Global nitric acid demand is projected to grow at a healthy CAGR of 4.12% during the forecast period. Nitric acid is a colorless liquid that is used in the manufacture of inorganic and organic nitrates and nitro compounds for fertilizers, dye intermediates, explosives, and many different organic chemicals. Major applications for nitric acid include Ammonium nitrate (AN), adipic acid (ADA), toluene di-isocyanate (TDI), nitrobenzene, metal nitrates, and others. AN production represents the largest market for nitric acid, accounting for 76% of total demand in 2020. About 85% of AN is used as fertilizer or in the production of fertilizer solutions such as urea ammonium nitrate (UAN), with most of the remaining being consumed in various types of explosives. ADA demands about 9% of nitric acid and is highly dependent on consumption of nylon 6,6. TDI consumes about 6% of the nitric acid and is mainly employed in the manufacture of flexible polyurethane foams, used in applications for transportation, furniture and carpet underlay. Growing demand of fertilizer industry coupled with the new technologies such as smart farming and precision agriculture is expected to drive the demand of nitric acid during the forecast period. Moreover, the growing demand for green fertilizers and organic farming is expected to hider the demand growth during the forecast period.
Owing to the impact of COVID-19, nitric acid demand has declined drastically due to nationwide lockdowns and subsequent disruptions in supply chains. Agriculture industry was among the industries that were slightly lesser affected by the coronavirus pandemic.
Region wise, Asia Pacific region holds the major share of global demand for nitric acid due to growing demand for fertilizers from the agriculture industry. With the growing fertilizers demand in emerging economies like India and China and increasing government efforts like make in India which are projected towards fulfilling domestic demand by domestic supply have raised the production capacities in the Asia Pacific. Increasing population and per capita income in emerging economies is another factor propelling demand growth for nitric acid in Asia Pacific.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
Objective of the Study:
•To assess the demand-supply scenario of nitric acid which covers production, demand and supply of nitric acid market globally.
•To analyse and forecast the market size of nitric acid .
•To classify and forecast global nitric acid market based on technology, end-use and regional distribution.
•To identify drivers and challenges for global nitric acid market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global nitric acid market.
•To identify and analyse the profile of leading players involved in the manufacturing of nitric acid.
Major players for nitric acid globally include Agrium Inc, CF Industries, Deepak Fertilisers and Petrochemicals Corp. Ltd., Hanwha Corporation, Koch Fertilizers LLC, LSB Industries Inc., National Chemical Group, OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries, and Yara International, and others.
To extract data for global nitric acid market, primary research surveys were conducted with nitric acid manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global nitric acid market over the coming years.
ChemAnalyst calculated nitric acid demand globally by analyzing the historical data and demand forecast which was carried out considering imported nitric acid, prices, materials used for production of nitric acid . ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• nitric acid manufacturers and other stakeholders
•Organizations, forums and alliances related to nitric acid distribution
•Government bodies such as regulating authorities and policy makers
•Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as nitric acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, global nitric acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Market, by End Use
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Fertilizers, Dye Intermediates, Explosives, and Other Organic Chemicals
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Market, by Application
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Ammonium Nitrate (AN), Adipic Acid (ADA), Toluene Di-Isocyanate (TDI), Nitrobenzene, Metal Nitrates
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Market, by Sales Channel
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Direct Company Sale, Direct Import, Distributors & Traders, Retailers
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Market, by Region
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North America, APAC, Europe, MEA, South America
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