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Nitric Acid Market Analysis & Forecast 2024-2033
Nitric Acid Market Analysis
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Developing cutting-edge technologies for producing products more efficiently is the key trend in the nitric acid market. 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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Major Key Players of the Market:
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
Nitric Acid Market 2024 Key Insights:
• 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%.
• Rising Industrial Applications Drives Growth In The Nitric Acid Market
• Technological Advancements Driving Innovation In Nitric Acid Market
• Europe was the largest region in the nitric acid market in 2023
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