What is the global market size of Nitric Acid Market?

Nitric Acid Market size was valued at USD 29.27 billion in 2021 and is poised to grow from USD 29.8 billion in 2022 to USD 35.9 billion by 2030, growing at a CAGR of 2.4% in the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global Nitric Acid Market?

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.'.

Q: What is the key driver of Global Nitric Acid Market?

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.

Q: What is the key market trend for Global Nitric Acid Market?

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.

Q: Which region accounted for the largest share in Global Nitric Acid Market?

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.

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

Nitric Acid Market News

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.

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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 Nitric Acid Market is highly competitive, with several major players operating in the industry. The 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 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 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 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 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 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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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

Nitric Acid Market News

Nitric Acid Market Report Snapshots

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What is the market size of Nitric Acid Market?

Who are the key vendors in the Nitric Acid Market?

What is the key driver of Nitric Acid Market?

What is the key market trend for Nitric Acid Market?

Which region accounted for the largest share in Nitric Acid Market?

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