Nitric Acid Market Outlook On The Basis Of Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, Nitoroclorobenzene), By Region, And Segment Forecasts, 2023 - 2030
San
Francisco, 20 December 2023: The Report Nitric Acid Market Size, Share & Trends Analysis Report By Application
(Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate,
Nitoroclorobenzene), By Region, And Segment Forecasts, 2023 - 2030
The global nitric acid market size is
expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.4% from
2023 to 2030, as per the new report by Grand View Research, Inc. The growth is
attributed to the rising demand for fertilizers by the agrarian economies of
the world. The surge in the demand for fertilizers is witnessed by the
excessive rise in demand for food. Fertilizer is the major application of
nitric acid which caters to the maximum share across the global market. Farmers
are adopting new technologies to speed up their crop yield to satisfy their
excessive need. The product is also consumed in the manufacturing of adipic
acid which is an important raw material in the development of Nylon 6, 6. Nylon
6, 6 is used extensively in the manufacturing of plastics and industrial
carpets.
Nitric acid is produced by the
reaction of nitrogen dioxide with water wherein the diluted nitric acid has
distilled concentration of over 68%. There are majorly two types of the
production process of the product which include weak nitric acid production and
high-strength production. The high strength is produced under high-temperature
conditions by first oxidizing ammonia, then is oxidation followed by
absorption.
The global product market has become
highly competitive due to the presence of big players in the industry. Big
companies are constantly innovating the process through their extensive
research and development. Also, the use of technology like mono-medium pressure
process, mono-high pressure process, and dual pressure process are playing a
major part in the making of the product overall.
A substantial amount of the product is
consumed in the manufacturing of chemical fertilizers. However, these chemical
fertilizers have an adverse effect on the environment. Fertilizer production
utilizes various additives and preservatives to enhance their property and to
give the optimum result. However, these additives can cause a significant soil
nutrient loss and degradation of underground water reserves which are consumed
by the general population.
The growth for the product is expected
to be driven by increasing demand for the product from fertilizers formulators
and by rising consumption of fertilizers in agrarian economies of the world.
Growing demand for food has propelled the expansion of various fertilizers and
agricultural units globally to optimize crop yield, lower cultivation time,
attain healthy crop growth, and more. Nitric acid is one of the key components
of producing nitrogen fertilizers which are highly demanded by the agricultural
world.
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The global
product market is highly competitive, especially in the presence of
multinationals that are constantly innovating to capture a broader share of the
market. Companies like BASF SE, Dow Chemicals, Nutrient, CF Industries are the
major players and dominate the market with a wide range of products for each
application and a strong global presence.
Nitric Acid
Market Report Highlights
- Nitrobenzene application
witnessed the fastest growth rate with a CAGR of nearly 5.0%. This is
attributed to the wide utilization of nitrobenzene in the construction
industry.
- Fertilizer
application captures the major market share globally with nearly 80.53% in
2022. This is attributed to the excessive demand for food. Food
consumption is increasing massively due to the rise in global population
which is anticipated to trigger the demand for fertilizer even more in the
forecast years.
- Europe captures
the major market share for the product across the globe due to the major
players operating in the region. The demand in Central Europe is starting
to take a leap. However, Eastern Europe is showing huge potential for
expansion.
- The global
product market has become highly competitive due to the involvement of big
companies in specialty chemical manufacturing. Big companies are
integrating their business across the value chain to obtain maximum profit
at the lowest investment.
- The production
of chemical fertilizers involves a substantial volume of additives and
chemical-based substances which have an adverse effect on the environment.
Also, nitric acid is considered a dangerous substance due to its ability
to cause skin burn, and eye damage, It is therefore recommended to take precautionary
measures.
Development
of the cutting-edge technologies such as the mono-medium pressure process,
mono-high pressure process, and dual pressure process for producing the product
moreefficiently are poised to increase awareness and enhance market growth over
the coming years. Increasing demand of the product from nylon production sector
is poised to pave new avenues in the global marketspace
The product
is consumed in the production of TDI and adipic acid, which are widely used in
the development of Nylon 6, 6. Nylon 6, 6 is further used across multiple
applications such as the manufacturing of plastics and industrial carpeting.
Nitric acid is a vital raw material in the making of Nitrobenzene which is
excessively utilized in the construction industry. The growth in the
construction industry is anticipated to trigger the demand for Nitrobenzene in
the forecast period.
Nitric Acid
Market Report Scope
Report
Attribute |
Details |
Market
size value in 2023 |
USD 30.39
billion |
Revenue
forecast in 2030 |
USD 35.9
billion |
Growth
Rate |
CAGR of
2.4% from 2023 to 2030 |
Base year
for estimation |
2022 |
Historical
data |
2018 -
2021 |
Forecast
period |
2023 -
2030 |
Moreover,
ammonia and nitric acid are the two crucial components of producing nitrogen
fertilizers which are widely demanded by the agricultural sector. Rapid
innovations in the farming ecosystem have further boosted demand for various
innovative solutions in the global market space which is projected to pave way
for increased consumption of nitrogen fertilizers worldwide. Further, a growing
number of industry participants in the global competitive market is poised to
provide further opportunities for nitric acid development in terms of product
development, market positioning, and process innovations among others.
List of Key
Players in Nitric Acid Market
- BASF SE
- Dupont
- Nutrien Ltd.
- Omnia Holding
Limited
- Apache Nitrogen
Products Inc.
- CF Industry
Holdings, Inc
- Rashtriya
Chemicals & Fertilizers Ltd.
- Dyno Nobel
- Sasol
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