New York, US, July 14, 2021 (GLOBE NEWSWIRE) -- Nitric Acid Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Nitric Acid Market Information by Concentration, Application, End-Use Industry, and Region - Forecast till 2025”, the market is forecasted to reach USD 17.5 Billion by 2025 at 6.3% CAGR.
Market Scope
Nitric acid is widely utilized in the manufacturing of agrochemicals including calcium ammonium nitrate, ammonium nitrate (AN), and urea ammonium nitrate. Nitric acid (HNO3), commonly known as aqua fortis, is a corrosive mineral acid. Nitric acid is colorless in its pure form, but as oxides decompose, it becomes pale yellow. In the creation of pigments, dyes, and paintings, nitric acids are commonly utilized.
Market Drives
The global nitric acid market is expected to expand throughout the forecast period, owing to rising fertilizer demand and rising crop output requirements. In addition, the military and defense industries are driving up demand for ammonium nitrate, which is commonly used in explosives, boosting the worldwide nitric acid market. Increased nitric acid use in chemicals like adipic acid and toluene di-isocyanate (TDI) is expected to raise market demand in the next years, according to the global market.
Furthermore, due to increased mining activity around the world, the global nitric acid market is generating profitable potential for nitric acid producers. As a result, nitric acid is used as a blasting and explosive agent in the mining industry. Furthermore, due to the increasing use of nitric acid as an oxidizer for space adventures in rocket propellants, the global nitric acid market is providing additional chances for industry players.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/2190
Competitive Landscape
- The Dow Chemical Company
- Bayer AG
- BASF SE
- LyondellBasell Industries
- Agrium Inc.
- Koch Fertilizer LLC.
- AkzoNobel NV
- Basic Chemical Solutions LLC
- PVS Chemicals
- Apache Nitrogen Products Inc
- Deepak Fertilizers
- Petrochemicals Corp. Ltd
COVID-19 Analysis Nitric Acid Market
In the year 2020, the COVOID-19 pandemic struck the entire world, destroying all marketing processes. One of them was the global nitric acid market. The global blockade has had an impact on the nitric acid market's demand and supply chain, as well as its producers, investors, and other stakeholders.
The nitric acid market, on the other hand, has not stopped producing and is constantly attempting to boost its growth potential. Due to the continued efforts of manufacturers and important actors, the situation has cooled off as time has passed. It is projected to expand its nitric acid business in the next years.
Browse In-depth Market Research Report (135 Pages) on Nitric Acid: https://www.marketresearchfuture.com/reports/nitric-acid-market-2190
Market Restraints
Because nitric acid can cause burns to the throat, mouth, and stomach if it comes into contact with humans, the worldwide nitric acid market is expected to slow down throughout the projected period. A tight regulatory framework in North America and Europe, because to its detrimental impacts on the environment and humans, is another hindrance to market expansion in the next years.
Market Segmentation
According to the concentration segment, the nitric acid market has various concentrations such as concentrated nitric acid and dilute nitric acid.
According to the application segment, the nitric acid market is segmented into fnitrobenzene, toluene di-isocyanate, fertilizers, ammonium nitrate, nitro chlorobenzene, adipic acid, and others.
According to the end-user’s segment, the nitric acid market has various end-users such as chemical, mining, agrochemicals, explosives, and others.
Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=2190
Regional Insights
Due to the existence of a large number of multinational chemical manufacturers in the United States, the North American market is expected to develop significantly over the forecast period. Because of the fast development of industries such as construction, automobiles, agriculture, and furniture, the nitric acid market is likely to continue to rise at a quick pace. To make fertilisers and nylon, these companies need high-quality nitric acid. Furthermore, the mining industry has increased its demand for ammonium nitrate in order to synthesise explosives, which promotes overall market growth.
Germany is home to some of the world's top vehicle manufacturers. Volkswagen, BMW, Daimler AG, Adam Opel, and Ford-Werke GmbH are all important companies. As a result, nylon materials for vehicle interiors and component production are in great demand in the country. Central and Eastern Europe manufacture a significant amount of nitric acid, which drives the regional market. Furthermore, the European market is likely to be driven by the rising chemical markets in Poland and Russia.
Due to the greatest production and consumption of fertiliser in Asia-Pacific nations such as China, India, and others, which is likely to drive the Asia-Pacific market over the forecast period, Asia-Pacific is expected to be the leading market in nitric acid production. Furthermore, the demand for nitric acid is predicted to rise as the fertiliser business in India expands as a result of governmental support targeted at raising urea and other agrochemicals manufacturing capacity.
Share your Queries @ https://www.marketresearchfuture.com/enquiry/2190
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.