Press release
Market Trend Analysis: The Impact of Recent Innovations on the Nitric Acid Market
Nitric Acid Market
Forecasted Growth and Market Size of the Nitric Acid Industry
The nitric acid market is anticipated to reach a valuation of $26.9 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.5%. This progression is fueled by a surge in global food demand, a rise in infrastructure and mining projects, growth within the automotive manufacturing sector, the broadening specialty chemicals production, and improvements in nitric acid manufacturing methods. Key trends supporting this growth include the heightened use of nitric acid in fertilizer production, its increasing role in the manufacture of explosives, expanding applications in automotive component processing, growth in specialty chemical synthesis, and rising demand for high-purity grades of nitric acid.
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Top Players Steering the Nitric Acid Market Today
Several leading corporations dominate the nitric acid market landscape, including BASF SE, Yara International ASA, CF Industries Holdings Inc., Nutrien Ltd., 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 (IFFCO), Dyno Nobel Pty Limited, Hanwha Corporation, Apache Nitrogen Products Inc., Enaex S.A., Sasol Limited, UBE Industries Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., TogliattiAzot, Qatar Fertiliser Company (QAFCO), Orica Limited, Koch Fertilizer LLC, SBU Azot, Sichuan Meifeng Chemical Industry Co. Ltd., and Mitsubishi Gas Chemical Company Inc.
Strategic Acquisitions Strengthening Market Positions
In a notable move in December 2023, Norway-based Yara International ASA acquired the organic-based fertilizer business of Agribios Italiana for an undisclosed sum. This acquisition bolsters Yara's foothold in Europe, enabling the company to enhance its product portfolio in support of regenerative agriculture practices, improve soil health, and advance the European Union's initiative to increase farmland dedicated to organic farming. Agribios Italiana, headquartered in Italy, specializes in producing organic and organo-mineral fertilizers aimed at the agricultural sector.
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A Market Fueled by Collaborative Partnerships
Leading companies in the nitric acid sector are increasingly embracing strategic collaborations to deliver dependable services. These partnerships bring together independent organizations working toward common goals that align with each entity's strategic ambitions. For example, in February 2023, US-based Rotating Machinery Services Inc. joined forces with Belgium-based Howden Maintenance Partners. The collaboration is focused on improving the servicing of hot gas and nitric acid expanders across the Europe and Middle East (EMENA) region. Leveraging RMS's expertise in hot gas expanders and HMP's local repair capabilities, this partnership aims to enhance reliability, maintainability, and performance for Fluid Catalytic crac*king (FCC) and nitric acid expanders through a European center of excellence dedicated to expander services.
Breakdown of Nitric Acid Market Segments
This report segments the nitric acid market into several categories for better clarity:
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
Additional subcategories include:
- Concentrated Nitric Acid: Industrial Grade and Laboratory Grade
- Dilute Nitric Acid: For Laboratory Use and Industrial Applications
These classifications provide a detailed view of the market's scope and the variety of products and industries it serves.
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