Published Date : 29 Jun 2023
The global nitric acid market size exhibited USD 3.58 billion in 2022 and is projected to increase USD 39.7 billion by 2030, poised to grow at a CAGR of 3.32 percent during the projection period from 2022 to 2030.
A powerful oxidizing agent is nitric acid. It is described as an indistinct liquid used in the production of organic and inorganic nitrates and nitro compounds for dye intermediates, fertilizers, explosives, and a variety of other organic chemicals. Nitric acid is a poisonous liquid that emits suffocating red or yellow fumes in damp air. It quickly becomes an effective conductor of electricity by ionizing in the solution. The conventional process for extracting nitric acid involves oxidizing ammonia. Adipic acid is made from nitric acid, which is employed in a variety of processes.
The creation of nylon, a material frequently employed by automakers to replace heavy metal components, requires the usage of adipic acid. The market for nitric acid is being propelled forward by the growing need for nylon in the production of vehicles. Nylon materials are used to make automotive components in substitute of hefty metal ones. As a result of nylon's reputation as a lightweight material, fuel consumption is lower and carbon emissions are decreased in automobiles built of nylon. Nitric acid demand has grown as a result.
Nitric Acid Market Report Scope:
|Market Revenue in 2023||USD 31.6 Billion|
|Projected Forecast Revenue in 2030||USD 29.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 3.32%|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The biggest market share was held by the Asia-Pacific in the nitric acid market during the forecast period. This is attributed to the extensive usage of fertilizers in agriculturally oriented countries like Thailand, Japan, India, Indonesia, the Philippines, and other agrarian nations. The demand for agricultural products is expected to rise further as a result of population growth and increased incomes. Fertilizer is one of the nitric acid's most often used uses in the Asia Pacific, owing to the growing production of cotton, wheat, maize, and potatoes in countries like India, China, and Pakistan. These factors will increase the region's need for nitric acid during the course of the forecast period. The Asia Pacific region holds the largest market share in terms of value and volume due to the presence of developing countries like China and India, whose large populations, improved infrastructure, and rising standard of living have all contributed to a rise in the demand for nitric acid in the area.
Nitric acid is used extensively in the agricultural industry to create fertilizers including ammonium nitrate, potassium nitrate, calcium nitrate, and nitro phosphate. One of the biggest chemical marketplaces is found in this industry. Fertilizers are used to boost agricultural productivity in order to fulfil the ever-growing demand for food caused by a continuously growing population. The demand for food has also increased as a result of customers having more disposable income.
In order to create polyurethane foams, wood and floor coatings, and insulating materials, toluene di-isocyanate (TDI) and HNO3 serve as an intermediate. The market for these items is further boosted by the rising building activity. In addition, shifting consumer lifestyles, an increase in rehabilitation projects, and recently enacted government infrastructure projects all contribute to the growth of the HN03 market. Nitric acid is also used in the creation of dyes, which is another factor driving the market's rise. There is a link between the growth of the fashion industry and the increased need for dye in the textile industry.
Due to the growing customer demand for lightweight automobiles, manufacturers are starting to focus more on innovation and development within the automotive industry. The market has expanded as a result of the numerous chances for greater nitric acid use that have arisen. Nitric acid is a crucial component in the production of adipic acid, which is used to create nylon. Nitric acid producers are converting from metal-based composites to ones based on polymers, such as nylon, in order to lighten vehicles and improve their fuel economy. Due to the expanding population and rising consumer demand for private vehicles, the manufacture of lighter cars has also taken on greater significance.
The price fluctuations and volatility of machinery and raw materials are a serious danger to the market's expansion. Furthermore, the expansion of the industry is being harmed by the inconsistent availability of raw resources in one specific place. The affordability of alternatives on the market will further slow the rate of market expansion.
The worldwide nitric acid market is consistently offering more alluring opportunities for nitric acid producers as a consequence of the expansion of mining activities throughout the world. Because of this, nitric acids are widely used as explosives and blasting agents in the mining sector. Additionally, the increasing use of nitric acid as an oxidizer in rocket propellants is expanding the range of business opportunities available to industry players on the global market.
Long-term market expansion will be hampered by an increasing number of health risks brought on by nitric acid. Additionally, organic agrochemical competition will obstruct the market's ability to expand. Additionally, the COVID-19 outbreak's adverse effects will slow the market's expansion.
Major Key Players:
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