Top Market Shifts Transforming the Concentrated Nitric Acid Market Landscape: Key Insights

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What Is the Expected CAGR for the Concentrated Nitric Acid Market Through 2025?
The market size for concentrated nitric acid has seen a steady increase over the past few years. The growth is predicted to continue, moving from $19.41 billion in 2024 to $19.86 billion in 2025, at a compound annual growth rate (CAGR) of 2.3%. The past growth in this market can be linked to expansion in the chemical industry, needs in the agricultural sector, production of explosives, metal processing and mining, and various industrial applications.

What's the Projected Size of the Global Concentrated Nitric Acid Market by 2029?
In the coming years, the market size for concentrated nitric acid is projected to experience consistent growth, and it is expected to reach $22.52 billion in 2029, growing at a compound annual growth rate (CAGR) of 3.2%. Factors contributing to this growth during the forecast period include an emphasis on industrial safety, ongoing technological advancements in the chemical industry, demands from the automotive sector, water treatment needs, and needs from the semiconductor industry. The forecast period will also see trending growth due to the resurgence in explosives manufacturing, developments in the pharmaceutical sector, increased demand for dyes, pigments, and colorants, and competitive innovation in the market.

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Top Growth Drivers in the Concentrated Nitric Acid Industry: What's Accelerating the Market?
The growth of the concentrated nitric acid market is anticipated to get a boost from the increasing demand for personal protective equipment. This category of safety gear, known as personal protective equipment (PPE), encompasses a range of items such as protective attire, headgear, gloves, face shields, eyewear, masks, respirators and various other related products. The preferred PPE includes face masks and gloves, both of which are made from plastic polymers that necessitate the use of concentrated nitric acid in their production. For example, the US public health agency, the Centers for Disease Control and Prevention (CDC), reported in June 2022 that N95 masks have demonstrated the highest efficacy in shielding against respiratory viruses, including COVID-19. The CDC cited a study indicating that wearing N95 masks lowers the chance of testing positive for SARS-CoV-2 by 83%, while the chances were decreased by 66% with surgical masks and by 56% with cloth masks. Highlighting the key role of N95 masks in healthcare settings to prevent the spread of infectious diseases, the CDC reinforces their significance. Hence, the escalating demand for personal protective equipment contributes to the growth of the concentrated nitric acid market.

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What Trends Will Shape the Concentrated Nitric Acid Market Through 2029 and Beyond?
In the concentrated nitric acid market, the primary trend is the progression of technology. The majority of companies in this market are concentrating on incorporating new technologies to minimize greenhouse gas emissions during the concentrated nitric acid production process to comply with climate regulations. For example, in July 2023, Orica, a commercial explosives firm based in Australia, released details about a sizable project at its Kooragang Island plant, which is dedicated to reducing greenhouse gas emissions by about half. The initiative includes growing renewable hydrogen into their ammonia production steps, while working with Origin Energy to form the Hunter Valley Hydrogen Hub. The project employs a grid-connected electrolyser to produce renewable hydrogen from recycled water and renewable power, reinforcing Orica's dedication to sustainability and carbon footprint reduction. Additionally, it includes the use of advanced technology to drastically cut nitrous oxide (N2O) emissions from its three nitric acid plants, minimising greenhouse gases by no less than 98%.

What Are the Main Segments in the Concentrated Nitric Acid Market?
The concentrated nitric acid market covered in this report is segmented -

1) By Type: Strong Nitric Acid, Fuming Nitric Acid
2) By Application: Agrochemicals, Explosives, Automotive, Rubber, Other Application
3) By Distribution Channel: Direct Or Institutional Sales, Retail Sales, Other Distribution Channels

Subsegments:
1) By Strong Nitric Acid: 68% Nitric Acid, 70% Nitric Acid
2) By Fuming Nitric Acid: White Fuming Nitric Acid (WFNA), Red Fuming Nitric Acid (RFNA)

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Which Top Companies are Driving Growth in the Concentrated Nitric Acid Market?
Major companies operating in the concentrated nitric acid market are 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., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.

Which Regions Will Dominate the Concentrated Nitric Acid Market Through 2029?
Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2024. The regions covered in the concentrated nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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