Ottawa, July 18, 2024 (GLOBE NEWSWIRE) -- The global nitric acid market size is predicted to grow from USD 29.27 billion in 2023 to approximately USD 41.68 billion by 2033, According to Precedence Research. The nitric acid market is driven by increasing IT infrastructure, AI usage, and advanced technology.
The nitric acid market encompasses the production, distribution, and utilization of nitric acid, a highly reactive mineral acid widely used in various industrial applications. The inorganic chemical nitric acid, which has the formula HNO3, is a highly corrosive mineral acid that becomes yellow as it breaks down into nitrogen oxides. It is often used in a variety of industries, including explosives, demolition, munitions, dyes, and inks, for nitration, which is the process of attaching a nitro group to an organic molecule.
Moreover, a potent oxidizer, nitric acid, is neutralized by ammonia to form ammonium nitrate, which makes up 75–80% of the 26 million tons produced each year. The synthesis of fertilizers, explosives, nylon precursors, and specialty organic chemicals are among the other principal industrial uses. The average concentration of nitric acid in water is 68%; values exceeding 86% or 95% are more likely to cause fuming nitric acid.
The Full Study is Readily Available | Download the Sample Pages of this Report@ https://www.precedenceresearch.com/sample/2325
Nitric Acid Market Key Insights
- Europe led the market with the largest revenue share of 65.84% in 2023
- By applications, the fertilizer segment has held a major revenue share of 81% in 2023.
- By end-use, the agrochemical segment dominated the market in 2023.
Europe Nitric Acid Market Size and Forecast 2024 to 2033
The Europe nitric acid market size was estimated at USD 19.27 billion in 2023 and is predicted to be worth around USD 28.01 billion by 2033, at a CAGR of 3.8% from 2024 to 2033.
Europe dominated the nitric acid market in 2023. The demand for nitric acid from fertilizer makers is predicted to expand as rural economies consume more fertilizers. The European nitric acid industry is fiercely competitive, with multinational businesses constantly innovating to increase market share. The increased need for lightweight automobiles has prompted manufacturers to prioritize innovation in the automotive sector, resulting in a high consumption potential for nitric acid.
In order to guarantee high safety standards in activities involving nitric acid transport, Fertilizers Europe, a sector group of CEFIC, developed guidelines for the transport of nitric acid with the assistance of members' expertise. The guidelines only address the transportation of nitric acid in tanks inside of Europe; they do not address the transportation of packaged goods in tiny packages or containers, nor do they address transportation over the ocean. As the primary industry source of information on mineral fertilizers, Fertilizers Europe represents the bulk of fertilizer companies in Europe. The association interacts with a broad range of organizations, policymakers, interested parties, and members of the public who are looking for information about fertilizer technology and issues related to the current state of agriculture, the environment, and the economy.
Asia Pacific is observed to grow at a notable rate in the nitric acid market during the forecast period. Rapid urbanization in the Asia-Pacific region leads to increased construction activities, further driving the demand for nitric acid in explosives and related applications. Advances in nitric acid production technologies enhance efficiency and reduce costs, making it more economically viable for various applications. These technological improvements contribute to market growth.
The Asia-Pacific region is becoming a significant exporter of nitric acid and its derivatives due to its competitive manufacturing capabilities and cost advantages. This boosts the nitric acid market in the region. Nitric acid is used to manufacture adipic acid, a precursor for nylon production. The growing automotive and aerospace industries in the Asia-Pacific region require high-performance materials like nylon for various applications, boosting the demand for nitric acid.
Nitric Acid Market Coverage
| Report Attribute | Key Statistics |
| Market Size By 2033 | USD 41.68 Billion |
| Market Size in 2024 | USD 30.32 Billion |
| Market Size in 2023 | USD 29.27 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 3.6% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Application, By End-Use, By Concentration, and By Distribution Channel |
| Regional Scope | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Nitric Acid Market Segment Outlook
Application Outlook
The fertilizers segment dominated the nitric acid market in 2023. Fertilizers are necessary for plant development because they supply vital minerals, including potassium, phosphorus, and nitrogen. By increasing soil fertility, they hasten the growth and development of plants. Additionally, farmers may customize the nutritional contents of fertilizers to match their application to specific demands. To provide the best possible health for plants, they also help balance nutrients and regulate the pH of the soil.
