New York, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global concentrated nitric acid market size is projected to grow at a CAGR of over ~6.10% from 2023 to 2035. The market is expected to garner a revenue of USD 53 billion by the end of 2035, up from a revenue of ~USD 26 billion in the year 2022.The The growth of the market is poised to be influenced by growing production of plastic. For instance, in 2021, there were a total of about 389 million metric tons of plastics produced globally. This represents a notable gain of close to 3% from the prior year. As a consequence, the market expansion for concentrated nitric acid is estimated to surge since it is used in producing plastics.
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A number of sectors, including food & beverage, consumer goods, automotive, and electrical & electronics, are seeing an increase in demand for plastic. Hence, with the surge in demand for these sectors the market revenue is also projected to grow. For instance, about 84 million automobiles were manufactured globally in 2022, an approximately 4% increase from 2021.
Surge in Production of Various Synthetic Fiber to Boost the Growth of Concentrated Nitric Acid Market
Around 2 million metric tons of synthetic fibers were produced in India during the fiscal year 2022. The need is projected to increase due to rising consumer desire for materials that are affordable, long-lasting, simple to clean, and maintain, as well as rising demand for garments and apparel due to shifting fashion trends throughout the world. Hence, the demand for concentrated nitric acid is also surging. It is employed in the synthesis of adipic acid, a crucial raw ingredient used to create synthetic fibers including nylon and other types of synthetic fibers as well as polyurethane foams.
Concentrated Nitric Acid Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Construction of New Roads to Drive the Market Demand in Asia Pacific
The concentrated nitric acid market in Asia Pacific is estimated to generate the largest market share of about 38% over the forecast period. This growth of the market in this region is set to be influenced by rising construction of roads. In the Asia-Pacific region, China has the most roadway coverage in 2023 among the other mentioned nations, with over 5 million km. India came in second place, with about 4 million km of roadways, in 2023. This amount is estimated to grow further. As a consequence, the market demand for concentrated nitric acid is also growing in this region.
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Surge in Urban Population to Influence the Market Expansion in North America
The North America market for concentrated nitric acid is projected to gather the largest share of about 28% over the coming years. This could be on account of rising urban population. For instance, the urban population in North America was approximately 308,798,138 in 2022, up about 0.76% from 2021. As a result, the demand for electronics is also rising further dominating the market share in this region.
Concentrated Nitric Acid, Segmentation by Application
- Adipic Acid
- Nitrobenzene
- Toluene Diisocyanate
- Ammonium Nitrate
The ammonium nitrate segment is poised to generate the largest revenue of about 38% over the coming years. This segment is surging on account of growing production of ammonium nitrate. Ammonium nitrate production rose from about 40 million metric tons in 2009 to approximately 46 million metric tons in 2021 on scale.
Concentrated Nitric Acid, Segmentation by End-User
- Agrochemicals
- Explosives
- Automobiles
- Electronics
The agrochemicals segment is projected to capture the notable share over the projected period. The major factor to influence this segment growth in growing amount of population. The worldwide population was expected to surpass 8 billion on November 15, 2022. Hence, this has created the need for quality food. Which is why the demand for agrochemicals is growing further driving the market demand.
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A few of the well-known industry leaders in concentrated nitric acid market that are profiled by Research Nester are 3M, Yara, Nutrien Ltd., BASF SE, Dow lnc., DuPont, Sika AG, C.F. Fertilisers UK., Innospec, Dorf Ketal Chemicals., PMC Specialties Group, Clariant, Deepak Fertilisers And Petrochemicals Corporation Limited (DFPCL), and others.
Recent Development in the Market
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) has given a contract to Plinke GmbH, a KBR, Inc. affiliate, to construct a Concentrated Nitric Acid plant (CNA) in Bharuch, Gujarat. With this factory, 98.5% concentrated nitric acid would be produced for the Indian market.
- The nitric acid business of Deepak Fertilizers And Petrochemicals Corporation Limited (DFPCL) has expanded with the announcement of the commercial launch of a new nitric acid production complex in Dahej, Gujarat. This complex has the potential to generate 92 kilotons of concentrated nitric acid annually.
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