Global Nitric Acid Market Size, Share, Growth Analysis, By Application(Fertilizers, nitrobenzene), By End Use(Agriculture, explosives) - Industry Forecast 2024-2031

Report ID: SQMIG15C2031 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 70 | Figures: 75

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Nitric Acid Market size was valued at USD 32.5 billion in 2022 and is poised to grow from USD 33.61 billion in 2023 to USD 43.91 billion by 2031, at a CAGR of 3.4% during the forecast period (2024-2031).

The Global Nitric Acid Market is highly competitive, with several major players operating in the industry. The global nitric acid market is characterized by intense competition among major players, with a focus on product innovation, technological advancements, and strategic partnerships to expand their market share. 'BASF SE', 'CF Industries Holdings Inc.', 'Yara International ASA', 'The Chemours Company', 'Dyno Nobel Inc.', 'OCI N.V.', 'Agrium Inc.', 'EuroChem Group AG', 'LSB Industries Inc.', 'National Chemical Group', 'Hanwha Corporation', 'Deepak Fertilizers and Petrochemicals Corporation Limited', 'Sichuan Chuanxi Xingda Chemical Co. Ltd.', 'Rashtriya Chemicals & Fertilizers Ltd.', 'Shandong Haili Chemical Industry Co. Ltd.', 'PVS Chemicals Inc.', 'Koch Fertilizer LLC', 'Borealis AG', 'ISKY Chemicals Co. Ltd.', 'Gujarat Narmada Valley Fertilizers & Chemicals Ltd.'

A key driver of the global nitric acid market is the growing demand for nitric acid in the manufacturing of adipic acid. Adipic acid is a key ingredient in the production of nylon and other synthetic fibers, which are used extensively in the textile industry. Nitric acid is a critical input in the production of adipic acid, making it a crucial component in the nylon manufacturing process. The global textile industry is experiencing significant growth due to the increasing demand for textiles from various end-use industries such as apparel, automotive, and construction. This growth is driving up the demand for nylon, and in turn, the demand for adipic acid and nitric acid. The demand for nitric acid is also being propelled by its use in the production of ammonium nitrate fertilizers, which are widely used in the agricultural industry. The growing global population and increasing demand for food have led to a rise in agricultural activities and a subsequent increase in the use of fertilizers, which is expected to continue driving the demand for nitric acid in the coming years.

One key latest market trend of the global nitric acid market was the shift towards sustainable production. There is a growing trend towards the use of sustainable and eco-friendly production methods in the chemical industry, including the production of nitric acid. Companies are increasingly investing in technologies that reduce greenhouse gas emissions and waste generation in the production of nitric acid. This trend is driven by increasing consumer awareness and demand for sustainable products, as well as regulatory pressure to reduce the environmental impact of chemical production.

Europe dominated the global nitric acid market, with a significant market share. The growth of the nitric acid market in Europe is primarily driven by the high demand for adipic acid in the textile industry. Adipic acid is a key end-use segment for nitric acid, and Europe is home to several major adipic acid producers. The region is also witnessing a growing demand for ammonium nitrate fertilizers, which is expected to further drive the growth of the nitric acid market in the region. However, the nitric acid market in Europe is also facing several challenges, including stringent regulations on the production and transportation of nitric acid, which can increase production costs and limit the growth of the market. The region is also facing increasing competition from other regions such as Asia Pacific, which is expected to be the fastest-growing region in the nitric acid market in the coming years.

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Global Nitric Acid Market Size, Share, Growth Analysis, By Application(Fertilizers, nitrobenzene), By End Use(Agriculture, explosives) - Industry Forecast 2024-2031

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