Nitric Acid Market Report Outlook 2018 and Pricing Trend 2022 by The Dow Chemical Company, Bayer AG, BASF SE, LyondellBasell Industries, Agrium Inc., Koch Fertilizer, AkzoNobel NV, Basic Chemical Solutions, PVS Chemicals, Apache Nitrogen Products Inc

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This report includes in-depth study analysis of Nitric Acid Market

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The data used in the report is primarily based on primary interviews with major producing companies and industry experts supported by authentic industry data from secondary sources.

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Market Synopsis of Global Nitric Acid Market

Nitric Acid is colorless and a corrosive mineral acid that has concentration of around 70%. It turns pale yellow due to decomposition of oxides. Commercially Nitric Acid with more than 85% concentration is known as fuming nitric acid. Based on color solution and concentration of nitrogen dioxide, Nitric Acid is further classified as red fuming and white fuming nitric acid. Unstable Nitric Acid based compounds are used in explosives while stable compounds of nitric acid are used in production of paints, dyes and pigments. It also acts as reagent for nitration reaction.

The Global Nitric Acid Market is primarily driven by the fertilizer industry and is expected to grow at CAGR of 6.5% from 2016-2022. Global fertilizer industry is significantly expanding owing to rise in need for crop yield to meet growing population’s demand of food. Use of ammonium nitrate and calcium ammonium nitrate in fertilizer is expected to be key driver of the nitric acid market’s growth. Ammonium nitrate is derived from Nitric Acid which is extensively used in manufacturing of explosives and fertilizers. Increasing demand from defense industry owing to use of explosives at cross border area has driven the Nitric Acid Market’s growth. Calcium ammonium nitrate is also used as a fertilizer solution in the agriculture industry. Other than fertilizer application, nitric acid is also used in production of adipic acid. Adipic acid produces nylon 6.6 which is further used in textile, tire and automotive industry. Toluene di isocyanate (TDI) act as an intermediate though using nitric acid for developing polyurethane forms, which is used in furniture, transportation and automotive industry. Is also driving the growth of this market. Thus, influencing nitric acid market’s demand over the forecasted period.

Asia Pacific is largest market segment owing to increase in fertilizer and chemical industries in the region. China forecasted fastest growth rate in the production and consumption of nitric acid owing to growing chemical and explosive industries. North America and Europe witnessed a significant loss due to adverse environmental issues which will rise as a result of usage of chemicals relating to nitric acid. Strict regulations government in Europe and North America regarding usage of ammonium nitrate in fertilizer has shift the demand to emerging countries like China and India. Other application like adipic and TDI is expected to drive the demand of nitric acid in North America. Other parts of the world are expect to witnessed strong growth due to increase in demand for nitrate based fertilizer in agrochemical industry and lack of regulation in using chemicals.

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