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Nitric Acid Market Insight: Uncovering Size, Share, and Strategies for Growth in the Chemical Industry
Nitric Acid Market
The Business Research Company offers in-depth market insights through Nitric Acid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The nitric acid market size has grown steadily in recent years. It will grow from $21.66 billion in 2023 to $22.37 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increase in agricultural demand, infrastructure development, population growth, production of explosives, changes in environmental regulations.
The nitric acid market size is expected to see steady growth in the next few years. It will grow to $25.54 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to increase in sustainable practices, rise in demand for electronics, advancements in renewable energy, rise in water treatment, urbanization. Major trends in the forecast period include shift towards green nitric acid, digitalization, customized nitric acid solutions, collaboration for innovation, hybrid production processes.
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Market Segmentation:
The nitric acid market covered in this report 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
Major Driver - Rising Industrial Applications Drives Growth In The Nitric Acid Market
The increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market. 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. Therefore, the increasing use of nitric acid In fertilizer, explosives, polyurethanes, polyamides, and other industries, this is driving the growth of the nitric acid market.
Competitive Landscape:
Major companies operating in the nitric acid market report are Sinopec Nanjing Chemical Industries Co Ltd, BASF SE, Thyssenkrupp AG, Nutrien Ltd., Mitsubishi Chemical Corporation, 3M company, Yara International ASA, Deepak Fertilisers and Petrochemicals Corporation Ltd., DuPont de Nemours Inc., CF Industry Holdings Inc., Sika AG, EuroChem Group AG, OCI N.V., The Lubrizol Corporation, Adeka Corp, Enaex S.A., Rashtriya Chemicals & Fertilizers Ltd., Hanwha Corporation, Gujarat Narmada Valley Fertilizers & Chemicals Limited, TKG Huchems Co Ltd., LSB Industries Inc., Dorf Ketal Chemicals Pvt Ltd., Ube Industries Ltd., PMC Specialties Group Inc., Mayzo Inc., Chemtrade Logistics Inc., Angus Chemical Company, Apache Nitrogen Products Inc., Abu Qir Fertilizers and Chemicals Co, MaxamCorp Holding SL
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Top Trend - Strategic Collaborations Transforming The Nitric Acid Market
Major companies operating in the nitric acid market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in February 2023, Rotating Machinery Services Inc., a US-based aftermarket engineering and services company, announced a collaboration with Howden Maintenance Partners, a Belgium-based maintenance and repair services company. Under this collaboration, Rotating Machinery Services (RMS) and Howden Maintenance Partners (HMP) aim to enhance the servicing of hot gas and nitric acid expanders in the Europe and Middle East (EMENA) region. This partnership combines RMS's expertise in Hot Gas Expanders with HMP's local repair capabilities, seeking to provide customers with improved reliability, maintainability, and performance for Fluid Catalytic Cracking (FCC) and Nitric Acid Expanders through a European center of excellence for expander services.
The Table Of Content For The Market Report 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
…..
27. Nitric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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