Global Nitric Acid Market to Grow at a CAGR of 3.0% During 2024-2032, Driven by the Rising Demand for Fertilisers

The Asia Pacific is expected to hold a significant market share driven by the expanding industrial sector in countries such as China and Japan. Nitric acid producers can target the region’s fast-growing pharma, steel, solar and agro markets to increase their sales. India is expected to drive the consumption of nitric acid as it is emerging as an alternate manufacturing hub for intermediates. The expanding agricultural sector in India is also a significant factor driving the nitric acid market demand. The chemical is used as a water treatment to lower the soil’s pH within the sector. Additionally, it serves as an excellent source of nitrogen crucial for the soil and contributes to healthy plant growth and fuller crops.

Some of the leading nitric acid producers globally include BASF SE (OTCMKTS: BASFY), Deepak Fertilisers and Petrochemicals Corporation Ltd, and Mitsubishi Chemical Corporation, among others. In August 2023, Deepak Fertilisers and Petrochemicals Corporation Limited (NSE: DEEPAKFERT), a producer of industrial chemicals, mining chemicals, and fertilisers announced a brownfield expansion of its nitric acid plant at Dahej in Gujarat. The expansion is part of the company’s strategic growth journey. The company plans on setting up two Concentrated Nitric Acid (CNA) plants with a total capacity of 150 KT PA and a Weak Nitric Acid (WNA) plant with a capacity of 300 KT PA. WNA is widely demanded by merchants, particularly from nitroaromatics and other downstream markets.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Breakup by Concentration, Application, End Use, and Region:

• The nitric acid market is segmented, based on concentration, into dilute nitric acid (68%) and concentrated nitric acid (69%-71%).

• By application, the market is segmented into fertilisers, adipic acid, nitrobenzene, toluene di-isocyanate (TDI), nitrochlorobenzene, ammonium nitrate, and others.

• By end use, the market is categorised into agrochemicals, explosives, chemical, mining, and others.

• Region-wise, the global market for nitric acid can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Nitric acid is an industrial chemical crucial in the production of fertilisers, explosives, and chemicals, which ensures its consistent demand.

• Nitric acid is deployed in the production of ammonium nitrate and calcium ammonium nitrate widely used as fertilisers. The rising concerns regarding food security are expected to boost the demand for nitric acid in fertilisers to enhance crop yield.

• Nitric acid is used to digest wirewool where silver does not need to be recovered along with gold. Nitric acid dissolves most metals but gold, aiding the production of the latter.

• The overall trend of global industrialisation drives the demand for nitric acid in various sectors, such as explosives, chemicals, and mining.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for nitric acid for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the concentration, application, end use, and major regions of nitric acid.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the nitric acid market are BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd., Mitsubishi Chemical Corporation, and Nutrien Ltd. among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.