USD 32.5 billion
Nitric Acid Market Size, Share, Growth Analysis, By Application(Fertilizers, nitrobenzene, toluene diisocyanate (TDI), adipic acid), By End Use(Agriculture, explosives, automotive, chemicals and others (including metallurgy), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15C2031 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
70
|Figures:
75
Nitric Acid Market Insights
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).
Nitric acid is a key intermediate chemical that is used in the production of several other chemicals, including adipic acid, toluene diisocyanate, and nitrobenzene. The primary purpose of the global nitric acid market is to meet the increasing demand for nitric acid from various end-use industries. The market is highly competitive and is driven by several factors such as the growing demand for fertilizers in the agriculture sector, increasing industrialization, and the rising demand for adipic acid in the textile industry. The market is also driven by innovations in technology, which have led to the development of more efficient and cost-effective production methods. The increasing focus on sustainable and eco-friendly production methods is also driving the growth of the nitric acid market, with several companies investing in research and development to develop more sustainable and efficient production methods. However, the market also faces several challenges such as stringent regulations, volatile raw material prices, and environmental concerns related to the production and transportation of nitric acid.
US Nitric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fertilizers
Fastest Growth
Fertilizers
Growth Rate
3.4% CAGR
Global Nitric Acid Market 2022-2030 ($ Bn)
Country Share for Europe Region- 2022 (%)
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Nitric Acid Market Segmental Analysis
Global Nitric Acid Market is segmented on the basis of product application, end use and region. By application, the market is segmented into fertilizers, nitrobenzene, toluene diisocyanate (TDI), adipic acid, nitrochlorobenzenes and others (including ammonium nitrate, organic synthesis, and metal etching). By end use, market is segmented into agriculture, explosives, automotive, chemicals and others (including metallurgy, pharmaceuticals, and wastewater treatment). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
The largest segment of the Global Nitric Acid Market by application is the Fertilizers segment. Nitric acid is a key raw material in the production of nitrogen-based fertilizers, which are widely used in the agriculture sector to increase crop yield and quality. The Fertilizers segment accounted for the largest share of the global nitric acid market in 2022.
The fastest growing segment of the Global Nitric Acid Market by application is the Adipic Acid segment. Nitric acid is a critical component in the production of adipic acid, which is used as a raw material in the manufacturing of nylon 6,6. The growth of the Adipic Acid segment is driven by the increasing demand for nylon 6,6 in various end-use industries such as automotive, textiles, and packaging. The Adipic Acid segment is expected to grow at the highest CAGR during the forecast period in the global nitric acid market.
Analysis by End Use
The largest segment of the Global Nitric Acid Market by end-use is the Agriculture segment. Nitric acid is a key component in the production of nitrogen-based fertilizers, which are widely used in the agriculture sector to increase crop yield and quality. The agriculture segment accounted for the largest share of the global nitric acid market in 2022.
The fastest growing segment of the Global Nitric Acid Market by end-use is the Explosives segment. Nitric acid is a major component in the production of explosives such as ammonium nitrate, which is used in the mining and construction industries. The growth of the explosives segment is driven by increasing demand for explosives in mining activities and infrastructure development. The explosives segment is expected to grow at the highest CAGR during the forecast period in the global nitric acid market.
Global Nitric Acid Market Size By Application 2022(%)
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Nitric Acid Market Regional Insights
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.
Asia Pacific is expected to be the fastest-growing region in the global nitric acid market. The growth of the nitric acid market in the Asia Pacific is primarily driven by the increasing demand for fertilizers in the agriculture sector. The region is home to several rapidly developing countries such as China and India, which have large agricultural sectors and a growing population, leading to a higher demand for food and fertilizers. Moreover, several government initiatives and policies aimed at boosting the agriculture and industrial sectors in the region are expected to further drive the growth of the nitric acid market in the Asia Pacific. However, the market in the Asia Pacific is also facing challenges such as volatile raw material prices, environmental concerns, and regulatory hurdles. Nevertheless, the region is expected to continue growing at a significant rate and dominate the global nitric acid market in the coming years.
