Pune, India, April 10, 2023 (GLOBE NEWSWIRE) -- The global nitric acid market size was USD 22.17 billion in 2021. The market is projected to grow from USD 22.92 billion in 2022 to USD 29.33 billion by 2029, exhibiting a CAGR of 3.6% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Nitric Acid Market, 2022-2029.”
A further drop in the supply of raw materials and an increase in the price of completed goods were two effects of the global lockdown that were also felt strongly in trading activity. Reduced demand for the products was caused by the temporary closure of manufacturing facilities in end-use industries, including the auto industry.
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Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental companies in the market for nitric acid often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
Key Industry Development:
June 2022: In Canada, Indonesia, and Australia, where there is growing demand for environment-friendly mining solutions, Omnia Holdings Limited is considering expanding its portfolio of international mining and farm operations.
List of Key Players Mentioned in the Nitric Acid Report:
- BASF SE (Germany)
- Nutrien (Canada)
- EuroChem (Switzerland)
- CF Industries Holdings, Inc. (U.S.)
- Omnia Holdings Limited (South Africa)
- Dyno Nobel (Australia)
- Enaex S.A. (Chile)
- Sasol (South Africa)
- LSB Industries (U.S.)
- Ixom (Australia)
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Segments:
Fertilizers Segment to Dominate the Market Due to Growth of the Agriculture Industry
The market based on application is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The fertilizers segment accounted for the highest nitric acid market share due to rising agricultural activities to fulfill the growing population demand.
Based on geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report presents a systematic study of the market for nitric acid and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the nitric acid market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Drivers and Restraints:
High Demand for Lightweight Automobile to Create Several Growth Opportunities for the Market
Manufacturers are focusing on innovation and improvement in the automotive sector as a result of rising customer demand for lightweight automobiles, which has a favorable market impact on chances for high HNO3 consumption. The substance is used to create adipic acid, which is then utilized to produce nylon. Manufacturers are switching to polymer composites such as nylon to reduce car weight and increase fuel efficiency.
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Regional Insights:
Asia Pacific to Lead Backed by Economic Development and Rising Population
In 2021, the Asia Pacific market for nitric acid was valued at USD 11.37 million. Increased product demand from a variety of end-use industries, including the automotive, agricultural, and construction sectors is blamed for the surge. There is a sizable demand in the agriculture sector due to economic growth and expanding population in China, India, and Japan.
Quick technical advancement and high disposable income of customers in the region can be linked to North America's estimated sizeable market share in the world. Leading contributors to market growth include rising new construction and renovation activity as well as rising demand for lightweight and fuel-efficient cars.
During the forecast period, Europe is anticipated to experience significant market growth. This growth can be attributed to consumers' rising demand for lightweight, fuel-efficient cars that are also environment-friendly.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Nitric Acid Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Nitric Acid Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Application (Volume/Revenue)
- Fertilizers
- Nitrobenzene
- Adipic Acid
- Toluene Di-isocyanate
- Others
- By Region (Volume/Revenue)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Toc Continued…
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