Nitric acid market size expected to reach USD 27,536.9

Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) — The world nitric acid market The size is expected to reach USD 27,536.9 million by 2027, showing a CAGR of 3.5% during the forecast period. The booming automotive industry in developing countries has led to high consumption of this acid, which, in turn, will bode well for the market.

According to Fortune Business Insights, in a report titled “Nitric Acid Market Size, Share and Impact Analysis of COVID-19, by Application (Fertilizer, Nitrobenzene, Adipic Acid, Toluene Diisocyanate and Others) and Regional Forecast, 2020-2027. The market size stood at USD 22,268.1 million in 2019.

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Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Report Scope and Segmentation:

Report cover Details
Forecast period 2020-2027
Forecast CAGR 3.5%
2027 value projection $27,536.9 million
base year 2021
Nitric acid market size in 2019 $22,268.1 million
Historical data 2016-2018
Number of pages 100
Segments Covered By type, end user and regional information
Nitric Acid Industry Growth Drivers Demand for fuel-efficient and environment-friendly vehicles to incentivize development
Increase the use of fertilizers for higher crop yield to support the market

Supply chain disrupted to affect HNO3 production amid coronavirus

The coronavirus pandemic has had a drastic impact on industries, causing a temporary halt in manufacturing and trading activities. The drop in demand and production has disrupted the supply chain.

In addition, the temporary stoppage of automobile production has led to a drop in demand for this type of acid, thus hampering this market. However, the increasing application of plastic in the medical industry will promote the development of the market. Rising demand for PPE kits has resulted in high production of plastics propelling the growth of nitric acid market.

The report lists the major players of the global nitric acid market:

  • BASF SE (Ludwigshafen, Germany)
  • Nutrien (Saskatoon, Canada)
  • DuPont (Delaware, USA)
  • CF Industries Holdings, Inc. (Illinois, USA)
  • Omnia Holdings Limited (Gauteng, South Africa)
  • Dyno Nobel (Brisbane, Australia)
  • Enaex SA (Santiago, Chile)
  • Sasol (Johannesburg, South Africa)
  • LSB Industries (Oklahoma, USA)
  • Ixom (Victoria Australia)
  • Other key players

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Market factors:

Increased construction activity to allow for rapid expansion

The growing application of HNO3 in the agriculture industry for manufacturing fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitrophosphate will drive the healthy growth of the market. The use of fertilizers to increase crop yield and meet the needs of the growing population will drive opportunities for the nitric acid industry.

In addition, growing disposable income of consumers has subsequently boosted the demand for organic and quality foods, thus contributing to the growth of the market. The boom in construction activities will therefore accelerate the development of the market in the years to come.

For example, toluene diisocyanate (TDI), an HNO3 intermediate, is used to make polyurethane foams, wood and floor coverings, and insulation materials. Improved lifestyle of consumers and increase in renovation activities will contribute significantly to the growth of the market. Additionally, new government infrastructure projects will support the growth of the nitric acid market.

The report on nitric acid market includes:

  • More important market information
  • In-depth market analysis
  • Market drivers and restraints
  • Full information on major players
  • Market leading regions

Regional analysis:

Booming Agriculture Industry to Drive Asia-Pacific Market

Asia-Pacific is expected to hold the largest nitric acid market share over the forecast period. This growth is attributed to the growing demand for HNO3 from various end-use industries including automotive, agriculture, and construction. Population growth coupled with increasing agricultural production in countries like India, China and Japan, will drive the development of the market.

China led the market due to its rapidly growing population, increasing infrastructure projects and rising middle class incomes. Europe is expected to witness a drastic expansion over the forecast period owing to the growing consumer demand for fuel efficient and environmentally friendly lightweight automobiles.

Browse Detailed Abstract of Research Report with TOC:

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Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Main emerging trends – for main countries
    • Main developments: mergers, acquisitions, partnerships, etc.
    • Latest technological advancement
    • Overview of the regulatory scenario
    • Porter’s Five Forces Analysis
  • Qualitative Insights – Impact of COVID-19 on the Global Nitric Acid Industry
    • Supply chain challenges
    • Measures have been taken by the government/companies to overcome this impact
    • Potential opportunities due to the COVID-19 outbreak
  • Global Nitric Acid Market Analysis, Outlook and Forecast, 2016-2027
    • Main results/summary
    • Market size estimates and forecasts
      • By application (volume/value)
        • Fertilizers
        • Nitrobenzene
        • Adipic acid
        • Toluene diisocyanate
        • Others
      • By region (volume/value)
        • North America
        • Europe
        • Asia Pacific
        • Latin America
        • Middle East and Africa

TOC Continued…!

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