Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Nitric Acid - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Nitric Acid was estimated at US$31.0 Billion in 2023 and is projected to reach US$37.8 Billion by 2030, growing at a CAGR of 2.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The nitric acid market is evolving due to the increasing global demand for fertilizers and agricultural chemicals. One key trend shaping the market is the growing use of ammonium nitrate in fertilizers, particularly in regions with expanding agricultural activities, such as Asia-Pacific and Latin America. The increasing global population and the resulting demand for food are driving higher fertilizer consumption, which in turn is boosting the demand for nitric acid. Additionally, the rise in ammonium nitrate production for explosives, particularly in mining and construction, is contributing to the market's expansion.
Another significant trend is the focus on environmental sustainability. As nitric acid production involves the release of nitrogen oxides (NOx), a greenhouse gas, the industry is facing increased scrutiny over its environmental impact. Manufacturers are investing in cleaner technologies and NOx abatement systems to reduce emissions and comply with stricter environmental regulations. Innovations such as catalytic reduction systems and energy-efficient production processes are becoming more common, as companies seek to balance industrial output with environmental responsibility.
What Are the Key Growth Drivers in the Nitric Acid Market?
The growth in the nitric acid market is driven by several factors, with the rising demand for fertilizers being the primary driver. As global food production scales to meet the needs of an increasing population, the demand for nitrogen-based fertilizers continues to grow, boosting nitric acid consumption. Another key driver is the expansion of the mining and construction sectors, which rely heavily on ammonium nitrate explosives made from nitric acid for large-scale excavation and infrastructure projects.
The growing demand for nitric acid in the chemical manufacturing sector, particularly for producing intermediates like adipic acid and nitrobenzene, is also fueling market growth. In addition, the emphasis on reducing greenhouse gas emissions and improving environmental sustainability is driving innovation in nitric acid production processes, pushing companies to invest in technologies that reduce nitrogen oxide emissions. The rise in metal processing and surface finishing applications, particularly in the automotive and aerospace industries, is further supporting the market's expansion.
Which Industries Are Leading the Adoption of Nitric Acid?
The agricultural sector is the largest consumer of nitric acid, primarily for producing ammonium nitrate fertilizers, which are essential for improving crop yields. Fertilizer manufacturers are key adopters of nitric acid, as it plays a vital role in synthesizing nitrogen-based fertilizers that enhance soil fertility. The mining industry is another significant user of nitric acid, particularly for producing explosives such as nitroglycerin and ammonium nitrate-based explosives used in quarrying, construction, and mining operations.
The chemical industry also heavily relies on nitric acid for manufacturing various compounds, including adipic acid (used in nylon production), nitrobenzene (used in producing aniline for dyes), and toluene diisocyanate (used in polyurethane foams). Additionally, nitric acid is employed in metal processing and surface treatments, such as etching, passivation, and cleaning of metals like stainless steel and aluminum, further expanding its applications in industries like aerospace and electronics.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Fertilizers Application segment, which is expected to reach US$28.4 Billion by 2030 with a CAGR of a 2.6%. The Adipic Acid Application segment is also set to grow at 3.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was valued at $8.3 Billion in 2023, and China, forecasted to grow at an impressive 4.3% CAGR to reach $7.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ANGUS Chemical Company, Apache Nitrogen Products, Inc., BASF SE, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $31 Billion |
| Forecasted Market Value (USD) by 2030 | $37.8 Billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Nitric Acid - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Nitric Acid in Fertilizer Production Drives Growth in Agriculture and Food Security Markets
- Increasing Use of Nitric Acid in Explosives Manufacturing Expands Market for Mining and Construction Industries
- Growing Adoption of Nitric Acid in Chemical Manufacturing Strengthens Demand in Industrial and Commercial Applications
- Technological Advancements in Nitric Acid Production Propel Growth in Efficient and Sustainable Manufacturing Processes
- Rising Focus on Clean Energy Drives Demand for Nitric Acid in Hydrogen and Renewable Energy Applications
- Increasing Use of Nitric Acid in Polymer and Nylon Production Fuels Market Growth in Textiles and Plastics
- Expansion of Nitric Acid in Wastewater Treatment Strengthens Market for Environmental and Water Management Solutions
- Growing Demand for Nitric Acid in Metal Processing and Surface Treatment Expands Opportunities in Automotive and Aerospace Industries
- Rising Adoption of Nitric Acid in Pharmaceutical Synthesis Fuels Demand in Healthcare and Drug Manufacturing
- Technological Innovations in Nitric Acid Recycling and Recovery Propel Growth in Sustainable Industrial Solutions
- Growing Use of Nitric Acid in Semiconductor and Electronics Manufacturing Expands Market for High-Purity Chemicals
- Increasing Focus on Eco-Friendly Nitric Acid Production Strengthens Demand for Green Manufacturing Technologies
FOCUS ON SELECT PLAYERS (Total 46 Featured)
- ANGUS Chemical Company
- Apache Nitrogen Products, Inc.
- BASF SE
- CF Industries Holdings, Inc.
- Dow, Inc.
- DuPont de Nemours, Inc.
- Dyno Nobel
- El Dorado Chemical Company (EDC)
- El Dorado Nitrogen LLC (EBNL)
- Ixom
- J.R. Simplot Company
- Omnia Holdings Ltd.
- Rashtriya Chemicals and Fertilizers Ltd.
- Rentech, Inc.
- Sasol Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/hlchoy
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