Nitric acid is widely used as a prominent raw material for making a number of commercially useful chemicals in several industries, including pharmaceuticals, aerospace, and defense. World over, nitric acid has wide adoption in making fertilizers such as ammonium nitrates. Nitric acids are extensively used in the making of a variety of coal tar products such as dyes and perfumes, agrochemicals, and in the purification of metals such as gold, silver, and platinum. The use of nitric acid in the compounds as intermediates in making explosives and munitions has gained traction in the defense industry in various countries. Recent advancements in manufacturing technology and handling methods bodes well for the market. The rising use of concentrated nitric acid in making synthetic rubbers and elastomers is further accentuating the market.
The global nitric acid market is projected to rise from a valuation of US$16,839.5 Mn in 2017 to reach US$20,420.8 Mn by 2022 end. The worldwide market is forecast to rise at a CAGR of 3.9% during 2017–2022.
A critical evaluation of the key factors and trends driving the growth of the market is provided below:
The rising application of nitric acid as agent for nitration and oxidization in various commercial and industrial processes is a key factor driving the market. The vastly popular application of the compound in manufacturing fertilizers and explosives is a notable factor driving the demand for nitric acid. The rising application of the compound in laboratories in making a variety of useful reagents and nitrate salts is boosting the market. The growing demand for nitric acid in making a several useful organic nitrogen-containing compounds, notably nylon, is a key factor accentuating the market. The rising prominence of nylon in the textile and plastics industries is stoking the demand for nitric acid.
There is a burgeoning demand for concentrated nitric acid in the industrial manufacturing of aniline, which in turn is used in making a variety of other useful industrial chemicals. This is a key trend catalyzing the growth of the market.
The intensifying demand for fuel-efficient vehicles in various industrialized nations is propelling the demand for synthetic rubbers and elastomers, thereby boosting the market. In addition, the vastly rising demand for nitric acid in the chemicals and metallurgical industries is fueling the growth of the market in various regions. Furthermore, the substantial demand for fuming nitric acid rocket propellant is boosting the market.
Of all the end-uses of nitric acid, the use of nitric acid in manufacturing fertilizers remains dominant. The wide use of the compound in making calcium nitrates and ammonium nitrates and several other nitrogenous fertilizers is a prominent factor catalyzing the growth of nitric acid market. The fertilizer end-use segment is projected to generate a revenue of US$16,105.9 Mn by 2022 end.
Regionally, Europe is the most attractive market for nitric acid. The regional market holds the leading revenue share and is predicted to be worth US$11,636.1 Mn by the end of 2022.
Several players are focused on strategies on boosting their capacity of distribution and production facilities in order to gain a competitive edge over others. Some of the leading 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.