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Nitric Acid Prices Overview

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Market Overview

Quarterly update on global Nitric Acid Market

For the Quarter Ending December 2020

Asia

The Chinese Nitric Acid market was firm till mid-November after which it started tapering off with offers suppressed over the year-end market lull. The production of nitric acid in some areas remained halted, thereby tightening the supply in short term. India reported huge shortage of feedstock Ammonia which prompted increase in the prices Nitric Acid moving into December. Nitric Acid prices rose from USD 125 per tonne in Q2 to USD 285 per tonne in Q4. Meanwhile, the Indian govt. announced a huge investment of USD 5527.5 million over the agrochemical sector to improve the production capacity of fertilizers in the domestic market. Consumption from the downstream polyurethane manufacturers which reported steady growth in sales across Asia pacific region during Q4 2020. This growth was derived from the improved construction sector, which ultimately led to the rise in demand of Nitric Acid.

Europe

Lower automobile manufacturing meant a significant drop in the consumption of PU during the last quarter of 2020 due to spike in COVID-19 cases and fresh lockdowns imposed in some countries. This fall was said to have significantly impacted the demand of Nitric Acid. However, by mid-December, prices for most of the fertilizer products surged to fresh highs as the key raw materials (including nitic acid) started gaining momentum towards the end of Q4 due to recovering demand and production constraints prevailing due to the weather-related problems.

North America

The fourth quarter performance of the North American market seemed to improve both in terms of demand and supply of Nitric Acid. Sales of Nitric Acid were down in Q4 2020 compared to Q4 2019 but showed a significant rise over the third quarter. This improvement in sales was mainly driven by the agriculture sector. A large volume of the product was consumed in the production of downstream polyurethane, a key raw material in foam manufacturing .CF industries, a leading fertilizer manufacturer in the region, invested USD 41.4 million into nitrogen-based fertilizer manufacturing plant with plans of boosting its Nitric Acid production capacity.

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Services

Market Analysis

Company-wise installed capacity, production volume and plant operating efficiency is captured directly from manufacturers. Import and Export volume is captured from government sources and demand for Nitric Acid is calculated considering the production, import, export and inventory-levels on the country and regional level markets.

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Pricing Analysis

The product price is correlated with the price trend of crude oil, demand-supply gap, fluctuations in the feedstock and with the market movement of the downstream sectors.

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Company Profile

Basic details and information on financial performance of leading global players in the Nitric Acid market is presented in a visually captivating manner. Expansion plans and the company’s strategy is also captured to understand the vision and mission of the company to help understand the areas where companies need to focus more.

News & Deals

Daily updates on industry-specific and product-specific news, exclusive primary-based news capturing plant shutdowns/outages/closures, capacity expansions, operating rates, insights on demand-supply situation, awarding of technology licenses, new product launch and deals specifying mergers and acquisitions, strategic investments and disinvestments, to help players capitalize on market opportunity.

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Methodology

ChemAnalyst gathers information through primary research surveys conducted with various Nitric Acid manufacturers, spread across the domestic and international market, suppliers and dealers/distributors to gain insights into value-chains and demand-supply scenario to assess the market situation. Thorough study of company’s annual reports and secondary sources such as exhaustive search on credible paid databases, including our internal database is done to verify the information. All the collected information is analyzed, evaluated and presented in chronological order to depict a meaningful and clear picture of the concerned market.

Our dedicated team of industry experts comprehensively monitors and analyzes various aspects of the Global Nitric Acid market. The team analyzes various industrial segments, strategic viewpoints and provides an analysis of the industry’s performance in the long run. This would enable our clients in efficiently plan their future investments, mitigate risk, understand the cost dynamics and strike out a balance amidst market volatility.

Critical examination of the impact of COVID-19 pandemic on the global supply chains and shift in demand patterns with change in buying behavior of consumers across the globe.

Several ongoing development projects across industries are tracked, followed by the details of major projects in the development stage, which can positively or negatively influence Global Nitric Acid market.

Pricing is captured through exhaustive primary interviews with domestic and international manufacturers, traders and importers and customers on weekly, monthly and yearly basis.

Finally, region-specific markets for Nitric Acid are analyzed and region-wise demand pattern is tracked.

About

Nitric Acid is a colourless, highly corrosive mineral acid possessing the chemical formula HNO₃. It is highly oxidizing and very corrosive in nature and may cause severe burns on exposure to skin. It is found in liquid form at room temperature as its boiling point is 83°C. In industries, Ostwald process is mainly used for the production of Nitric Acid. The working steps for Ostwald process are as follows- first, ammonia is taken and oxidised in a chamber at 600°C which produces Nitric Oxide. Later, Nitric Oxide is treated with water to produce Nitric Acid. Nitric Acid is majorly used for the production of fertilizers in addition to being a key manufacturing of polyurethane (PU), inks, plastics etc. When nitric acid is combined with HCl in a particular ratio, Aqua regia is formed which is another corrosive solution capable to dissolve metals like gold and platinum.

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Nitric Acid Prices Overview