Additionally, fertilizers make plants more resilient to pests and diseases, lessening the negative effects of chemical treatments on the environment. They do this by limiting the spread of land and preserving natural areas, which supports sustainable agriculture. They also improve food security by raising productivity in agriculture. Due to their capacity to boost agricultural revenue and stability, fertilizers also have an economic impact. They may be used on a variety of crops, including fruits, vegetables, income crops, and staple food crops, enabling farmers to employ them to support agricultural practices.
End-Use Outlook
The agrochemical segment dominated the nitric acid market in 2023. Agrichemicals, sometimes known as agrochemicals, are substances created to keep pests, illnesses, and viruses from damaging plants and crops, therefore boosting the amount and quality of harvest. These consist of soil conditioners, fertilizers, insecticides, herbicides, fungicides, and algaecides.
The safe and healthy application of agrochemicals maximizes plant development and agricultural output while also protecting the soil. Agrochemicals can help farmers produce certain plant species, eradicate unwanted organisms, and meet the rising need for abundant, fresh food.
Browse More Insights:
- Nitrobenzene Market Size and Forecast: The global nitrobenzene market size was estimated at USD 11.23 billion in 2022 and it is projected to hit around USD 18.42 billion by 2032, poised to grow at a CAGR of 5.07% between 2023 and 2032.
- Benzene Market Size and Forecast: The global benzene market size was exhibited at USD 38.45 billion in 2023 and is expected to reach around USD 63.32 billion by the end of 2032, poised to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2032.
- Specialty Chemicals Market Size and Forecast: The global specialty chemicals market size was estimated at USD 869.88 billion in 2023 and is projected to hit USD 1,244.13 billion by 2032, expanding growth at a CAGR of 4.06% from 2023 to 2032.
- Surfactants Market Size and Forecast: The global surfactants market size was estimated at US$ 43.9 billion in 2022 and it is expected to surpass around US$ 69.13 billion by 2032, growing at a CAGR of 4.7% during the forecast period 2023 to 2032.
- Ethylene Market Size and Forecast: The global ethylene market size was exhibited at USD 138.86 billion in 2023 and it is projected to surpass around USD 241.21 billion by 2033, anticipated to reach a registered CAGR of 5.72% during the forecast period 2024 to 2033.
- Artificial Intelligence (AI) in Chemicals Market Size and Forecast: The global artificial intelligence (ai) in chemicals market size was valued at USD 1.40 billion in 2023 and it is expected to be worth around USD 20.55 billion by 2033 with a remarkable CAGR of 31% over the forecast period 2024 to 2033.
- Nitrogen Market Size and Forecast: The global nitrogen market size is expected to surpass around USD 79.74 billion by 2032 from USD 33.84 billion in 2022, growing at a compound annual growth rate (CAGR) of 9% from 2023 to 2032.
- Polyurethane Market Size and Forecast: The global polyurethane market size was estimated at USD 80 billion in 2022 and is projected to surpass around USD 118.99 billion by 2032 and will be growing at a CAGR of 4.10% during the forecast period 2023 to 2032.
- Polymers Market Size and Forecast: The global polymers market size reached USD 716.83 billion in 2022 and is expected to reach around USD 1,207.11 billion by the end of 2032, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2032.
Nitric Acid Market Dynamics
Driver: Use of nitric acid in solar
Solar grade nitric acid is an extremely pure kind of nitric acid that is used, mostly in India, in the production of solar modules. It is essential to produce highly efficient solar PV modules, which advance renewable energy sources. Nitric acid purity is crucial for guaranteeing the effectiveness and caliber of solar modules.
Solar-grade nitric acid is used to improve solar module performance, which results in more dependable and affordable solar energy solutions, boosting the growth of the nitric acid market. By lessening the environmental impact of solar module manufacture, it also supports green energy. In addition to improving the Indian economy and lowering carbon emissions, the manufacture and use of solar-grade nitric acid also fosters innovation in solar manufacturing.
