Press release
Global Nitric Acid Market to Reach USD 30.91 Billion by 2030
The global nitric acid market is projected to reach USD 30.91 billion by 2030, growing at a CAGR of 3.8% from 2023 to 2030. This growth is driven by increased demand in agriculture, construction, and industrial sectors, particularly in Asia-Pacific and Europe.
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✦ Competitive Landscape
Key players shaping the nitric acid market include BASF SE, Nutrien Ltd., EuroChem, CF Industries Holdings, Inc., Omnia Holdings Limited, Dyno Nobel, Enaex S.A., Sasol, LSB Industries, and IXOM. These companies are focusing on capacity expansion, strategic acquisitions, and technological advancements to strengthen their market positions.
✦ Regional Demand Insights
Asia-Pacific dominates the nitric acid market, accounting for the largest share due to its vast agricultural activities and rapid industrialization. Europe follows, with significant demand driven by environmental regulations and the automotive industry's growth.
✦ Country-Specific Developments
Growth Opportunities in Vietnam
Vietnam's rapid industrialization and infrastructure development are fueling the demand for nitric acid, particularly in construction and manufacturing sectors.
Industrial Expansion Trends in Thailand
Thailand is witnessing increased nitric acid consumption due to its growing chemical manufacturing and electronics industries.
Technological Advancements in Japan
Japan's mature industrial sector, including chemical manufacturing and electronics, utilizes nitric acid extensively, contributing to steady market growth.
Market Consolidation in South Korea
South Korea, as a major exporter of nitric acid, is experiencing market consolidation with companies enhancing production capacities to meet global demand.
Emerging Opportunities in Singapore
Singapore's strategic location and advanced infrastructure make it a hub for nitric acid trade and distribution in Southeast Asia.
Demand Surge in the United States
The U.S. market is experiencing a surge in nitric acid demand, driven by its robust agricultural sector and the need for fertilizers. Additionally, industrial applications in mining and construction are contributing to market growth.
Agricultural Growth in China
China's extensive agricultural activities and status as a leading producer of various crops are driving the demand for nitric acid, primarily for fertilizer production.
Automotive Industry Expansion in Europe
Europe is projected to have the highest CAGR over the forecast period, owing to increasing demand for fuel-efficient and environmentally friendly lightweight automobiles. Germany, in particular, is a key automotive manufacturing country, contributing significantly to the nitric acid market growth.
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✦ Notable Mergers and Acquisitions
India: In November 2022, Deepak Fertilizers collaborated with Aarti Industries for the supply and offtake of nitric acid, valued at USD 9.84 billion. This long-term association aims to protect both parties' commercial interests.
Brazil: In July 2022, Nutrien Ag Solutions entered into an agreement to acquire Casa do Adubo S.A., enhancing its retail presence and expected to boost sales by approximately USD 400 million.
✦ Key Recent Developments
India: In November 2023, KBR, Inc. announced the successful commissioning of its second plant using proprietary MAGNAC Concentrated Nitric Acid (CNA) technology in Gujarat, employing sustainable technologies to improve energy efficiency and reduce emissions.
Poland: In January 2023, Grupa Azoty launched a new production facility in Tarnów, doubling its nitric acid production capacity to 40,000 tons annually, enhancing its ability to manufacture high-concentration nitric acid.
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✦ Nitric Acid Market Classifications
✦ by Application
Fertilizers
Explosives
Chemicals
Metals and Mining
Others
✦ by Concentration
Dilute Nitric Acid
Concentrated Nitric Acid
✦ by End-User Industry
Agriculture
Mining and Metallurgy
Pharmaceuticals
For deeper market insights, peruse the summary of the research report: https://www.maximizemarketresearch.com/market-report/nitric-acid-market/199508/
✦ The following companies are included in the market for Nitric Acid :
1. Yara International ASA
2. CF Industries Holdings, Inc.
3. LSB Industries, Inc
4. The Chemical Company
5. Trammo, Inc
6. Hawkins
7. Casale SA
8. Northstar Chemical
9. Chemical Factory Kalk GmbH
10. The Essential Chemical Industry
11. Univar Solutions Inc
12. Stamicarbon
13. Radici Partecipazioni SpA
14. Sinochem Holdings
15. FarmHannong
16. Fatima Group
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