Global Nitric Acid Market Size By Geography, 2022-2030
- Largest
- Fastest
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Nitric Acid Market Dynamics
Drivers
Growing demand for nitric acid
- 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.
Restraints
Stringent regulations
- Thee major restraint of the global nitric acid market is the stringent regulations imposed on the production and transportation of nitric acid due to its hazardous nature. Nitric acid is a highly corrosive and toxic substance that poses significant risks to human health and the environment if not handled properly. As a result, various governments and regulatory bodies around the world have established strict regulations and safety standards for the production, storage, and transportation of nitric acid. These regulations can be a significant challenge for companies operating in the nitric acid market as they must comply with various safety and environmental regulations while ensuring that their operations remain profitable. Compliance with these regulations can lead to increased production costs, which can impact the pricing of nitric acid products and make them less competitive in the market. In addition, the transportation of nitric acid is subject to various regulations and safety requirements, which can increase transportation costs and pose logistical challenges for companies. The need to comply with these regulations and safety standards can limit the growth of the nitric acid market, as companies may face difficulties in expanding their production capacities and reaching new markets.
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Nitric Acid Market Competitive Landscape
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.
Top Player’s Company Profiles
- 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.
Recent Developments
- In March 2024, Casale announced a significant milestone as its subsidiary, Casale Project a.s., successfully secured a turn-key contract with BorsodChem MCHZ, s.r.o., based in the Czech Republic, for the construction of a cutting-edge nitric acid plant.
- In Jnauary 2024, Saudi Chemical Co. Holding (SCCH), through its subsidiary Saudi Chemical Co. Ltd. (SCCL), signed a non-binding memorandum of understanding (MoU) with Dyno Nobel for a facility to produce ammonium nitrate and nitric acid in Ras Al Khair.
- In August 2023, Deepak Fertilisers And Petrochemicals Corporation Limited, a leading producer of industrial chemicals, mining chemicals and fertilisers in India announced brownfield expansion of nitric acid at Dahej in Gujarat which is part of its strategic growth journey.
- In July 2022, Nutrien Ag Solutions announced its acquisition of Casa do Adubo S.A., a Brazilian company. The deal involves the purchase of 39 retail locations operating under the Casa do Adubo brand and 10 distribution centers operating under the Agrodistribuidor Casal brand. This acquisition aligns with Nutrien's Retail growth strategy in Brazil and is anticipated to result in a sales increase of approximately USD 400 million. The agreement signifies Nutrien's continued commitment to expanding its presence in the Brazilian market.
- In June 2022, Nutrien Ag Solutions announced that it is expanding its fertilizer production capability. This strategic decision is aimed at enhancing the company's ability to adapt to changes in global energy, agriculture, and fertilizer markets. By increasing its production capability, Nutrien Ag Solutions can better meet the growing demand for fertilizer and capitalize on emerging opportunities in the market. This move highlights the company's commitment to strengthening its position as a leading player in the global fertilizer industry.
Nitric Acid Key Market Trends
- 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.
Nitric Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global nitric acid market analysis, the market growth is driven by increasing demand from the agriculture, chemical, and explosives industries. The fertilizer segment is the largest application segment of the global nitric acid market, accounting for more than half of the total market share. This is driven by the increasing demand for food, which has led to the growth of the agriculture industry and subsequently, the demand for fertilizers. One of the key drivers of the global market is the increasing demand for nitric acid in the production of Toluene Diisocyanate (TDI), which is used in the production of polyurethane foams. The growth of the construction industry, particularly in developing regions, is expected to further boost the demand for TDI and subsequently, nitric acid. However, the market also faces some restraints, such as the increasing environmental concerns related to the production and use of nitric acid. This has led to the implementation of stringent regulations, which can increase production costs for manufacturers. Overall, the global market is expected to continue its growth trajectory, driven by the increasing demand from the agriculture, chemical, and explosives industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 32.5 billion |
| Market size value in 2031 | USD 43.91 billion |
| Growth Rate | 3.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Nitric Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Nitric Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Nitric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nitric Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nitric Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Nitric Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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