Customize this study as per your requirement@ https://www.precedenceresearch.com/customization/2325
Restraint: Health risk
Health concerns are a major restraint of the nitric acid market. When nitric acid comes into touch with any tissue, it is extremely irritating and corrosive. Acute inhalation might result in symptoms including headache, coughing, ataxia, chest tightness, nasal and ocular irritation, and disorientation. Pulmonary edema may appear hours or days after exposure in severe instances. Burns to the stomach and esophagus from acute intake can result in ulcers, bleeding, and perforations.
Prolonged exposure can lead to bronchitis, respiratory irritation, hyperreactivity of the airways, and tooth enamel degradation. Dermatitis can develop when modest amounts of nitric acid are applied topically. Strong inorganic acid mists, such as nitric acid, are present in work environments and can cause cancer in humans, mostly to the larynx and perhaps the lung. Burns to the lips, tongue, mouth, throat, and stomach may result after ingestion; in extreme circumstances, death.
Opportunity: Improved process for nitric acid production
Although the nitric acid process is a well-known technology, it may still be improved in terms of cost, efficiency, and dependability. A tail gas turbine was installed as an integral element of a bull gear type compressor that was modified for use with nitric acid. The compressor also included integrated intercoolers. Depending on the procedure, intercoolers can be eliminated entirely or partially, which lowers the cost and number of heat exchangers needed.
As a crucial heat exchanger, the cooler condenser's design must be modified to meet process demands. The goal of Krupp Uhde's effort is to lower the emissions of dinitrogen oxide from nitric acid facilities. Other enhancements include new knitted catalyst systems in the burner section, process air filtering using cutting-edge filter media, and favorable adjustments to the absorption tower's hydraulic behavior and chemical conversion efficiency.
Nitric Acid Market Leaders
- Rashtriya Chemical & Fertilizers Ltd.
- BASF SE
- Apache Nitrogen Products Inc.
- Yara International ASA
- Omnia Holding Limited
- CF Industry Holdings, Inc
- Dupont
- Nutrien Ltd.
- Thyssenkrupp AG
Recent Developments:
- In March 2024, Czech business BorsodChem MCHZ awarded a turn-key contract to Casale's subsidiary, Casale Project a.s, for the building of a 450 million tpd weak nitric acid plant. The contract covers design, engineering, procurement, and construction. Its goals are to fulfill the increasing demand for aniline production and support BorsodChem's growth and sustainability.
- In November 2024, using its MAGNAC concentrated nitric acid (CNA) technology, KBR has successfully started up its second facility at Gujarat Narmada Valley Fertilizers & Chemicals Ltd. Utilizing sustainable technology that recycles process water without treatment, increases energy efficiency, and lowers emissions, the facility is built to handle 150 metric tons of CNA every day.
- In August 2023, at a cost of Rs 1,950 crore, Deepak Fertilizers and Petrochemicals Corporation Ltd (DFPCL) intends to increase its capacity for nitric acid in Dahej, Gujarat. As part of the expansion, two facilities with concentrated nitric acid and one with weak nitric acid will be established.
- In August 2023, Leading Indian manufacturer of mining chemicals, industrial chemicals, and fertilizers, Deepak Fertilizers and Petrochemicals Corporation Limited announced a brownfield expansion of its nitric acid plant in Dahej, Gujarat, with two 150 KT PA Concentrated Nitric Acid plants and a 300 KT PA Weak Nitric Acid plant.
Segments Covered in the Report
By Application
- Fertilizers
- Adipic Acid
- Toluene Diisocyanate
- Nitrobenzene
- Others
By End-Use
- Explosives
- Agrochemicals
- Electronics
- Automotive
- Others
By Concentration
- Dilute Nitric Acid (68%)
- Concentrated Nitric Acid (69% 71%)
By Distribution Channel
- Direct/Institutional Sales
- Retail Sales
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/2325
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real-Time Data Intelligence Tool, Visit: http://www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
https://www.towardsautomotive.com
For Latest Update Follow Us:
