Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 10, 2024 (GLOBE NEWSWIRE) -- The global nitric acid market (질산 시장) was projected to attain US$ 19.8 billion in 2023. It is anticipated to garner a 4.2% CAGR from 2024 to 2034, and by 2034, the market is likely to attain US$ 31 billion.
In the process of making adipic acid, nitric acid is utilized for organic oxidation. In order to produce terephthalic acid and other organic molecules, it is also used in organic oxidation. Nitric acid is used in explosive production for organic nitrations.
Nitroglycerin and trinitrotoluene are two examples of popular explosives that are primarily made by nitrating organic molecules with nitric acid. Chemical intermediates such as dinitrotoluenes and nitrobenzene are produced via nitrations using nitric acid.
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Key Findings of the Market Report
- Ammonium nitrate and calcium ammonium nitrate, which are used as fertilizers, are made with the help of nitric acid.
- Fertilizers based on nitrogen are being more widely used since there is a greater emphasis on raising agricultural productivity to support the world's expanding population.
- Ammonia and nitric acid are the main feedstocks for almost all nitrogen-based fertilizers.
- The need for food and the growing global population are driving up the price of nitric acid.
- The Food and Agriculture Organization estimates that to feed the 9.1 billion people who will inhabit the planet by 2050, total food production must increase by 70% between 2005 and 2007.
Market Trends for Nitric Acid
- Ammonium nitrate is produced using concentrated nitric acid (CAN), a key fertilizer ingredient. It is also used in the explosives industry. The production of CAN is increasing by major suppliers in the nitric acid sector.
- Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), an Indian chemical firm, started building a fourth CAN facility in 2022, with a capacity of 50,000 MT annually. By the end of 2022, GNFC's production was predicted to reach 165,000 MT thanks to this. Thus, the nitric acid market income is increasing by an increase in investment in CAN manufacturing.
Global Market for Nitric Acid: Regional Outlook
- Asia Pacific accounted for the majority share in 2023. The region's market dynamics are positively impacted by the increased use of fertilizers. After Europe, South Korea is the second-largest exporter of nitric acid worldwide. Over 80% of all nitric acid exports worldwide come from South Korea and Europe.
- Due to its growing fertilizer usage and declining manufacturing activity in Europe, nitric acid prices are rising in the main regions. As a result of Europe's supply issue, businesses are becoming increasingly reliant on the Indian market, which is growing the nitric acid market share in Asia Pacific.
- Large European corporations are looking to move manufacturing to India because of the country's reduced energy costs, readily available workforce, and enhanced business environment.
Global Nitric Acid Market: Competitive Landscape
Leading companies in the global nitric acid industry are using sustainable solutions in order to fulfill their Environmental, Social, and Governance (ESG) goals. KBR, Inc. and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC) celebrated the successful commissioning of their second facility in Gujarat, India, utilizing KBR's own MAGNAC CNA technology, in November 2023. This announcement marked a significant milestone in their relationship. These environmentally friendly methods, which recycle process water without treatment and have been shown to increase energy efficiency and lower emissions, are used by the facility. The following companies are well-known participants in the global nitric acid market:
- BASF SE
- The Chemours Company
- Eurochem Group
- Dyno Nobel
- Nutrien Ltd.
- Sumitomo Chemical Co., Ltd.
- Yara
- CF Industries
- Deepak Fertilisers and Petrochemicals Corporation Limited
- OCI
Key developments by the players in this market are:
- A non-binding memorandum of understanding (MoU) was signed in January 2024 between Dyno Nobel and Saudi Chemical Co. Holding (SCCH), a producer of explosives and detonators, about a plant to generate nitric acid and ammonium nitrate near Ras Al Khair.
- This was done through the company Saudi Chemical Co. Ltd. (SCCL). The factory will be able to produce 440,000 tons of nitric acid and 300,000 tons of ammonium nitrate annually.
- Deepak Fertilizers and Petrochemicals Corporation Ltd. (DFPCL) declared in August 2023 that it will increase the nitric acid capacity in Dahej, Gujarat, India. The business plans to establish two CNA facilities with a combined capacity of 150 KTPA and a Weak Nitric Acid (WNA) facility with a 300 KTPA capacity.
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Global Nitric Acid Market Segmentation
By Application
- Fertilizers
- Nitrobenzene
- Toluene Diisocyanate (TDI)
- Adipic Acid
- Metal Processing
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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