Nitric Acid Market Size Forecasted To Achieve $26.9 Billion By 2029 With Steady Growth

The Nitric Acid Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Nitric Acid Market Size During the Forecast Period?
There has been a consistent increase in the size of the nitric acid market over the past few years. Its market value will see an expansion from $22.22 billion in 2024 to $22.87 billion in 2025, indicating a CAGR of 2.9%. The historic growth of this market can be traced back to factors such as rising agricultural needs, infrastructure progress, growing population, explosive production, and amendments in environmental rules.

Expectations are high for the nitric acid market, anticipated to experience consistent growth in the coming years. By 2029, it is projected to reach a valuation of $26.9 billion, due to a compound annual growth rate (CAGR) of 4.1%. Several factors are driving this upward trend during the forecast period, such as the embracing of sustainable practices, increasing demand for electronics, advancements in renewable energy, rising interest in water treatment, and urbanization. Regarding trends in the same timeframe, there will be a shift towards green nitric acid, ongoing digitalization, custom nitric acid solutions, collaborations to boost innovation, and the advent of hybrid production processes.

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What Are the High-Growth Segments in the Nitric Acid Market?
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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What Key Drivers Are Expected to Influence Future Nitric Acid Market Growth?
The nitric acid market is experiencing growth due to its rising utilization in various industries such as fertilizer, explosives, polyurethanes, polyamides, and others. Predominantly used in explosives production for coal mining, as well as limestone for cement and fertilizer manufacture, nitric acid's demand in these industries exceeds 98%. For example, data from the Fertiliser Association of India, an Indian representative body of the fertilizer sector, reveals a widening ratio in All-India NPK use from 7.7:3.1:1 in 2021-22 to 11.8:4.6:1 in 2022-23. This indicated a noteworthy escalation in nitrogen use compared to phosphorus and potassium fertilizers. Consequently, the amplified application of nitric acid in industries like fertilizers, explosives, polyurethanes, polyamides, etc, is propelling the expansion of the nitric acid market.

Which Companies Hold the Largest Share Across Different Nitric Acid Market Segments?
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.

What Are the Latest Developing Trends in the Nitric Acid Market?
The primary trend in the nitric acid market is the advancement of innovative technologies for more efficient production. The rising levels of global warming are largely attributed to the use of chemicals such as nitric acid and nitrates in fertilizers. To counter this, leading market participants are focusing on introducing new technologies to minimize nitrates used in fertilizers. For instance, in May 2022, LUNA INNOVATIONS, Inc., a firm based out of the USA specializing in sensory, testing, measurement, monitoring, and control solutions, rolled out the LuNOX process. This innovation is poised to enhance plant production by substantially reducing the energy and infrastructural expenses of producing nitrates for fertilizer. This will also prove advantageous for agriculturalists through decreased fertilizer expenses and for the general public through less energy consumption and reduced greenhouse gas emissions, thereby significantly helping to curb global warming.

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What Are the Emerging Geographies for The Nitric Acid Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Nitric Acid Market?
2. What is the CAGR expected in the Nitric Acid Market?
3. What Are the Key Innovations Transforming the Nitric Acid Industry?
4. Which Region Is Leading the Nitric Acid Market?

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