According to ChemAnalyst report, “Nitric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Nitric Acid market witnessed a steady growth in the historic years and is estimated to achieve a CAGR of 4.12% in the forecast period owing to its never-ending demand in Fertilizer’s sector. Nitric acid (HNO3) is an acidic, highly corrosive, and colorless liquid, produced through a two-step process: oxidation of ammonia and then absorption of produced nitrogen oxides. It is used in the synthesis of organic and inorganic nitrates and nitro compounds for fertilizers, dyes, plastics, explosives such as TNT and other organic chemicals.
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The key applications for Nitric Acid include Adipic acid (ADA), Ammonium nitrate (AN), Toluene di-isocyanate (TDI), Nitrobenzene, Nitro chlorobenzene, Metal nitrates, and Others. Majority of Ammonium Nitrate is used as fertilizer or in the production of fertilizer solutions such as Urea Ammonium Nitrate (UAN) and the remaining being consumed in the manufacturing of various types of explosives. Adipic Acid is utilized as a precursor in the manufacturing of Nylon 6,6 which has high end use in automotive industries. Toluene di-isocyanate is mainly employed in the manufacture of flexible polyurethane foams, elastomers, Flooring, coatings, plastics thus have strong demand from transportation, furniture, and construction industries. Aniline, a derivative of Nitrobenzene having many applications including making pharmaceutical products, aramid fiber, and polyurethane foams etc. Escalating demand of fertilizer industry coupled with the huge demand of Adipic acid to manufacture Nylon 6,6 which is an alternative to heavy metals for Automobile industry drive the demand of nitric acid during the forecast period.
Due to COVID-19 pandemic, the demand of Nitric Acid and its derivates has adversely affected in the market, as industries went non-operational during the lockdown, in the major global economies. However, an improvement is witnessed after the relaxation in lockdowns, as industries start operating their manufacturing units at maximum efficiencies to meet the demands from end- user industries which majorly includes fertilizer, automobile, dyes, chemical manufacturing, explosives, and others. All these applications seem to propel the Nitric Acid market globally 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.
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Region wise, Asia Pacific region holds the maximum share of global demand for Nitric Acid owing to the surging demand for fertilizer from the agriculture industry as well as expanding automotive industry in Asia-Pacific countries, including China, India, etc. Moreover, increasing government efforts like make in India which are projected towards fulfilling domestic demand by domestic supply have raised the production capacities in the Asia Pacific. North America and Europe are also expected to show a significant growth during the forecast period because of the presence of the largest end use industries including, Chemical and Automobile specially.
According to ChemAnalyst report, “Global Market By Global Nitric AcidMarket Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Agrium Inc, BASF Group, CF Industries, Du Pont Inc., Apache Nitrogen Products, Dyno Nobel, Deepak Fertilisers and Petrochemicals Corp. Ltd., Hanwha Corporation, Sasol limited, Koch Fertilizers LLC, LSB Industries Inc., National Chemical Group, OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries, and Yara International, and others.
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“Nitric Acid is one of the world’s largest commodity chemicals, predominantly used in the production of Fertilizers especially ammonium nitrate and calcium ammonium nitrate and for several other organic intermediates and chemicals. The versatility of Nitric Acid and its products and the rapid growth of industries such as agriculture, automobile and construction derive the global market for Nitric Acid. It is also used in the processes like metal treatment and uranium processing. Moreover, High demand for nylon products for automobile interiors and component manufacturing is also the key factor that impels the growth of Nitric Acid market across the globe in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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