Newark, NJ, June 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global nitric acid market is expected to grow from USD 24 billion in 2020 and to reach USD 31.6 billion by 2028, growing at a CAGR of 3.4% during the forecast period 2021-2028.
The increasing automotive industry in developing countries has resulted in high HNO3 intake, which can be linked to population growth and increasing customer demand, resulting in market expansion. Furthermore, the growing demand for plastics in industrial and consumer applications is boosting the market's growth. A main market factor has been described as the rising demand for adipic acid in the formulation of nylon resins and fibers for automotive interior manufacturing. It is commonly used as a precursor for the manufacture of nylon 6,6, which is widely used in the global automotive industry.
Nitric acid (HNO3), also known as aqua fortis, is a colorless compound that turns yellow over time as nitrogen and water decompose into oxides. The compound is very corrosive and is used to make ammonium nitrate and other chemicals used in fertilizer formulation. Other uses for the compound include the manufacture of chemicals such as nitrobenzene, adipic acid, and chloronitrobenzene. These chemicals are used in a variety of fields, including plastics, automotive, and manufacturing. The preparation of adipic acid is one of the most important uses of nitric acid. Automobile manufactures also use nylon, which is derived from adipic acid. In the vehicle industry, nylon materials are used to replace heavy metal elements. Because of the lower vehicular mass, vehicle weight loss contributes to increased fuel economy and thus, lower carbon emissions.
Growing demand from various end-use industries such as agriculture for fertilizers and textiles for dye, car manufacturers rapidly embrace lightweight materials, growing applications of polyurethane foams, rising demand for adipic acid to formulate nylon resins, and the customer demand for lightweight vehicles are the factors driving the industry. Government policies governing environmental safety and the reduction of industrial waste are stifling the market's expansion. Chemical processing facilities, automotive exhaust gases, and untreated wastewater from agricultural areas all emit HNO3. When this waste is inhaled, it causes breathing issues. Furthermore, raising questions about vehicle CO2 pollution are hampering the industry growth.
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Key players operating in global nitric acid market include BASF SE (Ludwigshafen, Germany), Nutrien (Saskatoon, Canada), Yara International, DuPont (Delaware, U.S.), CF Industries Holdings, Inc.,,Omnia Holdings Limited (Gauteng, South Africa), LSB Industries (Oklahoma, U.S.), Dyno Nobel (Brisbane, Australia), J R Simplot, Enaex S.A. (Santiago, Chile), Sasol (Johannesburg, South Africa) and Ixom (Victoria Australia). To gain a significant market share in the global nitric acid market, the key players are now focusing on adopting strategies such as mergers & acquisitions, collaborations, recent developments, product innovations, joint venture, and partnership. ITrammo Inc. and Keppel Infrastructure Fund Management (KIFM) are some of the key manufacturers operating in Nitric acid market.
- For instance, in 2018, ITrammo Inc. purchased Agrium's HNO3 manufacturing and distribution plant in North Bend. The firm specializes in the production and sale of nitrogen-based agricultural and industrial goods. The plant covers an area of 88 acres and has a processing potential of 75 KT per year.
- In February 2019, Via a wholly-owned affiliate, Keppel Infrastructure Fund Management (KIFM) announced the acquisition of a 100 percent stake in Ixom HoldCo.
Strong segment dominated the market and held the largest market share of 55.9% in the year 2020
On the basis of type, the global nitric acid market is segmented into strong and fuming. Strog aciddominated the market and held the largest market share of 55.9% in the year 2020. Over the forecast era, strong nitric acid is expected to be the fastest-growing form of concentrated nitric acid. It's used to make ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, toluene diisocyanate (TDI), and trinitrotoluene, among other things (TNT).
Ammonium Nitrate Food segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of application, the global nitric acid market is segmented into Ammonium Nitrate, Adipic Acid, Nitrobenzene, and Toluene Diisocyanate. Ammonium nitrate segment dominated the market and held the largest market share of 29.15% in the year 2020. This growth is attributed as it's a common ingredient in fertilizers and explosives. Ammonium nitrate is a nitrogen fertilizer that can be used directly or as a precursor to other nitrogen fertilizers including calcium ammonium nitrate and urea ammonium nitrate.
AgroChemical segment dominated the market and held the largest market share of 30.9% in the year 2020
On the basis of end-user, the global nitric acid market is segmented into Agrochemicals, Explosives, Automotive, Electronics and others. Agrochemical dominated the market and held the largest market share of 30.9% in the year 2020. The demand for ammonium nitrate in the fertilizers market is expected to rise due to rising demand for nitrogen fertilizers from developing countries such as China, India, and Brazil. Some nitrogen fertilizers including calcium ammonium nitrate and urea ammonium nitrate are in high demand.
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Regional Segment of Nitric Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global nitric acid market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Due to the presence of a large number of foreign chemical producers in the United States, the North American industry is expected to expand significantly over the forecast period. Because of the rapid development of industries such as manufacturing, automobiles, agriculture, and furniture, the nitric acid industry is projected to continue to expand at a rapid pace. Central and Eastern Europe contain a significant amount of nitric acid, which drives the regional demand. Furthermore, the European industry is projected to be driven by the rising chemical markets in Poland and Russia. As a leading weapons exporter, Russia has a strong demand for ammonium nitrate, which has a favorable effect on consumer development.
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About the report:
The global nitric acid market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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