Nitric Acid Market Report 2026

The nitric acid market size has grown steadily in recent years. It will grow from $22.55 billion in 2025 to $23.45 billion in 2026 at a compound annual growth rate (CAGR) of 4%. The growth in the historic period can be attributed to expansion of fertilizer manufacturing capacity, growth in mining and explosives demand, increasing use in chemical intermediates, industrialization in developing economies, availability of ammonia based feedstock.

The nitric acid market size is expected to see steady growth in the next few years. It will grow to $26.9 billion in 2030 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to rising global food demand, increasing infrastructure and mining activities, growth of automotive manufacturing, expansion of specialty chemicals production, advancements in nitric acid manufacturing processes. Major trends in the forecast period include growing demand for nitric acid in fertilizer production, rising use of nitric acid in explosives manufacturing, increasing consumption in automotive component processing, expansion of nitric acid use in specialty chemical synthesis, rising demand for high purity nitric acid grades.

The increasing expansion of the agricultural sector is expected to propel the growth of the nitric acid market going forward. The agricultural sector refers to the segment of the economy that includes activities related to cultivating land, producing and harvesting crops, and raising livestock. In agriculture, nitric acid is used in the production of ammonium nitrate fertilizers, supplying essential nitrogen to improve crop growth and yield, while also functioning as a soil amendment for pH adjustment. For instance, in January 2025, according to the United States Department of Agriculture, a US-based federal executive department, U.S. agricultural exports in 2024 rose by $1.8 billion, marking a 1% increase compared to 2023. Therefore, the increasing expansion of the agricultural sector is driving the growth of the nitric acid market.

Major companies operating in the nitric acid market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in February 2023, Rotating Machinery Services Inc., a US-based aftermarket engineering and services company, announced a collaboration with Howden Maintenance Partners, a Belgium-based maintenance and repair services company. Under this collaboration, Rotating Machinery Services (RMS) and Howden Maintenance Partners (HMP) aim to enhance the servicing of hot gas and nitric acid expanders in the Europe and Middle East (EMENA) region. This partnership combines RMS's expertise in Hot Gas Expanders with HMP's local repair capabilities, seeking to provide customers with improved reliability, maintainability, and performance for Fluid Catalytic Cracking (FCC) and Nitric Acid Expanders through a European center of excellence for expander services.

In December 2023, Yara International ASA, a Norway-based chemicals company acquired organic-based fertilizer business of Agribios Italiana for an undisclosed amount. The acquisition of Agribios Italiana's organic-based fertilizer business by Yara International ASA enhances Yara's position in Europe, enabling the company to expand its offerings in support of regenerative agriculture, improve soil health, and contribute to the European Union's goal of increasing farmland under organic farming practices. Agribios Italiana is an Italy-based chemical manufacturing company that produces organic and organo-mineral fertilizers for the agricultural industry.

Major companies operating in the nitric acid market are BASF SE, Yara International ASA, CF Industries Holdings Inc., Nutrien Ltd., LSB Industries Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Rashtriya Chemicals and Fertilizers Ltd., Grupa Azoty S.A., OCI N.V., EuroChem Group AG, Indian Farmers Fertiliser Cooperative Limited (IFFCO), Dyno Nobel Pty Limited, Hanwha Corporation, Apache Nitrogen Products Inc., Enaex S.A., Sasol Limited, UBE Industries Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., TogliattiAzot, Qatar Fertiliser Company (QAFCO), Orica Limited, Koch Fertilizer LLC, SBU Azot, Sichuan Meifeng Chemical Industry Co. Ltd., Mitsubishi Gas Chemical Company Inc.

Europe was the largest region in the nitric acid market in 2025. The regions covered in the nitric acid market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nitric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The nitric acid market consists of sales of fuming nitric acid and anhydrous nitric acid. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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