Nitric Acid Market 2023 - Industry Size, Growth, Market Analysis, Segmentation, And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Nitric Acid Global Market Report 2023 identifies the increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries as the major driver for the nitric acid market's growth in the forecast period. Nitric acid is primarily used to manufacture explosives for coal mining, limestone for cement and the fertilizer manufacturing process, due to which the demand for nitric acid is more than 98% in the industries. For instance, according to EQMS India Pvt. Ltd., an India-based provider of premium environment, health, and safety services, in their report in 2022, during the years 2020-21, domestic production was close to 758,000 MT, whereas demand from industries was 993,000 MT. The gap in demand-supply i.e., about 235,000 MT industries demand was met through imports.

The global nitric acid market size is expected to grow from $21.09 billion in 2022 to $21.84 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The nitric acid market size is expected to grow to $24.35 billion in 2027 at a compound annual growth rate (CAGR) of 2.8%.

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Major competitors in the nitric acid market are BASF SE, Nutrien Ltd., CF Industry Holdings, Inc., Yara International ASA, LSB INDUSTRIES, DuPont de Nemours, Inc., Omnia Holding Limited.

A key trend in the nitric acid market includes developing cutting-edge technologies for producing products more efficiently. Due to the use of chemicals like nitric acid and nitrates in fertilizers, global warming is increasing at an alarming rate. Major market players are concentrating on bringing new technologies to reduce nitrates for fertilizer. For example, in May 2022, LUNA INNOVATIONS, Inc., a US-based provider of sensing, testing, and measurement, monitoring, and control solutions, introduced the LuNOX process, which will improve plant production by significantly decreasing the energy and infrastructure costs of producing nitrates for fertilizer and also benefit farmers with lower fertilizer costs and the public through lower energy usage and decreased greenhouse gas emissions, which will drastically help in reducing global warming.

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The nitric acid market is segmented -
1) By Type: Concentrated Nitric Acid, Dilute Nitric Acid

2) By Application: Fertilizers, Nitrobenzene, Adipic Acid, Toluene Diisocyanate (TDI), Nitrochlorobenzene, Other Applications

3) By End-Use Industry: Explosives, Agrochemicals, Electronics, Automotive, Other End-Use Industries

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the nitric acid market.

The Business Research Company's "Global Nitric Acid Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Nitric Acid Market Include:
1. Executive Summary
2. Nitric Acid Market Characteristics
3. Nitric Acid Market Trends And Strategies
4. Nitric Acid Market - Macro Economic Scenario
5. Nitric Acid Market Size And Growth
…..
26. Africa Nitric Acid Market
27. Nitric Acid Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Nitric Acid Market
29. Nitric Acid Market Future Outlook and Potential Analysis
30. Appendix

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