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Global Nitric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032

  • Report

  • October 2023
  • Region: Global
  • ChemAnalyst
  • ID: 5786847

Quick Summary:

The global Nitric Acid market is a burgeoning powerhouse in the chemical industry, with a projected forward-looking growth trajectory that is set to see this market expand significantly. As the key component in the manufacture of compounds used in fertilizer formulation, as well as its applications in the construction, automotive, and plastics sectors, Nitric Acid is at the helm of an ascending wave of demand from multiple industries.

Moreover, new technological advancements in farming, attuned to ecological necessity, will further drive demand for this essential compound. In the age of smart farming and precision agriculture, nitric acid is a fundamental contributor. However, with the growing demand for green fertilizers and organic farming, this factor may represent a challenge to anticipated growth. The global market size for Nitric Acid, nevertheless, has been estimated to reach a steadily increasing volume of 70 million tonnes.

Regionally, Europe is currently leading in usage and demand for Nitric Acid, forming a substantial share of the market. The growing demand in emerging economies, particularly in the Asia Pacific region, where population growth adds a further dimension of demand, is projected to become another significant consumer. This comprehensive market research report provides a detailed analysis of the growing Nitric Acid market, based on a wide range of criteria, presenting a crucial asset for business leaders and decision makers.

The global Nitric Acid market has reached approximately 57 million tonnes in 2022 and is expected to grow at a CAGR of 2.12% during the forecast period until 2032. Nitric acid is primarily used to manufacture inorganic and organic nitrate, nitro compounds for fertilizers, dye intermediates, explosives, and several organic compounds.

Nitric Acid is a colorless acid with the chemical formula HNO₃. This is a mineral acid and an inorganic compound. The highly caustic substance is used extensively in the manufacture of ammonium nitrate and other compounds for fertilizer formulation. The substance is also employed in the manufacturing of compounds including nitrobenzene, adipic acid, and chloronitrobenzene. Other applications for these compounds include the construction, automotive, and plastics sectors. The growing demand for the fertilizer industry coupled with new technologies such as smart farming and precision agriculture is expected to drive the demand for nitric acid during the forecast period. Moreover, the growing demand for green fertilizers and organic farming is expected to hinder the demand growth during the forecast period. The size of the global Nitric Acid market is estimated to reach a volume of 70 million tonnes by 2032.

Based on region, Europe is dominating the Nitric Acid market. In 2022, Europe held a market share approximately of 50% of the global Nitric Acid. Numerous industries such as Fertilizer and Building & Construction are creating the demand for nitric acid in Europe. Furthermore, Asia Pacific is the second largest consumer of this acid. With the growing fertilizers demand in emerging economies like India and China coupled with increasing population growth is creating a huge demand in the Asia Pacific region. However, Asia Pacific dominates the market in terms of production with China being a significant player.

Based on type, the global Nitric Acid market is divided into Dilute Nitric Acid and Concentrated Nitric Acid. As of 2022, Dilute Nitric Acid is dominating the market with a share of roughly 67% 2022.

Based on the end-user industry, the global Nitric Acid market is segmented into Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others. Among these, Ammonium Nitrate is the major consumer with a share of roughly 70% in 2022. Ammonium Nitrate is used as fertilizer and in the production of fertilizer solutions such as urea ammonium nitrate, with most of the remaining being consumed in manufacturing various types of explosives. Adipic Acid is of high importance in the polymer industry and is required for manufacturing nylon 6,6. Toluene Di-Isocyanate is mainly employed in the manufacture of flexible polyurethane foams, used in applications for transportation, furniture, and carpet underlay.

Major players in the production of Global Nitric Acid are Yara International ASA, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot(PJSC), Deepak Fertilizers and Petrochemicals Corporation Limited, Navoiyazot , OCI Nitrogen B.V, Sasol Nitro, JSC Minudobreniya, Fertiberia, LSB Industries (EI Dorado ), Abu Qir Fertilizer Egypt Co., Nutrien Ltd, Egyptian Chemical Industries (KIMA), CF Industries Holding Inc, Orica Australia Pty. Ltd., and Others.

Years considered for this report:

  • Historical Period: 2015- 2022
  • Base Year: 2022
  • Estimated Year: 2023
  • Forecast Period: 2024-2032

Objective of the Study:

  • To assess the demand-supply scenario of Nitric Acid which covers production, demand and supply of Nitric Acid market in the globe.
  • To analyse and forecast the market size of Nitric Acid
  • To classify and forecast Global Nitric Acid market based on end-use and regional distribution.
  • To examine competitive developments such as expansions, mergers & acquisitions, etc., of Nitric Acid market in the globe.
To extract data for Global Nitric Acid market, primary research surveys were conducted with Nitric Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, the publisher was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, the report analyzes various segments and projected a positive outlook for Global Nitric Acid market over the coming years.

The publisher calculated Nitric Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Nitric Acid. The publisher sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by the publisher.

Key Target Audience:

  • Nitric Acid manufacturers and other stakeholders
  • Organizations, forums and alliances related to Nitric Acid distribution
  • Government bodies such as regulating authorities and policy makers
  • Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Nitric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, Global Nitric Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
  • Market, by Type: Dilute Nitric Acid and Concentrated Nitric Acid
  • Market, by End-use: Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others
  • Market, by Sales Channel: Direct Sale and Indirect Sale
  • Market, by Region: North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.

Table of Contents

1. Capacity By Company
  • On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Nitric Acid.
2. Capacity By Location
  • To better understand the regional supply of Nitric Acid by analyzing its manufacturers' location-based capacity.
3. Plant Operating Efficiency
  • To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
4. Production By Company
  • Study the historical annual production of Nitric Acid by the leading players and forecast how it will grow in the coming years.
5. Demand by Type
  • Learn about the various types: Dilute Nitric Acid and Concentrated Nitric Acid, and their demands. It will allow you to choose which type to concentrate on when designing your strategy.
6. Demand by End- Use
  • Discover which end-user industry (Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others) are creating a market and the forecast for the growth of the Nitric Acid market.
7. Demand by Region
  • Analyzing the change in demand of Nitric Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
  • Multiple channels are used to sell Nitric Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
  • Determine the supply-demand gap to gain information about the trade surplus or deficiency of Nitric Acid.
10. Company Share
  • Figure out what proportion of the market share of Nitric Acid is currently held by leading players across the globe.
11. Country-wise Export
  • Get details about quantity of Nitric Acid exported by major countries.
12. Country-wise Import
  • Get details about quantity of Nitric Acid imported by major countries.
13. Pricing Analysis & Forecast
  • Analyze historical prices since 2015 & Forecast on three months rolling period for next 12 months.