Nitric Acid Market Analysis by Leading Manufacturers Data, Major Business, Company Total Revenue, Recent Developments, Demands, Future Growth and Competitors Strategy till 2028 | Top Key Players : The Dow Chemical Company, Bayer AG, BASF SE, LyondellBasel

Nitric Acid Market report covers share, size, and forecast (value and volume) by top players, regions, applications, and product types, and forecast from 2016 to 2028, along with historical data. The Nitric Acid Market study covers in-depth insights on competitive scenario, description, wide product portfolio of key vendors, SWOT analysis and business strategy adopted by competitors, revenue, Porter's Five Forces Analysis, and sales estimates.

This market analysis will provide an exhaustive analysis of segments on the basis of market dynamics, current trends, and country level analysis of Nitric Acid Market industry. This market analysis offers industry forecast and estimates for the period 2016-2028, along with segment and regional distribution and respective CAGRs for the period 2016-2028. An in-depth analysis of value chain, competitive landscape, pricing strategies, and porter's five forces model analysis are also covered in the market study.

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Due to the recent increase in demand for agrochemicals, the nitric acid market is predicted to experience rapid expansion. The market is anticipated to expand as a result of rising demand from end-use industries such paints & coatings, agrochemical, automotive, explosive, and others.
When present in its pure form, nitric acid is a corrosive mineral acid that is colourless. However, when it reacts with oxides, it turns a faint shade of pale yellow. Commercially available nitric acid has a 70% concentration and typically takes the form of a solid. They are employed as reagents in a variety of reactions and as a raw material in a number of industries for the creation of various goods, including tyres, fertilisers, and other items. Automobiles, explosives, agrochemicals, tyres, paints and dyes, among other well-known businesses, require nitric acid.

Key Factors Impacting Market Growth:

•The growth of the automobile and tire industries
•Growth in demand for agrochemical needs
•Increasing Demand from the Fertilizer Industry

The global nitric acid market is increasing day by day. Hence, the increasing fertilizer demand with the growing high crop yield needs is driving the growth of the global market -in the forecast period. Moreover, the global nitric acid market share is boosting up due to the military and defense industries, which are increasing the demands for ammonium nitrate and it is further widely used in explosives.

Recent Developments in the Global Nitric Acid Market

•In April 2021, Hanwha Corporation announced its plan to build a nitric acid production plant with an annual production capacity of 400 kiloton by 2024 in Yeosu Industrial Complex located in the south of Seoul, South Korea, with an investment of KRW 190 billion (~USD 170 million). Thereby, the company's annual production capacity of nitric acid is likely to increase from the current value of 120 kiloton to 520 kiloton by 2024.

•In March 2021, HUCHEMS announced that the company had completed the layout design and the selection of technology partners for its new nitric plant to be built by 2024 in Yeosu city, Seoul, South Korea. Moreover, the company has invested KRW 150 billion (~USD 132 million) in building a new nitric acid plant with an annual production capacity of 0.4 million ton, which may increase its total nitric acid production capacity to 1.5 million ton after completion.

Key Players

The Nitric Acid Market studied is a discreetly consolidated market owing to the existence of the small and large market players. Some of the market players are The Dow Chemical Company, Bayer AG, BASF SE, LyondellBasell Industries, Agrium Inc., Koch Fertilizer LLC, AkzoNobel NV, Basic Chemical Solutions LLC, PVS Chemicals, Apache Nitrogen Products Inc

Segment analysis

Market segmentation is the process of dividing target market into clearly defined subgroups of consumers who have common priorities. By identifying these segments, marketing strategies can be developed to meet the priorities in a cost-effective way. Nitric Acid Market is segmented as By Type (Strong, Fuming), By Application (Adipic Acid, Ammonium Nitrate, Toluene Di-Isocyanate and Others), By End-Use (Paints & Coatings, Agrochemical, Automotive, Explosive and Others)

Regional analysis

The market across North America held the largest share, owing to adoption of advanced technology. However, the market across the Asia-Pacific region is projected to register the fastest CAGR during the forecast period, due to growth of emerging countries such as India, South Korea, Japan, and China, and rapid urbanization in the region.

Regions mention in this report is:

North America: US, Canada, Mexico

Europe: Russia, Turkey, Germany, UK, France, Spain, Rest of Europe
Middle East & Africa: UAE, Saudi Arabia, Qatar, Iraq, South Africa Rest of Middle East & Africa
South America: Brazil, Argentina, Colombia, Rest of South America
Asia Pacific: China, Japan, India, South Korea, Australia Rest of Asia Pacific

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The study of the market includes

• Market share study by end-user, service, application, and region

• Investments in R&D and demonstration projects are covered, as well as a full overview of Nitric Acid Market

• Assessment of regulatory trends and incentives, regional economic development rate, implementation timeline, and environmental constraints

Purchase this report for the following reasons:

• The Nitric AcidMarket research provides a detailed examination of evolving competitive dynamics.

• It provides a forward-looking viewpoint on numerous driving variables or market evolution prevention strategies.

• It presents a six-year prediction based on how the Nitric Acid Market is expected to expand. It aids in the knowledge of major product areas and their future prospects in the Nitric Acid industry.

• It gives a precise understanding of changing competitive dynamics and keeps one-step ahead of the competition.

• It assists in making informed commercial decisions by providing complete market insights and extensive market segment analyses.

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