Concentrated Nitric Acid Market is Anticipated to Expand upto $21.86 Billion in 2029

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What Is the Forecasted Market Growth Rate of the Concentrated Nitric Acid Industry?
The size of the concentrated nitric acid market has seen modest growth in the past few years. It is expected to increase from $19.41 billion in 2024 to $19.58 billion in 2025, with a compound annual growth rate (CAGR) of 0.9%. The expansion in the previous period is due to thriving developments in the chemical industry, needs within the agricultural sector, the production of explosives, the processing of metals and mining, and its various industrial uses.

How Will the Concentrated Nitric Acid Market Size Evolve From 2025 to 2029?
The market size of concentrated nitric acid is predicted to witness a consistent increase in the forthcoming years, thriving to reach a value of $21.86 billion by 2029, with a compound annual growth rate (CAGR) of 2.8%. The projected growth during the forecast period can be associated with the focus on industrial safety, continuous advancements in chemical procedures, demands in the automotive sector, water purification necessities, and demands in the semiconductor industry. The forecast period is also expected to see significant trends such as renewed utilization in the explosives manufacturing domain, progress in the pharmaceutical sector, demand for dyes, pigments and colorants, and market competition and innovation.

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What Are the Main Growth Drivers in the Concentrated Nitric Acid Market Today?
The surge in need for personal safety equipment is predicted to drive the expansion of the concentrated nitric acid market. Worn safety equipment, commonly known as Personal Protective Equipment (PPE), encompasses items such as protective clothes, helmets, gloves, face shields, goggles, facemasks, and other respirators. The fabrication of PPE, especially gloves and face masks, involves plastic polymers that use concentrated nitric acid. According to the United States' public health agency, the Centers for Disease Control and Prevention (CDC), N95 masks have been found to be the best form of face protection against respiratory viruses, including COVID-19, as of June 2022. The CDC cited a study that demonstrated an 83% decrease in the chance of testing positive for SARS-CoV-2 when wearing N95 masks, a 66% decrease with surgical masks, and a 56% decrease with cloth masks. The CDC continues to underscore the significance of N95 masks, especially in medical environments, to limit the transmission of infectious diseases. As a result, the increasing demand for personal safety equipment is fueling the growth of the concentrated nitric acid market.

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Which Concentrated Nitric Acid Market Segment Is Expected to Lead Through 2029?
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)

Which Market Trends Are Expected to Dominate Concentrated Nitric Acid Industry Growth?
The main trend in the concentrated nitric acid market is advancements in technology. Key players in this market are aiming to incorporate innovative technology to decrease greenhouse gas emissions during concentrated nitric acid production, in order to be in compliance with climate regulation standards. For example, in July 2023, Orica, a commercial explosives corporation based in Australia, declared a considerable project at their Kooragang Island facility for cutting greenhouse gas emissions nearly by half. The project, which involves the use of renewable hydrogen in their ammonia production processes and a partnership with Origin Energy to form the Hunter Valley Hydrogen Hub, uses a grid-connected electrolyser to create renewable hydrogen using recycled water and renewable electricity. This contributes towards Orica's goal of sustainability and reducing its carbon emissions. As part of a broader drive towards sustainability, the project also incorporates groundbreaking technology to massively cut nitrous oxide (N2O) emissions from their three nitric acid plants, leading to a reduction of greenhouse gases by a minimum of 98%.

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Which Companies Hold the Largest Market Share in the Concentrated Nitric Acid Sector?
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.

Where Is the Concentrated Nitric Acid Market Experiencing the Highest Growth?
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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