Press release
Nitric Acid Market is Anticipated to Expand upto $26.12 Billion in 2029
Nitric Acid Maket
What Is the Forecasted Market Growth Rate of the Nitric Acid Industry?
In recent times, the market size for nitric acid has seen a slight growth. Expected to rise from $22.22 billion in 2024 to $22.55 billion in 2025, it will experience a compound annual growth rate (CAGR) of 1.5%. The growth during the historic period is a result of various factors such as the rise in agricultural demand, infrastructure development, population growth, explosive production, and alterations in environmental regulations.
How Will the Nitric Acid Market Size Evolve From 2025 to 2029?
The nitric acid market is poised for a stable expansion in the upcoming years, with an anticipated worth of $26.12 billion in 2029 and a compound annual growth rate (CAGR) of 3.7%. This growth during the projected period can be associated with the implementation of sustainable practices, increased demand for electronics, advancements in the renewable energy sector, surge in water treatment processes, and a swell in urbanization. Significant trends during this forecast period involve a pivot towards eco-friendly nitric acid, digitalization, bespoke nitric acid solutions, mutually beneficial collaborations that foster innovation, and the introduction of hybrid production procedures.
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What Are the Main Growth Drivers in the Nitric Acid Market Today?
The nitric acid market is experiencing growth due to its heightened use in fertilizer, explosives, polyurethanes, polyamides, and other sectors. Mainly, nitric acid is utilized for explosive production for coal mining, limestone for cement, and the fertilizer manufacturing procedure. These uses contribute to over 98% of nitric acid's industrial demand. This is supported by data from the Fertiliser Association of India, an authoritative body of the domestic fertilizer industry, which recorded that the All-India NPK use ratio escalated from 7.7:3.1:1 in 2021-22 to 11.8:4.6:1 in 2022-23. This demonstrates a remarkable surge in the application of nitrogen compared to phosphorus and potassium fertilizers. As a result, the expanded use of nitric acid in fertilizer, explosives, polyurethanes, polyamides, and various other sectors is fueling the expansion of the nitric acid market.
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Which Nitric Acid Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Nitric Acid Industry Growth?
In the nitric acid market, the main trend revolves around the development of advanced technologies aimed at enhancing production efficiency. The widespread use of chemicals such as nitric acid and nitrates in fertilizers has been causing a significant upsurge in global warming. As such, leading market participants are focused on introducing new technologies that can curtail the use of nitrates in fertilizers. One case in point is the LuNOX process launched in May 2022 by the US-based LUNA INNOVATIONS, Inc., a company specialising in sensing, testing, monitoring, and control solutions. This advancement is anticipated to boost plant production by substantially cutting down the energy and infrastructural costs associated with producing nitrates for fertilizers. It will also be advantageous for farmers due to decreased fertilizer expenses, as well as for the public due to less energy consumption and a decrease in greenhouse gas emissions, thereby making pivotal contributions to mitigating global warming.
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Which Companies Hold the Largest Market Share in the Nitric Acid Sector?
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.
Where Is the Nitric Acid Market Experiencing the Highest 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.
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