Global Nitric Acid Market: Snapshot
Nitric acid is witnessing rising demand for the manufacturing of fertilizers, nylon, explosives, and a variety of industrially useful organic and inorganic compounds, including adipic acid, toluene diisocyanate (TDI), and nitrobenzene. The vastly rising application of nitric acid in making several nitrogenous fertilizers, notably urea and ammonium nitrate, is accentuating the market. Nitric acids occupy an increasingly significant role in the preparation of dyes, perfumes, and drugs as the acids are used in the making of coal tar products. The use of nitric acid in etching steel and photoengraving and its wide application in the metal processing industries are key factors fueling the growth of the market. The growing use of concentrated nitric acid in the purification of metals and in the manufacturing of drugs are notable trends expected to unlock exciting opportunities for market players in the coming years. Owing to its marked oxidizing properties, nitric acid is preferred as an oxidizer in liquid-fueled rockets.
The global nitric acid is projected to be valued at US$16,839.5 Mn by 2017 end and is projected to be worth US$20,420.8 Mn by 2022 end. The worldwide market is anticipated to register a CAGR of 3.9% from 2017 to 2022.
Use of Nitrogen in Making Fertilizers to be Dominant
The various end uses of nitric acid are fertilizers, nitrobenzene, adipic acid, toluene diisocyanate, and metal processing. Of these, the fertilizer segment holds the major share in the market, estimated at 79.8% by 2017 end, and is predicted to be retain its dominance throughout the forecast period. The segment is worth US$13,297.1 Mn in the market in 2017 and is projected to reach US$16,105.9 Mn by 2022 end. The segment is estimated to rise at a CAGR of 3.9% during 2017–2022 and is projected to grow at US$ 561.8 Mn annually during the same period. The dominance of the segment is attributed to the prominent use of all nitric acid produced in various regions in making fertilizers such as ammonium nitrate.
Europe to Hold Its Sway throughout Forecast Period
The various regional markets for nitric acid are North America, Latin America, the Middle East and Africa, Asia Pacific excluding Japan, Japan, and Europe. Among these, currently Europe holds the major revenue share and is expected to retain its dominance throughout the assessment timeline. The Europe nitric acid market is projected to rise at a CAGR of 3.9% from 2017 to 2022, and is expected to reach a valuation of US$11,636.1 Mn by the end of the forecast period.
Asia Pacific excluding Japan to Present Lucrative Avenues
Asia Pacific excluding Japan (APEJ) is a prominent market for nitric acid. The APEJ market is projected to create a substantial opportunity of US$710 Mn during the forecast period. The rising demand for concentrated nitric acid for making explosives and several agrochemicals is a prominent trend expected to fuel the regional market.
Meanwhile, the North America nitric acid market is expected to rise from a valuation of US$2,093.5 Mn in 2017 to reach US$ 2,506.3 Mn by 2022 end. The regional market is projected to register a CAGR of 3.7% during 2017–2022.
Some of the key players operating in the market are BASF SE, The Chemours Company, Eurochem Group, Dyno Nobel, Potash Corp, Sumitomo Chemical Co., Ltd., Yara, CF Industries, and OCI Nitrogen. Several prominent companies are focused on expanding their production and distribution facilities to stay ahead of the others. They are seeking to capitalize on lucrative avenues emerging from a rapidly growing end-use industries in various developing and developed regions.
Global Nitric Acid Market: Overview
The global nitric acid market report provides in-depth insights into the size and share of various segments, remarkable trends and opportunities in various regions, and the competitive landscape, including key strategies adopted by various players to consolidate their shares. The study meticulously tracks the changes in regulatory landscape and advances in technologies pertaining to the commercial production of nitric acid. In addition, the report takes a critical look at the key factors driving the prominent segments. Offering a critical assessment of key factors affecting the market sizing of various segments over the historical period (2012–2017), the research offers evidence-based projectoions of the market along the forecast period (2017–2022). It highlights notable advancements in end-use industries and evaluates their impact on the demand for nitric acid in major regions. It analyzes the supply chain dynamics and raw materials sourcing strategy to offer a holistic overview of the market and emerging avenues likely to prove lucrative in the coming years.
The global nitric acid is anticipated to be worth US$16,839.5 Mn by 2017 end and is projected to rise at 3.9% CAGR during 2017–2022. By the end of the forecast period, the market is predicted to reach US$20,420.8 Mn.
Global Nitric Acid Market: Dynamics
The report on the global nitric acid market offers a granular analysis of key elements of the dynamics to assess notable trends and lucrative segments. The assessment covers the share and size of various segments, key factors driving or restraining the market, and the strategic developments. Furthermore, the report employs various industry tools to make a comparative analysis of the market sizing based on year-over-year growth of various segments across regions.
The wide application of nitric acid as intermediates in making fertilizers and a number of useful industrial chemicals is a key factor boosting the market. The prominent role played by nitric acid in manufacturing of useful products in the chemical and allied industries is a notable factor driving the uptake. The substantial application of nitric acids in the preparation of dyes and perfumes, in the manufacturing of sulfuric acid, and in the production of aniline by using nitrobenzene is a key factor fueling the growth of the market. The demand for concentrated nitric acid in etching designs on brass, bronze ware, and copper is further accentuating the market. The toxic nature of nitrate salt such as ammonium nitrate and some of its intermediates is a key factor likely to hamper the demand for some end-use applications. Nonetheless, adhering to handling and safety guidelines in nitric acid industrial use bodes well for the market.
Global Nitric Acid Market: Segmentation
The report segments the global nitric acid market into end use, application, and region.
On the basis of end use, the report further segments the market into fertilizers, nitrobenzene, toluene diisocyanate, adipic acid, metal processing, and others. Of these, fertilizer dominates the end-use segment holding the major revenue in the market in 2017 and is anticipated to lead the market throughout the forecast period. The segment is anticipated to be worth US$16,105.9 Mn by the end of 2022, representing a share of 79.7% of the end-use market.
Based on region, the report segments the global market into Latin America, North America, the Middle East and Africa, Europe, Asia Pacific excluding Japan, and Japan. Of these, Europe dominates the global market holding the leading revenue share. The regional market is anticipated to retain the lead during the forecast period.
Based on application, the report bifurcates the global market into chemicals and allied industries and metallurgical industries.
Companies profiled in the report are:
This section offers an extensive profile of key players, their market share, and the strategies adopted by them to consolidate their shares. The study offers takes a closer look at the changing competitive landscape in major regions. Key players discussed in the report include BASF SE, The Chemours Company, Eurochem Group, Dyno Nobel, Potash Corp, Sumitomo Chemical Co., Ltd., Yara, CF Industries, and OCI Nitrogen.