Global Nitric Acid Market Surges Towards US$ 42.7 Billion Valuation by 2033, Fueled by Robust CAGR of 3.3%: Industry Projections Unveil Growth Trajectory
The global nitric acid market is anticipated to attain a valuation of US$ 30.66 billion in 2023 and is estimated to reach US$ 42.7 billion by 2033, trailing a CAGR of 3.3% during the forecast period. The nitric acid market is poised for growth, fueled by the rising demand from fertilizer formulators and the increased consumption of fertilizers in agricultural economies worldwide. Further, the growing need for food has driven the expansion of fertilizers and agricultural units globally, aiming to maximize crop yield, reduce cultivation time, and promote healthy crop growth.
The advancement of cutting-edge technologies like the mono-medium pressure process, mono-high pressure process, and dual pressure process is set to boost awareness and drive market growth in the upcoming years by enabling efficient production of nitric acid. Additionally, the growing demand for the product from the nylon production sector is expected to create new opportunities in the global market.
The demand for nitric acid is influenced by its role in the production of ammonium nitrate, which is used in manufacturing explosives. Furthermore, the increasing demand for nitric acid in the automotive industry, electronics, and agrochemical sectors is projected to drive its growth in the forecasted period.
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The demand for nitric acid is expected to rise due to increased consumption and manufacturing of ammonium nitrate, adipic acid, and toluene di-isocyanate. Nitric acid is widely adopted and captures a significant portion of the global demand.
The explosives industry, particularly in coal and metals mining, contributes to a substantial demand for nitric acid. Additionally, the production of explosives utilizing ammonium nitrate as a precursor significantly drives the demand for nitric acid.
Key Takeaways in Nitric Acid Market Research Study:
- The market in Europe is expected to capture a CAGR of 3.1% during the forecast period.
- The demand for nitric acid in the Asia Pacific is predicted to expand with a significant CAGR of 4% during the forecast period.
- The sales of nitric acid in Brazil are expected to secure a CAGR of 2.9% from 2023 to 2033.
- By application, the fertilizer segment is expected to expand with a CAGR of 5.2% between 2023 and 2033.
Increasing use of nitric acid in the production of ammonium nitrate and fertilizers is expected to fuel market expansion during the forecast period– comments an FMI Analyst
Competitive Landscape in Nitric Acid Market:
The market for nitric acid is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.
Latest Innovations in the Nitric Acid Market
- In July 2022, Nutrien Ag Solutions signed an agreement to acquire Casa do Adubo S.A., a company in Brazil. This planned move aligns with Nutrien’s Retail growth strategy in Brazil and is expected to boost sales by US$ 400 billion.
- In June 2022, Nutrien Ag Solutions enhanced its fertilizer production capacity to effectively address shifts in global energy, agriculture, and fertilizer markets.
- In June 2022, Omnia Holdings Limited actively pursued expansion opportunities in Canada, Indonesia, and Australia to strengthen its international mining and agriculture portfolio.
- In June 2022, CF Fertilisers UK Limited unveiled its restructuring plans for operations in the United Kingdom. The company aims to centralize production exclusively at the Billingham manufacturing facility in Teesside.
- In April 2022, BASF and SINOPEC commenced the expansion of their joint venture, BASF-YPC Co., Ltd., in Nanjing.
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The Top Key Players are:
- BASF SE
- Dupont
- Nutrien Ltd.
- Omnia Holding Limited
- Apache Nitrogen Products Inc.
- CF Industry Holdings, Inc
- Thyssenkrupp AG
- Yara International ASA
- Rashtriya Chemical & Fertilizers Ltd.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global nitric acid market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
The market is segmented based on application and region, to understand opportunities in the nitric acid market.
Key Segmentation of the Nitric Acid Market
By Application:
- Fertilizers
- Nitrobenzene
- Adipic acid
- Toluene diisocyanate (TDI)
- Nitrochlorobenzene
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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