Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 31.60 billion in 2023 global nitric acid market will reach USD 43.77 billion in 2033. Nitric acid, with the chemical formula HNO₃, is a colorless, corrosive mineral acid known for its strong oxidizing properties and ability to conduct electricity. Its color can range from bright yellow to deep brown, depending on its concentration, which is typically 68% in commercial solutions. Nitric acid is crucial in various industrial applications, including the synthesis of ammonium nitrate for fertilizers and explosives, metal refining, soda production, and as a laboratory reagent. It is also used in rocket propellants, adhesives for packaging, and engraving metals like copper, bronze, and brass. Additionally, nitric acid has applications in treating medical conditions and producing varnishes.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 31.60 Billion |
| Market Size in 2033 | $ 43.77 Billion |
| CAGR | 3.31% |
| No. of Pages in Report | 150 |
| Segments Covered | Application, Regions |
| Drivers | The increasing demand for fertilizers |
| Opportunity | The growing applications of nitric acid |
| Restraints | The shift towards organic farming |
Key Insight of the Global Nitric acid Market
Asia Pacific will dominate the market during the forecast period.
The region leads the global nitric acid market, holding a 38.45% revenue share in 2023. Major producers and consumers of crops like wheat, rice, cotton, and sugarcane in India and China drive the demand for fertilizers, including those containing nitric acid. Additionally, significant textile production in India, China, Bangladesh, and Vietnam further supports regional market growth. The extensive and diverse agricultural and industrial activities in Asia Pacific are key contributors to its dominant market position.
The fertilizer segment dominated, with a market share of around 52.54% in 2023.
The application segment is divided into fertilizers, adipic acid, nitrobenzene, toluene Di-isocyanate, and others. The fertilizer segment dominated, with a market share of around 52.54% in 2023.
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Advancement in market
Técnicas Reunidas was contracted to build a new complex in Aktau, Kazakhstan, for ammonium, urea, nitric acid, and ammonium nitrate production. The project, estimated at $1 billion, will involve engineering design under a FEED OBE contract and construction under an EPC contract.
Market Dynamics
Driver: Increasing Fertilizer Demand.
Global food shortages, exacerbated by the COVID-19 pandemic and the Russia-Ukraine war, have highlighted the need for food self-sufficiency. Climate change and extreme weather conditions have increased crop damage risks, making fertilizer production vital. This demand is driving the nitric acid market, as it is a key component in fertilizer production.
Restraints: Shift to Organic Farming.
The negative effects of chemical fertilizers, pesticides, and GMOs on soil health and food quality have led to a rise in organic farming. This shift, which favors organic fertilizers like manure and seaweed, is reducing the demand for synthetic fertilizers and impacting the nitric acid market.
Opportunities: Expanding Applications.
Nitric acid's role in agriculture, textiles, defense, construction, and packaging sectors presents growth opportunities. Government schemes and increased funding for textile industry growth, along with rising infrastructural spending, are expected to boost demand for nitric acid.
Challenges: - Environmental Concerns.
The Kooragang Island Decarbonisation Project, completed in August 2023, demonstrates efforts to reduce greenhouse gas emissions from nitric acid production. The installation of EnviNOx technology by Thyssenkrupp Uhde at Orica’s facilities in Australia reduced emissions by 48%, reflecting the increasing regulatory and environmental pressures on the industry.
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Some of the major players operating in the global nitric acid market are:
• BASF SE
• CF Industry Holdings, Inc
• Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL)
• Dyno Nobel
• Enaex S.A.
• IXOM Ltd.
• LSB Industries
• Nutrien Ltd.
• Omnia Holding Limited
• Sasol
Key Segments covered in the market:
By Application
• Fertilizers
• Adipic Acid
• Nitrobenzene
• Toluene Di-Isocyanate
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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