The global nitric acid market is slated to
experience an increased demand from several end-use industries across
the globe. The market is characterized by the presence of players who
are constantly on the lookout for a greater market share. The
production of nitric acid is an important component for market
players within the industry, and hence, these players are
concentrating on making their production process efficient and swift.
This is expected to optimize their profit margins and offer growth
opportunities. Moreover, the market players are also expected to
enhance their distribution facilities in order to establish their
relevance for the consumers. A nimble and swift distribution strategy
is anticipated to ensure that the market players retain their
consumer base. The multiple end-industries for nitric acid also offer
growth opportunities for market players because the growth of these
industries would directly push market growth. The leading market
players include Yara, The Chemours Company, Potash Corp, BASF SE,
Eurochem Group, OCI Nitrogen, Dyno Nobel, CF Industries, and Sumitomo
Chemical Co., Ltd.
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A report by Transparency Market Research (TMR)
gives a holistic view on the fettle of the market and forecasts its
growth trajectory over the period from 2017 to 2022. The CAGR for the
period is expected to register a moderate figure of 3.90%. The market
was valued at US$16,839.5 Mn in 2017 and is expected to touch a
figure of US$20,420.8 Mn by the end of 2022. Based on end-user, the
usage of nitric acid was the highest in manufacturing fertilizers,
and this segment is expected to keep grossing in commendable value
for the market. The fertilizer segment under the end-use category is
expected to reach a value of US$16,105.9 Mn by the end of 2022.
Amongst the regional markets, the European region is expected to
garner an opportunity worth US$11,636.1 Mn in the market by the end
of 2022.
Popularity of Dyes and Perfumes Propels Growth
The usage of nitric acid in the manufacture of
explosives, organic and inorganic compounds, nylons, adipic acid,
nitrobenzene, and toluene diisocyanate has spurred the popularity of
the chemical. This has been the primary factor that attracted demand
within the market so far. Nitrogenous fertilizers such as ammonium
nitrate and urea has also propelled demand within the global market.
Dyes and perfumes have also gained tremendous popularity, thus,
pronouncing their usage. This in turn elevates the growth prospects
of the global market for nitric acid. The manufacture of drugs and
the process of purifying metals requires nitric acid. Besides this,
photoengraving and etching of steel cannot be carried out without the
presence of nitric acid. Laboratories are also ardent consumers of
nitric acid which is used for making nitrate salts and several
reagents. Aniline, which forms the basis for the production of
several industrial chemicals, is manufactured through nitric acid.
Hence, the growth of aniline production is anticipated to create
growth opportunities within the market. Fuel-efficient vehicles
require elastomers and synthetic rubbers, which further enunciates
demand within the market.
Asia Pacific to Remain Leading Market Segment
Asia Pacific has shown a propensity towards the
extensive production of agrochemicals and explosives. Nitric acid is
an important agent used for the production of both of these products.
Hence, the demand for nitric acid in Asia Pacific is expected to
witness a tremendous upsurge. The rise of other end-use industries
across the regions is also anticipated to play a key role in
propelling demand across the region.
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The review is based on a report titled ‘Nitric
Acid Market - (End Use - Fertilizers, Nitrobenzene, Toluene Di
Isocyanate (TDI), Adipic Acid, and Metal Processing; Application -
Chemicals & Allied Industries and Metallurgical Industries) -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2017 – 2022’
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