The global nitric acid market size is projected to reach USD 31.1 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 3.3% over the forecast period. Rising demand for nylon products from the automotive, construction, and textile industries is projected to be the key factor boosting market growth.
Adipic acid formulation is one of the key applications of nitric acid; it is widely used to formulate nylon resins and fibers in the automotive industry. The developing automotive sector demands constant innovation such as high-end component designing and lightweight materials to effectively enhance performance and fuel efficiency. These factors create a positive impact on nitric acid production globally. Government regulations to curb carbon emission have paved the way for the use of nylon to produce plastics and fabrics as a replacement to heavy alternatives, thereby reducing fuel consumption and simultaneously decreasing emission levels.
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Furthermore, one of the most important applications of nitric acid is fertilizer composition. Calcium ammonium nitrate and ammonium nitrate are the two key fertilizers derived from nitric acid which are extensively utilized in the agricultural sector. Moreover, urea ammonium nitrate is derived from the chemical and finds application in formulating explosives and fertilizers. Major countries of the Asia Pacific region are agrarian economies, which subsequently leads to a high product demand for fertilizer manufacturing across countries such as India, Indonesia, and Thailand.
However, stringent regulations against excessive use of ammonium nitrate fertilizers owing to environmental degradation are likely to create a negative impact on the nitric acid market in developed economies of North America and Western Europe. In the past decade, excessive use of these agrochemicals has resulted in the depletion of nitrogen levels in groundwater reserves and has also resulted in lower nutrient content of the soil. Therefore, the implementation of strict laws against the usage of synthetic chemical products for farming is likely to decrease the demand for nitric acid in the agricultural sector.
Nitric acid is widely used in the manufacturing of organic chemicals such as the production of nitrate salts, coal tars, catalyst, dyes, and reprocessing of used nuclear fuels. It is also used in the purification of precious metals such as gold, platinum, and silver.
Further key findings from the report suggest:
• The global nitric acid market is anticipated to register a CAGR of 1.6% from 2020 to 2027 in terms of volume, owing to the rising demand for fertilizers to increase agricultural product output
• Europe accounted for a significant market share of 55.2% in 2019 in terms of volume due to extensive agricultural activities in France, Germany, and U.K.Multiple concerns have been raised in the region in terms of environmental impact and sustainability, which played a key role in stabilizing agricultural production through technological advancements
• North America is projected to register a significant growth rate over the forecast period owing to the presence of numerous multinational chemical manufacturers in the region
• Companies such as CF Industries and Yara International are among the top industry players due to constant innovations and strategic alliances formed by the companies to sustain in the global ecosystem.
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Table of Contents
Chapter 1 Research Methodology
1.1 Market definition & segment scope
1.2 Research methodology
1.2.1 Information procurement
1.2.2 Information or data analysis
1.2.3 Market formulation & validation
1.2.4 Data validation & publishing
1.3 Research scope and assumptions
1.4 List of data sources
Chapter 2 Executive Summary
2.1 Market outlook
2.2 Competitive insights
Chapter 3 Nitric Acid Market Variables, Trends & Scope
3.1 Nitric acid market segmentation
3.2 Nitric acid market size and growth prospects
3.3 Nitric acid value chain analysis
3.3.1 Raw material trends
3.3.2 Manufacturing trends
3.3.3 Distribution channel analysis
3.3.4 Price trend analysis
3.4 Regulatory framework
3.5 Nitric acid market dynamics
3.5.1 Market driver analysis
3.5.1.1 Increasing demand for adipic acid in lightweight automotive materials
3.5.1.2 Growing application of polyurethane foams
3.5.2 Market restraint analysis
3.5.2.1 Stringent regulatory scenario
3.5.3 Industry challenges
Continued…
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The global nitric acid market is slated to experience an increased demand from several end-use industries across the globe.
Moreover, the market players are also expected to enhance their distribution facilities in order to establish their relevance for the consumers.
The leading market players include Yara, The Chemours Company, Potash Corp, BASF SE, Eurochem Group, OCI Nitrogen, Dyno Nobel, CF Industries, and Sumitomo Chemical Co., Ltd.A report by Transparency Market Research (TMR) gives a holistic view on the fettle of the market and forecasts its growth trajectory over the period from 2017 to 2022.
The market was valued at US$16,839.5 Mn in 2017 and is expected to touch a figure of US$20,420.8 Mn by the end of 2022.
Amongst the regional markets, the European region is expected to garner an opportunity worth US$11,636.1 Mn in the market by the end of 2022.Request Sample pages of premium Research Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=5126Popularity of Dyes and Perfumes Propels GrowthThe usage of nitric acid in the manufacture of explosives, organic and inorganic compounds, nylons, adipic acid, nitrobenzene, and toluene diisocyanate has spurred the popularity of the chemical.
The review is based on a report titled ‘Nitric Acid Market - (End Use - Fertilizers, Nitrobenzene, Toluene Di Isocyanate (TDI), Adipic Acid, and Metal Processing; Application - Chemicals & Allied Industries and Metallurgical Industries) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022’Key TakeawaysLaboratory usage has been a key factor driving demand within the global marketSeveral emerging chemical industries push growth within the Asia Pacific market.About UsTransparency Market Research (TMR) is a market intelligence company, providing global business information reports and services.
