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Global Nitric Acid Market: By Concentration: Dilute Nitric Acid (68%), Concentrated Nitric Acid (69%-71%); By Application: Fertilizers, Adipic Acid, Nitrobenzene, Others; By End Use; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Nitric Acid Market Outlook

The global nitric acid market reached a value of about USD 24.7 billion in 2020. The industry is further expected to grow at a CAGR of about 3% in the forecast period of 2021-2026 to reach a value of around USD 29.5 billion by 2026.

 

Global Nitric Acid Market

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North America to be one of the Leading Regions for the Global Market

The North America region is expected to see substantial growth in the forecast period due to the presence of a significant number of multinational chemical manufacturers in the United States. The nitric acid market is likely to further represent high growth due to the rapid development of industries including construction, automotive, agriculture and furniture. These industries demand high-quality nitric acid for the production of fertilizers and nylon. In addition, there has been a growing demand for ammonium nitrate from the mining industry to develop explosives, which, in turn, is driving overall market development. There was slight decline in the market growth due to the COVID-19 restrictions on industries, however, the demand started rising towards the end of 2020 and is likely to witness healthy growth in the coming years.

 

Asia Pacific to Witness Robust Growth in the Coming Years

Asia-Pacific is expected to be among the leading region in the manufacture of nitric acid. This is because China is the largest manufacturer and user of fertilizers. In countries like China and India, the market for nitric acid has steadily increased. Asia-Pacific is projected to witness the fastest growth in the coming years, with rising demand from end-users such as fertilizers, inks, and the chemical processing industries.

 

Nitric Acid: Industry Definition and Segmentation

Nitric acid, also referred to as aqua fortis and spirit of niter, is a highly corrosive mineral acid. The pure compound is colourless, however older samples appear to be cast yellow due to decay into nitrogen oxides and water. On being combined with hydrochloric acid, an element known as aqua regia is formed.

 

Global Nitric Acid Market by End Use

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Based on concentration, the industry can be divided into:

  • Dilute Nitric Acid (68%)
  • Concentrated Nitric Acid (69%-71%)

The product finds wide applications in the following:

  • Fertilizers
  • Adipic Acid
  • Nitrobenzene
  • Toluene Di-Isocyanate (TDI)
  • Nitrochlorobenzene
  • Ammonium Nitrate
  • Others

The end-uses of the product can be segmented as follows:

  • Agrochemicals
  • Explosives
  • Chemical
  • Mining
  • Others

The regional markets for nitric acid can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Nitric Acid Market By Region

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Rising Demand for Fertilisers the Market Growth

The growth of the nitric acid market can be attributed to the rising demand of the product in the end-use industries. The rising use of nitric acid in the manufacturing of various agrochemicals including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate is likely to boost its demand in the market.  The demand for fertilizers due to high demand for high crop yields to reflect the increasing need for crops is expected to be a crucial driver of nitric acid market during the forecast era. Its derivative, ammonium nitrate, is mainly used in explosives, and increased demand for explosives in the military and defence industries is expected to increase the growth of the global nitric acid industry. Other factors boosting the market growth include the rising disposable incomes of the consumers and the rising adoption of modern agricultural techniques.

 

Key Industry Players in the Global Nitric Acid Market

The report gives a detailed analysis of the following key players in the global nitric acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • BASF SE
  • Columbus Chemicals
  • Deepak Fertilisers and Petrochemicals Corporation Ltd
  • Mitsubishi Chemical Corporation
  • Nutrien Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Concentration, Application, End Use, Region
Breakup by Concentration Dilute Nitric Acid (68%), Concentrated Nitric Acid (69%-71%)
Breakup by Application Fertilizers, Adipic Acid, Nitrobenzene, Toluene Di-Isocyanate (TDI), Nitrochlorobenzene, Ammonium Nitrate, Others
Breakup by End Use Agrochemicals, Explosives, Chemical, Mining, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Trade Data Analysis Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume
Price Analysis Historical and Forecast Price Trends-Regional
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd, Mitsubishi Chemical Corporation, Nutrien Ltd., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Nitric Acid Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Nitric Acid Historical Market (2016-2020) 
    8.3    Global Nitric Acid Market Forecast (2021-2026)
    8.4    Global Nitric Acid Market by Concentration
        8.4.1    Dilute Nitric Acid (68%)
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Concentrated Nitric Acid (69%-71%)
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
    8.5    Global Nitric Acid Market by Application
        8.5.1    Fertilizers
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Adipic Acid
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Nitrobenzene
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
        8.5.4    Toluene Di-Isocyanate (TDI)
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2016-2020)
            8.5.4.3    Forecast Trend (2021-2026)
        8.5.5    Nitrochlorobenzene
            8.5.5.1    Market Share
            8.5.5.2    Historical Trend (2016-2020)
            8.5.5.3    Forecast Trend (2021-2026)
        8.5.6    Ammonium Nitrate
            8.5.6.1    Market Share
            8.5.6.2    Historical Trend (2016-2020)
            8.5.6.3    Forecast Trend (2021-2026)
        8.5.7    Others
    8.6    Global Nitric Acid Market by End Use
        8.6.1    Agrochemicals
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Explosives
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        8.6.3    Chemical
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2016-2020)
            8.6.3.3    Forecast Trend (2021-2026)
        8.6.4    Mining
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2016-2020)
            8.6.4.3    Forecast Trend (2021-2026)
        8.6.5    Others
    8.7    Global Nitric Acid Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Trade Data Analysis (HS Code - 2808)

