The nitric acid market surpassed a valuation of US$ 17.4 Bn in 2018, as a result of sturdy requirements from the agrochemical sector. The market is slated to expand at a 3% CAGR during the forecast period (2019-2029). The use of ammonium nitrate fertilizer is anticipated to gain prominence, particularly in developing nations.
Conversely, the need for nitric acid in the fertilizer sector is likely to fluctuate, as a result of rising regulatory and environmental concerns worldwide. Additionally, nitric acid is a foremost ingredient in numerous organic and inorganic chemical compounds. Thus, the nitric acid market is getting tailwinds from the chemical sector. Moreover, governments are focused on accelerating food production to meet up the healthful prerequisites of the increasing worldwide populace.
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Key Takeaways of the Nitric Acid Market Study
- High application potential of nitric acid in formulating automotive composites using adipic acid is expected to boost market expansion.
- The agrochemical sector continues to flourish in developing nations, thereby adding to the worldwide market expansion.
- Agglomeration of topmost manufacturers in developed nations, for instance, Germany is also projected to complement growth of the nitric acid market.
- Market gains will remain driven by increased applications in etching of steel and photoengraving.
- Nitric acid is gaining increasing momentum in the formulation of drugs, acids, perfumes, and dyes, thus prompting the market development.
- Environmental hazards together with the use of ammonium nitrate are representing threat for the market players.
“Key stakeholders in the global nitric acid market should optimize and redesign their manufacturing and distribution networks whilst amplifying operational footprint in developing regions to strengthen their strategic benefit,” says FMI analyst
Europe Holds ½ of Global Market Value
Strong presence of key players such as Bayer AG in Europe (Germany) is the development engine of the regional market for nitric acid. Also, the end-use sectors are long-established in this region. Developed from nitric acid, adipic acid is foreseeing increasing requirements in the automotive sector as a favored metal substitute. Also, the North America’s nitric acid market continues to pick pace based on consumption.
Conversely, China, Japan, and India stay expansion cynosures of the nitric acid market in APAC, as a result of a perpetual requirement in agriculture and explosives sectors.
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Manufacturers Eye Lucrative Opportunities in Developing Countries
Key players in the global nitric acid market continue to operate in a fragmented competitive scenario. Top participants profiled in this study by Future Market Insight include Bayer AG, The Dow Chemical Company, National Chemical Group, Eurochem Group, CF Industries, Agrium Inc., The Chemours Company, Potash Corp, and PVS Chemicals.Greater nearness of manufacturing facilities to higher-expansion regions stays the foremost agenda of topmost participants. They aim to influence the low labor expense without interrupting the logistics network. Rising economies in the APAC region provide profitable prospects in variegated end-use sectors of nitric acid. Additionally, unstrained regulatory needs about the use of ammonium nitrate fertilizer continue to fire up the regional requirement.
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