Global Concentrated Nitric Acid Market, By Type (Strong Nitric Acid, Fuming Nitric Acid), Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate), End-use Industry (Agrochemicals, Explosives, Automotive, Electronics) – Industry Trends and Forecast to 2029
Concentrated Nitric Acid Market Analysis and Size
The growing fertilizer demand with the rising high crop yield requirements are expected to drive the growth of the concentrated nitric acid. Moreover, the defence and military industries are growing demands for ammonium nitrate which is widely used in the explosives are also boost the growth of the nitric acid market. The “strong nitric acid (concentration 50-85%)” is the highest growing type segment due to various applications such as production of nitrobenzene, nitro chlorobenzene, ammonium nitrate, adipic acid, toluene diisocyanate (TDI), and trinitrotoluene (TNT) overall the forecast period. Along with that, the nitric acid market is bringing more beneficial opportunities for the major market players because of rising use of nitric acid as an oxidizer for space expeditions in rocket propellants.
Data Bridge Market Research analyses that the concentrated nitric acid market is expected to undergo a CAGR of 3.60% during the forecast period. This indicates that the market value, which was USD 25.19 billion in 2021, would rocket up to USD 33.43 billion by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Concentrated Nitric Acid Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Strong Nitric Acid, Fuming Nitric Acid), Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate), End-use Industry (Agrochemicals, Explosives, Automotive, Electronics)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Yara (Norway), Nutrien Ltd. (Canda), BASF SE (Germany), 3M (U.S.), Dow (U.S.), DuPont (U.S.), LSB INDUSTRIES (U.S.), Sika AG (Switzerland), C.F. Fertilisers U.K. (U.K.), Innospec (U.S.), ADEKA CORPORATION (Japan), Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.), PMC Specialties Group (U.S.), Afton Chemical (U.S.), The Lubrizol Corporation (U.S.), Clariant (Switzerland), LANXESS (Germany), Mayzo, Inc. (U.S.), Solvay (Belgium), Akzo Nobel N.V. (Netherlands), Arkema (France) and Eastman Chemical Company (U.S.)
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Market Opportunities
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Market Definition
Concentrated nitric acid is inorganic compound with the molecular formula HNO3. It is highly corrosive mineral acid. The concentrated nitric acid is a colourless compound, but older samples tend to be yellow cast because of decomposition into nitrogen oxides. Most commercially available concentrated nitric acid has a concentration of 68% to 71%. When the nitric acid solution contains more than 86% of HNO3, it is referred to as fuming nitric acid.
Concentrated Nitric Acid Market Dynamics
Drivers
- Increasing demand of concentrated nitric acid in multiple industry
The increasing demand for concentrated nitric acid from several end user industries such as agrochemicals and automotive are expected to drive the growth of concentrated nitric acid market. According to the U.S. Environmental Protection Agency (EPA), approx. 70% of nitric acid is used for the manufacture of ammonium nitrate (NH4NO3), which is widely used in the fertilizers. Moreover, growing demand of nylon 6-6 compound as a place of metals in the automotive industry are expected to drive the growth rate of concentrated nitric acid market.
- Increasing product launches
The surging product launches and other innovations by major market players further drive the growth rate of the concentrated nitric acid market. For instance, in September 2016, Weatherly Inc., a subsidiary of KBR Inc., launched dual pressure nitric acid technology which allowed large amount of production of nitric acid.
Furthermore, the rising number of population along with decreasing arable land, growing usages in synthetic rubbers, elastomers, polyurethane foams in automotive industry and rising application in chemical and aerospace industry are some of the major factors which are expected to increase the growth of the concentrated nitric acid market during the forecast period of 2022-2029.
Opportunities
- Growing demand of concentrated nitric acid in chemical industry
Concentrated nitric acid is used in the chemical industry to manufacture nitrobenzene, toluene diisocyanate, ammonium nitrate, adipic acid, trinitrotoluene, and nitroglycerine which are used across several end user industries such as automotive, electronics, agrochemicals, explosives, and others. The rising demand of concentrated nitric acid in chemical industry are expected to drive the growth rate of the market.
- Technological and scientific advancement
The scientific and technological advancement in mono pressure and dual-pressure technology for the production of nitric acid has designed to maximize the amount of steam exported and manage with the latest environmental regulations are expected to create immense opportunities for the growth of the concentrated nitric acid market in forthcoming period..
Restraints/Challenges
- Concern associated with environment
Growing environmental concern among consumers and market players along with the stringent government regulations will hamper the demand of the concentrated nitric acid and obstruct the growth of the concentrated nitric acid market during the forecast period of 2022-2029.
This concentrated nitric acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the concentrated nitric acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Concentrated Nitric Acid Market
The market was negatively impacted by the outbreak of COVID-19 due to the pandemic scenario, the mining and automotive industry were on temporary halt during the government implemented lockdown, thus leading to a decrease in the consumption of concentrated nitric acid which is used in the manufacturing of mining explosive materials and automobile interior products, negatively impacting the concentrated nitric acid market demand. However, nitric oxide is a chemical compound produced by the reduction of nitric acid with copper and used to treat acute respiratory distress syndrome and pulmonary hypertension has grown in demand as it has the potential to treat COVID-19 patients, thereby increasing the demand for the concentrated nitric acid market.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In April 2019, Plinke GmbH, a subsidiary of KBR, Inc., was given a contract by Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) to build concentrated nitric acid plant (CNA) at Bharuch, Gujarat. This plant will produce 98.5% concentrated nitric acid specifically for the Indian market.
Global Concentrated Nitric Acid Market Scope
The concentrated nitric acid market is segmented on the basis of type, application and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Strong Nitric Acid
- Fuming Nitric Acid
Application
- Ammonium Nitrate
- Adipic Acid
- Nitrobenzene
- Toluene Diisocyanate
End-use Industry
- Agrochemicals
- Explosives
- Automotive
- Electronics
Concentrated Nitric Acid Market Regional Analysis/Insights
The concentrated nitric acid market is analysed and market size insights and trends are provided by country, type, application and end-use industry as referenced above.
The countries covered in the concentrated nitric acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the concentrated nitric acid market due to the increasing applications in automobile industry along with changing consumer preferences and growing disposable income of the people in this region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to the rapid urbanization and strict government regulations.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Concentrated Nitric Acid Market Share Analysis
The concentrated nitric acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to concentrated nitric acid market.
Some of the major players operating in the concentrated nitric acid market are:
- Yara (Norway)
- Nutrien Ltd. (Canada)
- BASF SE (Germany)
- 3M (U.S.)
- Dow (U.S.)
- DuPont (U.S.)
- LSB INDUSTRIES (U.S.)
- Sika AG (Switzerland)
- C.F. Fertilisers U.K. (U.K.)
- Innospec (U.S.)
- ADEKA CORPORATION (Japan)
- Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.)
- PMC Specialties Group (U.S.)
- Afton Chemical (U.S.)
- The Lubrizol Corporation (U.S.)
- Clariant (Switzerland)
- LANXESS (Germany)
- Mayzo, Inc. (U.S.)
- Solvay (Belgium)
- Akzo Nobel N.V. (Netherlands)
- Arkema (France)
- Eastman Chemical Company (U.S.)
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