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Concentrated Nitric Acid Market Report 2024 - Concentrated Nitric Acid Market Trends, Demand, And Forecast
Concentrated Nitric Acid Market
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According to The Business Research Company's, The concentrated nitric acid market size has grown steadily in recent years. It will grow from $19.04 billion in 2023 to $19.54 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to chemical industry growth, agricultural sector requirements, explosives manufacturing, metal processing and mining, industrial applications.
The concentrated nitric acid market size is expected to see steady growth in the next few years. It will grow to $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to industrial safety emphasis, continuous innovations in chemical processes, automotive sector needs, water treatment requirements, semiconductor industry demand. Major trends in the forecast period include renewed use in explosives manufacturing, pharmaceutical sector advancements, dyes, pigments, and colorants demand, market competition and innovation.
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Market Drivers and Trends:
The rising manufacturing industry is expected to propel the growth of the concentrated nitric acid market going forward. The manufacturing industry encompasses the production of physical goods through various processes, from raw materials to finished products. Concentrated nitric acid plays a crucial role in the manufacturing industry as a strong oxidizing agent, facilitating processes such as metal etching, surface passivation, and the production of various chemicals and explosives. For instance, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, industrial output in the European area witnessed a 0.2% increase. Moreover, a 0.1% increase was reported in the European Union during the period between May and April 2023 . Therefore, the rising manufacturing industry is driving the growth of the concentrated nitric acid market.
Technological advancement is the key trend in the concentrated nitric acid market. Major companies operating in the concentrated nitric acid market are focusing on including new technology to reduce greenhouse gas emissions during the process of producing concentrated nitric acid to meet climate regulation standards. For instance, in November 2021, Orica, an Australia-based commercial explosives company that produced concentrated nitric acid for use in its explosives manufacturing, installed EnviNOx, a proven nitrous oxide greenhouse gas (GHG) emissions tertiary abatement technology, at its Kooragang Island plant. The technology, which will be implemented at all three of the nitric acid production facilities used to make ammonium nitrate on Kooragang Island, is intended to reduce the site's carbon footprint by at least 567,000 tCO2e annually. Based on projected production, it is anticipated to cut the site's emissions by 48% and produce a cumulative emissions reduction of at least 4.7 MtCO2e by 2030.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Koch Fertilizers LLC, National Chemical Group Co. Ltd., OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries Ltd., Yara International ASA, The Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, EuroChem Group AG, Grupa Azoty S.A., FCI Aravali Gypsum and Minerals India Ltd., Abu Qir Fertilizers and Chemicals Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., Shandong Dacheng Pesticide Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Grasim Industries Limited, Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Taiwan Corporation, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.
Concentrated Nitric Acid Market 2024 Key Insights:
• The concentrated nitric acid market size is expected to see steady growth in the next few years. It will grow to $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%.
• Personal Protective Equipment (PPE) Surge Fuels Concentrated Nitric Acid Market Growth
• Technological Advancements Drive Sustainable Production Of Concentrated Nitric Acid
• Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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