    12.1    Major Importing Countries
        12.1.1    By Volume
        12.1.2    By Value
    12.2    Major Exporting Countries
        12.2.1    By Volume
        12.2.2    By Value
13    Price Analysis
    13.1    North America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    13.2    Europe Historical Price Trends (2016-2020) and Forecast (2021-2026)
    13.3    Asia Pacific Historical Price Trends (2016-2020) and Forecast (2021-2026)
    13.4    Latin America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    13.5    Middle East and Africa Historical Price Trends (2016-2020) and Forecast (2021-2026)
14    Competitive Landscape
    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    BASF SE
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    Columbus Chemicals
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    Deepak Fertilisers and Petrochemicals Corporation Ltd
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Mitsubishi Chemical Corporation
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    Nutrien Ltd.
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Others
15    Industry Events and Developments


Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirement and Cost Analysis
    2.1    Land, Location and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investment


List of Figures and Tables

1.    Global Nitric Acid Market: Key Industry Highlights, 2016 and 2026
2.    Global Nitric Acid Historical Market: Breakup by Concentration (USD Million), 2016-2020
3.    Global Nitric Acid Market Forecast: Breakup by Concentration (USD Million), 2021-2026
4.    Global Nitric Acid Historical Market: Breakup by Application (USD Million), 2016-2020
5.    Global Nitric Acid Market Forecast: Breakup by Application (USD Million), 2021-2026
6.    Global Nitric Acid Historical Market: Breakup by End Use (USD Million), 2016-2020
7.    Global Nitric Acid Market Forecast: Breakup by End Use (USD Million), 2021-2026
8.    Global Nitric Acid Historical Market: Breakup by Region (USD Million), 2016-2020
9.    Global Nitric Acid Market Forecast: Breakup by Region (USD Million), 2021-2026
10.    North America Nitric Acid Historical Market: Breakup by Country (USD Million), 2016-2020
11.    North America Nitric Acid Market Forecast: Breakup by Country (USD Million), 2021-2026
12.    Europe Nitric Acid Historical Market: Breakup by Country (USD Million), 2016-2020
13.    Europe Nitric Acid Market Forecast: Breakup by Country (USD Million), 2021-2026
14.    Asia Pacific Nitric Acid Historical Market: Breakup by Country (USD Million), 2016-2020
15.    Asia Pacific Nitric Acid Market Forecast: Breakup by Country (USD Million), 2021-2026
16.    Latin America Nitric Acid Historical Market: Breakup by Country (USD Million), 2016-2020
17.    Latin America Nitric Acid Market Forecast: Breakup by Country (USD Million), 2021-2026
18.    Middle East and Africa Nitric Acid Historical Market: Breakup by Country (USD Million), 2016-2020
19.    Middle East and Africa Nitric Acid Market Forecast: Breakup by Country (USD Million), 2021-2026
20.    Major Importing Countries by Volume
21.    Major Exporting Countries by Volume
22.    Major Importing Countries by Value
23.    Major Exporting Countries by Value
24.    North America Historical Price Trends and Forecast 2016-2026
25.    Europe Historical Price Trends and Forecast 2016-2026
26.    Asia Pacific Historical Price Trends and Forecast 2016-2026
27.    Latin America Historical Price Trends and Forecast 2016-2026
28.    Middle East and Africa Historical Price Trends and Forecast 2016-2026
29.    Global Nitric Acid Market Structure

Key Questions Answered in the Report

In 2020, the global nitric acid market attained a value of nearly USD 24.7 billion.

The market is projected to grow at a CAGR of 3% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach USD 29.5 billion by 2026.

The major industry drivers include the growing population, rising use of nitric acid in the manufacturing of various agrochemicals including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate.

Key trends influencing the growth of the market are the demand for fertilisers due to high demand for high crop yields and the increased demand for explosives in the military and defence industries.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest share in the market.

In terms of concentration, the significant types are dilute nitric acid (68%) and concentrated nitric acid (69%-71%).

The leading application segments of nitric acid are fertilisers, adipic acid, nitrobenzene, toluene di-isocyanate (tdi), nitrochlorobenzene and ammonium nitrate, among others.

The end-use can be divided into agrochemicals, explosives, chemical, and mining, among others.

The major players in the industry are BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd, Mitsubishi Chemical Corporation and Nutrien Ltd., among others.

Analyst Review

The global nitric acid market attained a value of USD 24.7 billion in 2020, driven by the rising use of nitric acid in the manufacturing of various agrochemicals including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate. Aided by the demand for fertilisers due to high demand for high crop yields and the increased demand for explosives in the military, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 3%. The market is projected to reach USD 29.5 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. In terms of concentration, the significant types are dilute nitric acid (68%) and concentrated nitric acid (69%-71%). The leading application segments of nitric acid are fertilisers, adipic acid, nitrobenzene, toluene di-isocyanate (tdi), nitrochlorobenzene and ammonium nitrate, among others. The end-use can be divided into agrochemicals, explosives, chemical, and mining, among others. The major regional markets for nitric acid are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BASF SE, Columbus Chemicals, Deepak Fertilisers and Petrochemicals Corporation Ltd, Mitsubishi Chemical Corporation and Nutrien Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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