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 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.