Nitric Acid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2176
Nitric Acid Market is expected to observe a surge in demand due to growing application in production of various chemicals including calcium ammonium nitrate, ammonium nitrate, toluene di isocyanate, adipic solutions and nitrobenzene, especially used in fertilizers, pharmaceuticals, polyurethanes and other end use industries. In addition, rising need in various chemical industries including elastomers, polyurethane foams and coatings coupled with elastomers, foam plastics, floor & wood finishes, polyurethane foam coated fabrics and different insulation materials is anticipated to boost nitric acid market growth in the forecasted period.
Rise in demand of ammonium nitrate fertilizers is expected to emerge as a vital growth factor in the nitric acid market. Escalating need for high crop yield to address the rising necessity for food items has provoked production synthetic fertilizers over the past few years. Substantial support of government policies and high availability of cultivational land have positively impacted extension of agricultural sector around the world. This is expected to propel the global nitric acid market demand, as the chemical is effectively used for manufacturing ammonium nitrate, a crucial constituent of nitrogenous fertilizers.
Nitric acid market is majorly driven by fertilizer industry. It is widely used in the production of two most agriculturally commercialized nitrate including calcium ammonium nitrate and ammonium nitrate which are majorly used as fertilizers in agriculture industry. Ammonium nitrate is further used in the production of urea ammonium nitrate (UAN) which is extensively used as fertilizer mixture and in explosives. Calcium ammonium nitrate is used producing of various fertilizers solutions.
Adipic acid is one of the chief applications of the product during several production processes. It is used for producing nylon 6,6, which has numerous end use applications in textiles, automotive and tire industry. In automotive, nylon 6,6 is applied as a substitute to heavy metals to reduce the overall weight of various vehicles and further reducing carbon emissions.
Toluene diisocyanate (TDI), used in the production of polyurethane foams, is primarily manufactured using the product as an intermediate. These foams are used in transpiration, automotive, furniture and carpet industry. Nitric acid is also used as an intermediate in producing nitrochlorobenzenes and nitrobenzene. It is apllied in rocket propeelantes as an effective oxidizer. However, environmental and health related hazards by these products is likely to restraint the overall growth of the product over the forecast period.
Europe is the leading consumer in global nitric acid market owing to increasing demand from fertilizers and explosives industry. Some of the major product consuming countries in the region are Germany, Poland, Slovakia, and the Netherlands.
Asia Pacific is the fastest growing region is nitric acid market due to its agricultural bases economies and high need of ammonium nitrate fertilizers. China dominates the region with highest product demand. Followed by India, Taiwan and Japan are expected to showcase positive outlook for the industry growth.
Developed regions including North America, especially the US, have witnessed increased necessity for the product in adipic solution, TDI, fertilizers and explosives industries. Middle East & Africa and Latin America are expected to demonstrate promising future in the nitric acid market.
Dominated by some of the key players, the global nitric acid market consists several small regional players with significant amounts of share in the overall industry. Potential factors including price, innovation & technology and quality are major competing areas to lead the nitric acid market coupled with providing low cost products as compared to other competitors. In addition, technological advancement, improved financial support and other resources aids suppliers to shift market trends as per them.
Some of the key nitric acid market players include CF Industries, BASF, Energy & Fertilizers, Orica, DuPont, Agrium, LSB Industries, Incitec Pivot and LyondellBasell. Some of the other prominent players are Dyno Nobel, Apache Nitrogen Products, Rentech, AkzoNobel, Rashtriya Chemicals & Fertilizers, Ixom, Simplot, Sasol, Wesfarmers Chemicals, PVS Chemicals, Yara, PotashCorp, Acron, Deepak Fertilizer, EuroChem and Koch.
In 2014, American multinational, Dow Chemical Company sold its Angus subsidiary to American private equity firm for a total amount of USD 1.21 billion. This strategy led the exit of the company from the nitric acid market.
In 2014, Canada based Agrium Inc. expanded its nitrogen manufacturing facility in Texas, the US. This strategy helped the company to increase its annual ammonia capacity needed for manufacturing of nitrogen and its associated derivates, particularly used in agricultural industry.
In 2012, Germany based chemical manufacturer, BASF gave contract to an Indian engineering advanced design and construction company, M+W Group for the development of a new nitric acid manufacturing plant. The contact includes various planning, findings, turkey construction.
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