Concentrated Nitric Acid Market Growth, Business Outlook: 2024, Regional Segmentation and Forecast to 2031 | Nutrien Ltd., BASF S.E., CF Industries Holdings

Market Overview:

Concentrated nitric acid, also known as aqueous nitric acid, is a highly corrosive and colorless liquid that is commonly used as an oxidizing agent. It is majorly used in the production of fertilizers, adipic acid, and nylon.

Market Dynamics:

The global concentrated nitric acid market is expected to witness significant growth over the forecast period owing to the rising demand from the fertilizer industry. Nitric acid acts as the major raw material in the production of ammonium nitrate, calcium ammonium nitrate and ammonium sulfate which are extensively used as nitrogen fertilizers globally. According to FAO, around 60-70% of the global nitric acid consumption is directed towards fertilizer production. Furthermore, rapid growth in global population coupled with rising need for higher agricultural yield is further augmenting fertilizer demand, thereby driving the market growth of concentrated nitric acid. The increasing application of concentrated nitric acid in adipic acid manufacturing is another factor projected to propel the market during the forecast period.

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Major market players included in this report are:

★ Nutrien Ltd.
★ BASF S.E.
★ CF Industries Holdings Inc.
★ Bayer A.G.
★ LSB Industries Inc.
★ Shandong Fengyuan Chemical Stock Co.,Ltd.
★ DowDuPont Inc.
★ Ube Industries
★ Yara International.

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

On the basis of product type,
✦ Strong nitric acid
✦ Fuming nitric acid

On the basis of application,
✦ Ammonium Nitrate
✦ Adipic Acid
✦ Nitrobenzene
✦ Toluene Diisocyanate
✦ Others

On the basis of end-use industry,
✦ Automotive
✦ Agrochemicals
✦ Electronics
✦ Defense
✦ Others

Regional Analysis:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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👉 Concentrated Nitric Acid Market Drivers

✦ Increasing Demand from Fertilizer Industry

Concentrated nitric acid is extensively used in the production of ammonium nitrate fertilizers which are used as nitrogen-rich fertilizers for crops. As the global population continues to rise, there is increasing demand for food which is driving the fertilizer industry. According to the UN, the global population is projected to reach 8.5 billion by 2030 and 9.7 billion by 2050. This rising population will require more food production and therefore more fertilizers which will directly increase the demand for concentrated nitric acid in the coming years.

✦ Growing Electronics Industry

Nitric acid is used in the manufacturing of electronic components such as printed circuit boards, semiconductors, and integrated circuits. The rapid growth of the consumer electronics industry such as smartphones, tablets, laptops, desktop PCs, gaming consoles, and other electronic gadgets is fueling the demand for concentrated nitric acid. According to Market Research Future, the global electronics industry is projected to reach over $5 trillion by 2025 growing at a CAGR of around 3-4% during this period. With more people adopting electronic devices, the electronics industry will continue requiring concentrated nitric acid to manufacture various components.

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👉 Concentrated Nitric Acid Market Restraint

✦ Stringent Environmental Regulations

The production and use of nitric acid are associated with environmental pollution risks if not handled properly. Nitric acid emissions can contaminate air, water, and soil posing health hazards. Various governments across the globe have established stringent environmental laws and emission standards to curb pollution from the nitric acid industry. For example, the US Environmental Protection Agency has set National Emission Standards for Hazardous Air Pollutants to control nitric acid plant emissions. Complying with such stringent norms increases production costs for concentrated nitric acid manufacturers.

👉 Concentrated Nitric Acid Market Opportunity

✦ Growing Solar Photovoltaic Industry

The solar photovoltaic industry has tremendous growth potential due to rising clean energy demand and supportive government policies around the world promoting renewable sources. Nitric acid plays a vital role in the manufacturing of silicon wafers that are used to produce solar cells. According to the IEA, global solar PV installed capacity is projected to grow significantly over the next two decades reaching over 4000 GW by 2050. This rapid expansion of the solar industry opens up lucrative opportunities for concentrated nitric acid suppliers to cater to growing silicon wafer fabrication requirements.

👉 Concentrated Nitric Acid Market Trends

✦ Shift Towards Green Nitric Acid Production Technologies

With mounting environmental pressures, nitric acid producers are investing in eco-friendly production technologies to reduce pollution and comply with emission standards. Some of the latest innovations in green nitric acid production include adopting new catalyst systems, integrating denitration units, utilizing ammonium nitrate process with minimal by-product generation, using alternative burning methods, and installing scrubbing systems to cut toxic emissions. The trends towards sustainable techniques will help concentrated nitric acid manufacturers reduce environmental footprint and align operations with circular economy principles.

Key Questions

• How much revenue will the global Concentrated Nitric Acid Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Concentrated Nitric Acid Market?

• What are the indicators expected to drive the global Concentrated Nitric Acid Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Concentrated Nitric Acid Market to expand their geographical presence?

• What are the major advancements witnessed in the global Concentrated Nitric Acid Market?

• This report answers these questions and more about the global Concentrated Nitric Acid Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Concentrated Nitric Acid Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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