Concentrated Nitric Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2090
Concentrated Nitric Acid Market size will witness dynamic growth owing to robust growth in fertilizers industry. Rapid urbanization, population growth and decrease in arable land are the key reasons behind growing demand for fertilizers. Adverse climatic conditions and shortage of food crops are shifting focus towards fertilizers market.
Growing automotive industry will drive concentrated nitric acid market as it is utilized in manufacturing of light weight & strong body parts of vehicles. Rising demand for synthetic rubbers, elastomers and polyurethane foams in the automotive industry is anticipated to drive the product demand.
Strong application in chemicals industry owing to its usage in manufacturing of various polymers including, polyurethane and polyamides is anticipated to drive concentrated nitric acid market. Moreover, growth in aerospace industry will propel product demand as it is widely used in rockets as propellants. There are distinct types of propellants that are used in the rockets. For instance, liquid oxidizer is combined with fuels in the liquid-fueled rockets. Since the product is a strong oxidizing agent thus, it has been used as an oxidizer in the liquid-fueled rockets.
Concentrated nitric acid is corrosive in nature, with colorless in the pure form and pale-yellow owing to the decomposition of oxides. The product with over 85% concentration is known as fuming nitric acid, while commercial form has concentration of around 71%. This is classified as red and white based on the nitrogen dioxide concentration and color solution. It is widely used in in reagents that are required for the nitration reactions.
The product is available in two types including fuming and strong. Strong product segment will witness robust growth as it includes several concentrations that range from 51% to 83%, covering almost all applications of the product.
Concentrated nitric acid is used in production of various applications including, Toluene Diisocyanate (TDI), Trinitrotoluene (TNT), nitro chlorobenzene, ammonium nitrate, adipic and nitrobenzene. Around 72% of concentrated nitric acid is utilized in making of ammonium nitrate. Ammonium nitrate is the largest application segment as it can be directly used as fertilizer or acts as an intermediate for other fertilizers including, calcium and urea ammonium nitrate. It is available in liquid and solid form depending on concentration of ammonium nitrate in solution. Increasing demand for Ammonium Nitrate Fuel Oil (ANFO) for manufacturing civil explosives is projected to drive ammonium nitrate application segment during forecast period.
Toluene diisocyanate (TDI) segment will witness substantial growth as it uses the product for developing polyurethane foams, that are used in automotive, furniture, carpets and transportation, industriy.
The product is used in various end-use industries including, agrochemicals, explosives, automotive and electronics. Electronics end-user segment will foresee substantial growth owing to huge domestic demand for the products that is attributed to multitude of factors, including growth in middle class and rising disposable incomes.
North America is anticipated to foresee substantial growth due to expanding automobile production in the region. Changing consumer preferences, growing focus on safety and environmental benefits has played vital role in uplifting car sector. Necessity for personal mobilization and growing urbanization are some factors positively affecting the industry demand.
Asia Pacific concentrated nitric acid industry will witness significant growth due to increasing demand for vehicles, attributable to rise in disposable income, rapid urbanization and growing interest for lightweight air vehicles for accomplishing the stringent government regulations.
Europe concentrated nitric acid market is one of the leading consumers of product due to growth in fertilizer and explosives industry. Western and eastern Europe accounted for largest demand while central Europe is projected to provide better opportunity.
Global concentrated nitric acid marketplace is moderately consolidated with the presence of few companies holding a large market share. Some of the major companies for concentrated nitric acid market are CF Industries, Agrium, National Chemical Group, Deepak Fertilizers & Petrochemicals, Yara International, Hanwha Corporation, Koch Fertilizers, LSB Industries, Shandong Feng yuan Chemical Stock, and Ube Industries.
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