The global nitricacid market is slated to experience an increaseddemand from several end-use industries across the globe. The market ischaracterized by the presence of players who are constantly on the lookout fora greater market share. The production of nitric acid is an important componentfor market players within the industry, and hence, these players areconcentrating on making their production process efficient and swift. This isexpected to optimize their profit margins and offer growth opportunities.Moreover, the market players are also expected to enhance their distributionfacilities in order to establish their relevance for the consumers. A nimbleand swift distribution strategy is anticipated to ensure that the marketplayers retain their consumer base. The multiple end-industries for nitric acidalso offer growth opportunities for market players because the growth of theseindustries would directly push market growth. The leading market playersinclude Yara, The Chemours Company, Potash Corp, BASF SE, Eurochem Group, OCINitrogen, Dyno Nobel, CF Industries, and Sumitomo Chemical Co., Ltd.
A report byTransparency Market Research (TMR) gives a holistic view on the fettle of themarket and forecasts its growth trajectory over the period from 2017 to 2022.The CAGR for the period is expected to register a moderate figure of 3.90%. Themarket was valued at US$16,839.5 Mn in 2017 and is expected to touch a figureof US$20,420.8 Mn by the end of 2022. Based on end-user, the usage ofnitric acid was the highest in manufacturing fertilizers, and this segment isexpected to keep grossing in commendable value for the market. The fertilizersegment under the end-use category is expected to reach a value of US$16,105.9Mn by the end of 2022. Amongst the regional markets, the European region isexpected to garner an opportunity worth US$11,636.1 Mn in the market bythe end of 2022.
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Popularityof Dyes and Perfumes Propels Growth
The usageof nitric acid in the manufacture of explosives, organic and inorganiccompounds, nylons, adipic acid, nitrobenzene, and toluene diisocyanate hasspurred the popularity of the chemical. This has been the primary factor thatattracted demand within the market so far. Nitrogenous fertilizers such asammonium nitrate and urea has also propelled demand within the global market.Dyes and perfumes have also gained tremendous popularity, thus, pronouncingtheir usage. This in turn elevates the growth prospects of the global marketfor nitric acid. The manufacture of drugs and the process of purifying metalsrequires nitric acid. Besides this, photoengraving and etching of steel cannotbe carried out without the presence of nitric acid. Laboratories are alsoardent consumers of nitric acid which is used for making nitrate salts andseveral reagents. Aniline, which forms the basis for the production of severalindustrial chemicals, is manufactured through nitric acid. Hence, the growth ofaniline production is anticipated to create growth opportunities within themarket. Fuel-efficient vehicles require elastomers and synthetic rubbers, whichfurther enunciates demand within the market.
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Asia Pacific to Remain LeadingMarket Segment
AsiaPacific has shown a propensity towards the extensive production ofagrochemicals and explosives. Nitric acid is an important agent used for theproduction of both of these products. Hence, the demand for nitric acid in AsiaPacific is expected to witness a tremendous upsurge. The rise of other end-useindustries across the regions is also anticipated to play a key role inpropelling demand across the region.
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