Concentrated Nitric Acid market Historic Data And Forecast market Players 2022-2027 | Nutrien Ltd., BASF S.E., CF Industries Holdings, Inc., Bayer A.G.,

Nitric acid (HNO3), which is also known as spirit of niter or aqua fortis, is a mineral acid which is corrosive in nature. It is a strong oxidizing agent with acrid and pungent odor. Nitric acid is mainly used to add nitrogen into other compounds and is naturally made by reacting rain water with nitrogen oxides present in air. It is highly toxic and hence must be handled carefully by wearing gloves, masks, and protective glasses. Nitric acid produces flammable hydrogen gas when it comes in contact with metals.

Rising demand for concentrated nitric acid from several end-use industries such as automotive and agrochemicals among others is fueling growth of concentrated nitric acid market. According to the U.S. Environmental Protection Agency (EPA), around 70% of nitric acid is used for the production of ammonium nitrate (NH4NO3), which finds wide application in fertilizers. Furthermore, rising demand for nylon 6-6, as a replacement for metals in the automotive industry is fueling growth of concentrated nitric acid market.

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Concentrated Nitric Acid Market Taxonomy

On the basis of product type, the concentrated nitric acid market is segmented into:
Strong nitric acid
Fuming nitric acid

On the basis of application, the concentrated nitric acid market is segmented into:
Ammonium Nitrate
Adipic Acid
Nitrobenzene
Toluene Diisocyanate
Others

On the basis of end-use industry, the concentrated nitric acid market is segmented into:
Automotive
Agrochemicals
Electronics
Defense
Others

On the basis of end-use industries, the agrochemicals sector is expected to dominate the concentrated nitric acid market over the forecast period. Rising global population has led to an increasing demand for food grains. Therefore, the demand for agrochemicals has increased significantly in order to increase the yield of farming, which in turn will increase demand for concentrated nitric acid. According to the India Brand Equity Foundation (IBEF), the agrochemical sector in India is expected to grow at 7.5% annually with a growing domestic demand of 6.5% per annum, to reach US$ 6.3 billion by 2020.

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Europe dominated the global concentrated nitric acid market in 2016. Europe has the highest consumption for concentrated nitric acid, owing to its requirement in fertilizer industries for the synthesis of ammonium nitrate and calcium ammonium nitrate. According to Coherent Market Insights, the annual production of nitric acid was valued at 55 million tons. Furthermore, around 96% of the nitric acid is used for the production of calcium ammonium nitrate and ammonium nitrate, and a relatively small amount is used for the production of explosives. However, some of the European economies such as Germany and Ireland banned ammonium nitrate, mandating that it should be combined with calcium carbonate, which is restraining growth of the concentrated nitric acid market at present.

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