The global nitricacid market isslated to experience an increased demand from several end-use industries acrossthe globe. The market is characterized by the presence of players who areconstantly on the lookout for a greater market share. The production of nitricacid is an important component for market players within the industry, andhence, these players are concentrating on making their production processefficient and swift. This is expected to optimize their profit margins andoffer growth opportunities. Moreover, the market players are also expected toenhance their distribution facilities in order to establish their relevance forthe consumers. A nimble and swift distribution strategy is anticipated toensure that the market players retain their consumer base. The multiple end-industriesfor nitric acid also offer growth opportunities for market players because thegrowth of these industries would directly push market growth. The leadingmarket players include Yara, The Chemours Company, Potash Corp, BASF SE,Eurochem Group, OCI Nitrogen, Dyno Nobel, CF Industries, and Sumitomo ChemicalCo., Ltd.
Areport by Transparency Market Research (TMR) gives a holistic view on thefettle of the market and forecasts its growth trajectory over the period from2017 to 2022. The CAGR for the period is expected to register a moderate figureof 3.90%. The market was valued at US$16,839.5 Mn in 2017 and is expected totouch a figure of US$20,420.8 Mn by the end of 2022. Based on end-user,the usage of nitric acid was the highest in manufacturing fertilizers, and thissegment is expected to keep grossing in commendable value for the market. Thefertilizer segment under the end-use category is expected to reach a value ofUS$16,105.9 Mn by the end of 2022. Amongst the regional markets, the European regionis expected to garner an opportunity worth US$11,636.1 Mn in the market bythe end of 2022.
Request PDF brochure
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=5126
Popularityof Dyes and Perfumes Propels Growth
Theusage of 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.
More Trending Reports
AsiaPacific to Remain Leading Market 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 in propellingdemand across the region.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=5126<ype=S
AboutUs
TransparencyMarket Research (TMR) is a market intelligence company, providing globalbusiness information reports and services. Our exclusive blend of quantitativeforecasting and trends analysis provides forward-looking insight for thousandsof decision makers. TMR’s experienced team of analysts, researchers, andconsultants, use proprietary data sources and various tools and techniques togather, and analyze information. Our business offerings represent the latestand the most reliable information indispensable for businesses to sustain a competitiveedge.
Request Discount
https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=5126
EachTMR syndicated research report covers a different sector - such aspharmaceuticals, chemicals, energy, food & beverages, semiconductors,med-devices, consumer goods and technology. These reports provide in-depthanalysis and deep segmentation to possible micro levels. With wider scope andstratified research methodology, TMR’s syndicated reports strive to provideclients to serve their overall research requirement.
USOffice Contact
90State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
