target market growth. Increased footwear and car industry demand are a move towards the target market.
The North American industry is expected to experience considerable growth over the projected period owing to the presence of several global chemical producers in the US. The demand for nitric acid is expected to continue to show strong growth as sectors such as homes, automobiles, agricultural and furniture evolve rapidly. For the formulation of fertilizers and nylon, these factories need high quality nitrogen acid. In addition, the demand for explosive ammonium nitrate from the mining industry has grown, increasing overall market development as a result.
Germany is home to some of the world's biggest manufacturers. Key firms include BMW, Volkswagen, Daimler AG, Adam Opel Ford etc. As a result, nylon products for the interior and construction of vehicles in the country are widely sought after. However, by 2020, production of nearly 5.5 Mn vehicles in 2019 represented an all-time low. The primary explanation for this was the growing trade tension between China and the U.S., which impacted the international markets and resulted in weak demand.
The market research study on “Nitric Acid Market (Nitric Acid Market By Type: Fuming nitric acid, Strong nitric acid; Nitric Acid Market By Application: Agrochemicals, Explosives, Fertilizers, Chemicals, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Nitric Acid market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Nitric Acid market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Nitric Acid market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Nitric Acid market is segmented as below:
Nitric Acid Market By Type
Fuming nitric acid
Strong nitric acid
Nitric Acid Market By Application
Nitric Acid Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such BASF, Energy & Fertilizers, CF Industries, Orica, DuPont, Agrium, Incitec Pivot, LyondellBasell, LSB Industries, Others.
The primary use of nitric acid in areas, covering over 90 percent globally, is in captivity. However, 10% of the market share has little effect on the overall trade. Organizations such as Yara International and CF Industries are the major users of the fertilizer drug, which is the biggest multinational fertilizer producer. Global foreign players have a market share of more than 35.0%. CF Industries has the world's four largest nitrogen fertilizer production facility. In Port Neal, Iowa and Verdigris, Michigan, the company has two manufacturing facilities.
An extensive use of nitric acid in the chemical and fertilizer industries is a key driver of the market.
Hazardous effect on the environment.
The market value of nitric acid is anticipated to be around US$ 33 Bn in 2027.
It is anticipated to grow around 3% CAGR amid the forecast period 2020-2027.
The key players operating in nitric acid market such as BASF, Energy & Fertilizers, CF Industries, Orica, DuPont, Agrium, Incitec Pivot, LyondellBasell, LSB Industries, Others.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Europe held maximum share in 2019.