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Nitric Acid Market Size to Grow at USD 27,536.9 Million by 2027 | Global Nitric Acid Industry Share, Size,Growth, Forecast Report by Fortune Business Insights™

·5-min read

Companies covered in nitric acid market are CF Industries Holdings, Inc. (Illinois, U.S.), Omnia Holdings Limited (Gauteng, South Africa), Dyno Nobel (Brisbane, Australia), BASF SE (Ludwigshafen, Germany), Nutrien (Saskatoon, Canada), DuPont (Delaware, U.S.), Enaex S.A. (Santiago, Chile), Sasol (Johannesburg, South Africa), LSB Industries (Oklahoma, U.S.), Ixom (Victoria Australia), and other key players profiled.

Pune, India, Dec. 09, 2021 (GLOBE NEWSWIRE) -- As per a Published report by Fortune Business Insights™, the global nitric acid market size is expected to reach USD 27,536.9 million by 2027, exhibiting a CAGR of 3.5% during the forecast period. The booming automotive industry in developing nations has led to high consumption of this acid, which, in turn, will bode well for the market, states Fortune Business Insights, in a report, the nitric acid market size stood at USD 22,268.1 million in 2019.

Companies Profiled in the Global Nitric Acid Market are:

  • Dyno Nobel (Brisbane, Australia)

  • Enaex S.A. (Santiago, Chile)

  • Sasol (Johannesburg, South Africa)

  • LSB Industries (Oklahoma, U.S.)

  • BASF SE (Ludwigshafen, Germany)

  • Nutrien (Saskatoon, Canada)

  • DuPont (Delaware, U.S.)

  • CF Industries Holdings, Inc. (Illinois, U.S.)

  • Omnia Holdings Limited (Gauteng, South Africa)

  • Ixom (Victoria Australia)

  • Other Key Players

Report Aim & Scope:

  • An overview of the market based on geographical scope, segmentation, and financial performance of key players is presented in the report.

  • The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.

  • Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.

  • The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.

  • The various parameters accelerating the nitric acid market growth are incorporated in the research report.

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Key Market Driver:

Surging Construction Activities to Enable Speedy Expansion

The increasing application of the HNO3 agriculture industry for the manufacturing of fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate will foster the healthy growth of the market. The utilization of fertilizers to increase crop yield and serve the rising population's needs will spur opportunities for the nitric acid industry.

Furthermore, the growing disposable income of consumers has subsequently boosted the demand for organic and quality food, thereby aiding the market growth. The surging construction activities will consequently accelerate the development of the market in the forthcoming years. For instance, Toluene di-isocyanate (TDI), a HNO3 intermediate, is used to manufacture polyurethane foams, wood and floor coatings, and insulation materials. The improving lifestyle of consumers and increasing renovation activities will contribute significantly to the market growth. Besides, new governmental infrastructure projects will bolster the nitric acid market growth.

Disturbed Supply Chain to Affect HNO3 Production Amid Coronavirus

The coronavirus pandemic had a drastic impact on industries, causing temporary shutdown of manufacturing and trade activities. The declined demand and production have disrupted the supply chain. Moreover, the momentary halt on automotive production has led to reduced demand for this type of acid, thus hampering this market. However, the rising application of plastic in the medical industry will favor development of the market. The growing demand for PPE kits has led to high production of plastics, propelling market growth for nitric acid Industry.

Regional Analysis:

Thriving Agriculture Industry to Drive Market in Asia Pacific

The growing population coupled with increasing crop production in countries such as India, China, and Japan, will incite the market's development. China dominated the market due to rapidly growing population, rising infrastructure projects, along with an increase in middle-class income. Europe is expected to expand radically during the forecast period due to the growing demand for fuel efficient and environmentally-friendly lightweight automobiles from consumers.

Asia Pacific is expected to hold the largest nitric acid market share during the forecast period. The growth is attributed to the increasing demand for HNO3 from various end-use industries, including automobile, agriculture, and construction.

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Key Development:

October 2019: LSB Industries, Inc., signed a new long term nitric acid supply contract with customers. The agreement will include the supply of 70 KT to 100 KT nitric acid annually.

Key Players Assessment in this Research:

  • The report offers detailed analysis of leading companies in the market across the globe.

  • It provides details of the major vendors involved in this market

  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.

  • The facts and figures about Nitric Acid Market competitors along with standpoints of leading market players are presented in the report.

Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Key Developments: Mergers, Acquisition, Partnership, etc.

    • Latest Technological Advancement

    • Insights on Regulatory Scenario

    • Porters Five Forces Analysis

  • Qualitative Insights – Impact of COVID-19 on Global Nitric Acid Market

    • Supply Chain Challenges

    • Steps taken by Government/Companies to overcome this impact

    • Potential opportunities due to COVID-19 outbreak

  • Global Nitric Acid Market Analysis, Insights and Forecast, 2016-2027

    • Key Findings / Summary

    • Market Size Estimates and Forecast

      • By Application (Volume/Value)

        • Fertilizers

        • Nitrobenzene

        • Adipic Acid

        • Toluene Di-isocyanate

        • Others

      • By Region (Volume/Value)

        • North America

        • Europe

        • Asia Pacific

        • Latin America

        • Middle East & Africa

TOC Continued…!

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