The global nitric acid market size isexpected to reach USD 27,536.9 millionby 2027, exhibiting a CAGR of 3.5% during the forecast period. The boomingautomotive industry in developing nations has led to high consumption of thisacid, which, in turn, will bode well for the market, states Fortune BusinessInsights, in a report, titled “Nitric Acid Market Size, Share &COVID-19Impact Analysis, By Application (Fertilizers, Nitrobenzene, Adipic Acid,Toluene Di-isocyanate, and others), and Regional Forecast, 2020-2027.” Themarket size stood at USD22,268.1 million in 2019.
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The report on the nitric acid marketincludes:
· Moresignificant insights into the market
· In-depthanalysis of the market
· Marketdrivers and restraints
· Comprehensive information about key players
· Leading regions in the market
MarketDriver:
SurgingConstruction Activities to Enable Speedy Expansion
The increasingapplication of the HNO3 agriculture industry for the manufacturing offertilizers such as ammonium nitrate, potassium nitrate, calcium ammoniumnitrate, and nitro phosphate will foster the healthy growth of the market. Theutilization of fertilizers to increase crop yield and serve the risingpopulation's needs will spur opportunities for the nitric acid industry.Furthermore, the growing disposable income of consumershas subsequently boostedthe demand for organic and quality food, thereby aiding the market growth. Thesurging construction activities will consequently accelerate the development ofthe market in the forthcoming years. For instance, Toluene di-isocyanate (TDI),a HNO3 intermediate,is used to manufacture polyurethanefoams, wood and floor coatings, and insulation materials. The improvinglifestyle of consumers and increasing renovation activities will contributesignificantly to the market growth. Besides, new governmental infrastructureprojects will bolster the nitric acid market growth.
Disturbed Supply Chain to Affect HNO3 Production Amid Coronavirus
The coronaviruspandemic had a drastic impact on industries, causing temporary shutdown ofmanufacturing and trade activities. The declined demand and production havedisrupted the supply chain. Moreover, the momentary halt on automotiveproduction has led to reduced demand for this type of acid, thus hampering thismarket. However, the rising application of plastic in the medical industry willfavor development of the market. The growing demand for PPE kits has led tohigh production of plastics, propelling market growth for nitric acid.
RegionalAnalysis:
ThrivingAgriculture Industry to Drive Market in Asia Pacific
Asia Pacific isexpected to hold the largest nitric acid market share during the forecastperiod. The growth is attributed to the increasing demand for HNO3 from variousend-use industries, including automobile, agriculture, and construction. Thegrowing population coupled with increasing crop production in countries such asIndia, China, and Japan,will incite the market's development. China dominatedthe market due to rapidly growing population, rising infrastructure projects,along with an increase in middle-class income. Europe is expected to expandradically during the forecast period due to the growing demand for fuelefficient and environmentally-friendly lightweight automobiles from consumers.
KeyDevelopment:
October2019: LSB Industries, Inc., signed a new long term nitricacid supply contract with customers. The agreement will include the supply of 70KT to 100 KT nitric acid annually.
TheReport Lists the Key Players in the Global Market:
· BASF SE (Ludwigshafen, Germany)
· Nutrien (Saskatoon, Canada)
· DuPont (Delaware, U.S.)
· CF Industries Holdings, Inc. (Illinois, U.S.)
· Omnia Holdings Limited (Gauteng, South Africa)
· Dyno Nobel (Brisbane, Australia)
· Enaex S.A. (Santiago, Chile)
· Sasol (Johannesburg, South Africa)
· LSB Industries (Oklahoma, U.S.)
· Ixom (Victoria Australia)
· Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/nitric-acid-market-104566
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