Nitric Acid Market is showing robust growth from agriculture industry

Global Market Insights has recently published a study titled 'Global Nitric Acid Market Research Report'. In this report, analysts have provided a detailed evaluation of the global nitric acid market. The report is inclusive of a completely comprehensive study of the nitric acid industry alongside all the important factors that are likely to have an impact on the commercialization matrix of the market.

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Nitric acid market is majorly driven by fertilizer industry. It is widely used in the production of two most agriculturally commercialized nitrate including calcium ammonium nitrate and ammonium nitrate which are majorly used as fertilizers in agriculture industry. Ammonium nitrate is further used in the production of urea ammonium nitrate (UAN) which is extensively used as fertilizer mixture and in explosives. Calcium ammonium nitrate is used producing of various fertilizers solutions.

Some of the key nitric acid market players include

1. CF Industries
2. BASF
3. Energy & Fertilizers
4. Orica
5. DuPont
6. Agrium
7. LSB Industries
8. Incitec Pivot and LyondellBasell
9. Dyno Nobel
10. Apache Nitrogen Products

Rise in demand of ammonium nitrate fertilizers is expected to emerge as a vital growth factor in the nitric acid market. Escalating need for high crop yield to address the rising necessity for food items has provoked production synthetic fertilizers over the past few years. Substantial support of government policies and high availability of cultivational land have positively impacted extension of agricultural sector around the world. This is expected to propel the global nitric acid market demand, as the chemical is effectively used for manufacturing ammonium nitrate, a crucial constituent of nitrogenous fertilizers.

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The regional segmentation covers:

o Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
o North America Region (U.S., Canada, Mexico)
o South America Region (Argentina, Brazil, Columbia, Rest of South America)
o Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
o The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)

Europe is the leading consumer in global nitric acid market owing to increasing demand from fertilizers and explosives industry. Some of the major product consuming countries in the region are Germany, Poland, Slovakia, and the Netherlands.

Asia Pacific is the fastest growing region is nitric acid market due to its agricultural bases economies and high need of ammonium nitrate fertilizers. China dominates the region with highest product demand. Followed by India, Taiwan and Japan are expected to showcase positive outlook for the industry growth.

Developed regions including North America, especially the US, have witnessed increased necessity for the product in adipic solution, TDI, fertilizers and explosives industries. Middle East & Africa and Latin America are expected to demonstrate a promising future in the nitric acid market.

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