The global nitric acid market is set to witness a significant CAGR of 2.3% and is anticipated to reach a valuation of around USD 37.63 billion by 2032, up from 29.3 billion in 2021.
Demand for nitric acid is increasing, as it is a component of many fertilizers. Fertilizers are used to boost agricultural output in order to meet the rising food demand from the growing population. Nitric acid demand from fertilizer producers is expected to increase, as is fertilizer usage in agrarian economies around the world.
The existence of international firms, which are constantly coming out with new products to gain a larger nitric acid market share, makes the global nitric acid market extremely competitive.
The government’s environmental regulations and efforts to reduce industrial waste are what are preventing the nitric acid market from expanding. The market was constrained by these nitric acid market trends, due to rising concerns over CO2 emissions from automobiles.
However, it is projected that the growing usage of plastic in the medical industry would lead to a gradual stabilization of nitric acid market share. The growing need for PPE kits, which has increased plastics manufacturing, is driving the growth of the nitric acid market.
North America is anticipated to hold the largest global market share for nitric acid, which may be ascribed to the region’s consumers’ high disposable income and robust economic growth. Most of the demand for nitric acid comes from Eastern Europe, a region with significant growth potential.
Key segments
By Application:
- Fertilizers
- Nitrobenzene
- Adipic acid
- Toluene diisocyanate (TDI)
- Nitrochlorobenzene
- Others
Competitive Landscape
Businesses all across the world are focusing on process innovation and capacity development. Key market players claim that building large plants and increasing commercial output would improve the availability of nitric acid.
Some of the major key players in the nitric acid market are BASF SE, Dupont, Nutrien Ltd., Omnia Holding Limited, Apache Nitrogen Products Inc., CF Industry Holdings, Inc, Thyssenkrupp AG, Yara International ASA, Rashtriya Chemical Fertilizers Ltd.
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