Nitric Acid Market Poised for 4.1 % Growth, Set to Hit $18.14 Billion by 2029

What combination of drivers is leading to accelerated growth in the nitric acid market?
The nitric acid market is witnessing growth due to its expanding usage in various sectors such as fertiliser, explosives, polyurethanes, polyamides, among others. The primary use of nitric acid is seen in the production of explosives used in coal mining, limestone for cement, and in the process of manufacturing fertilizer; hence, its demand surpasses 98% in industries. For example, the Fertiliser Association of India, which acts as a representative body of the Indian fertilizer industry, illustrated that the All-India NPK usage ratio amplified from 7.7:3.1:1 in 2021-22, reaching to 11.8:4.6:1 in 2022-23. This signifies a notable hike in nitrogen usage in comparison to phosphorus and potassium fertilizers. As a result, the upward trend of nitric acid application in different spheres like fertilizer, explosives, polyurethanes, polyamides, etc., is fuelling the growth of the nitric acid market.

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What is the future CAGR of the nitric acid market, and how will it impact industry expansion?
The size of the nitric acid market has been on a consistent upward trend over the recent years. The market is predicted to expand from a value of $22.22 billion in 2024 to $22.87 billion in 2025, reflecting a compound annual growth rate (CAGR) of 2.9%. This growth during this historic period can be credited to factors such as an upsurge in agricultural requirements, advancement in infrastructure, population growth, heightened production of explosives, coupled with modifications in environmental regulations.

Anticipated to experience consistent expansion in the near future, the nitric acid market is projected to reach a value of $26.9 billion in 2029, with a compound annual growth rate (CAGR) of 4.1%. Factors that contribute to this growth during the forecast period encompass an uptick in sustainable methodologies, increasing need for electronics, developments in the renewable energy sector, a surge in water treatment, and urbanization. Key trends expected within the forecast period comprise a shift towards eco-friendly nitric acid, digital transformation, tailoring nitric acid solutions, partnerships for innovation, and hybrid production procedures.

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How are the latest trends influencing the growth of the nitric acid market?
Advancements in state-of-the-art technologies to create goods more effectively is a primary trend in the nitric acid market. This can be associated with the rise of global warming triggered by the extensive use of chemicals such as nitric acid and nitrates in fertilizers. Leading market participants are focusing on devising new technologies to diminish nitrates in fertilizers. For instance, in May 2022, LUNA INNOVATIONS, Inc., an American firm specializing in sensing, testing, and monitoring solutions, unveiled the LuNOX process. This method aims to boost plant production by considerably reducing the nitrates' production costs for fertilizer while minimizing energy and infrastructure expenses. It also promises reduced fertilizer expenses for farmers and lesser energy use for the public, leading to a decrease in greenhouse gas emissions, thereby significantly aiding in the prevention of global warming.

What are the major segments of the nitric acid market and their role in driving growth?
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

Subsegments:
1) By Concentrated Nitric Acid: Industrial Grade Concentrated Nitric Acid, Laboratory Grade Concentrated Nitric Acid
2) By Dilute Nitric Acid: Dilute Nitric Acid For Laboratory Use, Dilute Nitric Acid For Industrial Applications

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Which regions are key players in the growth of the nitric acid market?
Europe was the largest region in the nitric acid market in 2024. The regions covered in the nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the nitric acid market?
Major companies operating in the nitric acid market include BASF SE, Yara International ASA, CF Industries Holdings Inc., Nutrien Ltd., The Dow Chemical Company, LSB Industries Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Rashtriya Chemicals and Fertilizers Ltd., Grupa Azoty S.A., OCI N.V., EuroChem Group AG, Indian Farmers Fertiliser Cooperative Limited, Thyssenkrupp AG, Dyno Nobel Pty Limited, Hanwha Corporation, Dupont de Nemours Inc., Apache Nitrogen Products Inc., Enaex S.A., Sasol Limited, UBE Industries Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., TogliattiAzot, Qatar Fertiliser Company, Orica Limited, Koch Fertilizer LLC, SBU Azot, Petroleo Brasileiro S.A. (Petrobras), Sichuan Meifeng Chemical Industry Co., Ltd., Haifa Group, Mitsubishi Gas Chemical Company Inc.

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What Is Covered In The Nitric Acid Global Market Report?

•Market Size Forecast: Examine the nitric acid market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the nitric acid market for a structured understanding.
•Key Players Overview: Analyze major players in the nitric acid market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the nitric acid market.
•Segment Contributions: Evaluate how different segments drive overall growth in the nitric acid market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the nitric acid market.
•Industry Challenges: Identify potential risks and obstacles affecting the nitric acid market.
•Competitive Landscape: Review strategic developments in the nitric acid market, including expansions, agreements, and new product launches.

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