According to ChemAnalyst report, “India Nitric Acid Market: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, India Nitric Acid market is projected to grow at a CAGR of 4.20% during the forecast period due to increase in demand of Nitric Acid in fertilizer industries during the forecast period.
Nitric Acid is one of the most widely used digestion reagents and the most widely used primary oxidant for the decomposition of organic matter. Nitric Acid finds extensive applications in fertilizers, dyes, polyamides, polyurethanes and rocket propellants. Fertilizer Industries hold a significant market share in the India Nitric Acid demand backed by a boost in the country’s fertilizer sector. There has been a consistent rise in demand for nitric acid in the fertilizer industries because of increasing demand for food. These factors are likely to support the growth of Nitric Acid market in the forecast period.
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Outbreak of novel coronavirus had a marginal impact on the country’s Nitric Acid sector as in the 8 core-sectors of Indian Economy, fertilizer is the only sector which has a least impact of Covid-19. Nitric Acid supply to the fertilizer industry is not much affected by the covid-19 due to the need of regular supply of fertilizer for farming use. But other End-Uses of the Nitric Acid like for Polyamides and Polyurethanes have an slump in demand due to impact of covid-19. However, manufacturers are sensing speedy recovery in the industry as India experiences strong wave of self-dependency amid COVID-19 related uncertainties. In addition, government’s initiatives towards making India a global manufacturing hub such as “Make in India” Scheme and for making the India self-independent, this will support the growth of India Nitric Acid market despite all odds.
According to ChemAnalyst report, “India Nitric Acid Market: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Currently, Deepak Fertilizers & Petrochemicals Corporation Ltd. is the leading manufacturer of Nitric Acid in India and holds around 45% share in the domestic Nitric Acid market. The company is continuously ramping up its capacity as it does one at Dahej, Gujrat to cater to country’s growing domestic Nitric Acid demand. DFPCL uses Germany technology for Nitric Acid production which is the most popularly used technology across the globe. Some of the other players operating in the Nitric Acid market are Rashtriya Chemicals and Fertilizers Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., National Fertilizers Ltd., Gujarat State Fertilizers & Chemicals Ltd., Vijay Gas Industry P. Ltd., Jobin Chemicals Pvt Ltd., etc.
“Nitric Acid demand suffered a minor blow after the onset of coronavirus. As the major use of Nitric Acid in the India is in the production of fertilizers. There is a marginal affect of Covid-19 on the fertilizers industries as the production of fertilizers did not stop for a very long time. On most of the time the production is going on with reduced staff. Local players are expanding their production capacity of Nitric Acid to meet the demand of the country and in accord with the government’s “Make in India” scheme, country’s Nitric Acid market is expected to get a strong boost in the coming years. Covid-19 has a affect on the market of other end uses of fertilizers other than polyamide and polyols but now they are also recovering from this setback. Moreover, with the expansion of the domestic Nitric Acid Market which is likely to register Y-O-Y growth of about 4.56 per cent, the demand for fertilizers and polyamides will surpass its already existing levels. As India focusses on becoming self-reliant, there is a strong likelihood that Nitric Acid imports will substantially fall in the coming years. Looking at the volatility in the market dynamics, it is important for domestic players to plan efficient utilization of their assets and strategize their expenditures to maintain their position in the India Nitric Acid market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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