Nitric Acid Market: Agricultural industry to boost the market growth

Global Nitric Acid Market size was valued at USD 23.81 Bn in 2023 and is expected to reach USD 30.91 Bn by 2030, at a CAGR of 3.8% over the forecast period.
Nitric Acid Market Overview
The Nitric acid is a mineral acid with the chemical formula HNO3. Nitric acid is also known as aqua fortis or spirit of nitre. The acid colorless liquid with sharp and pungent odor and is used in various industrial and laboratory applications. Nitric acid is used in industries such as chemical manufacturing, metallurgy, and explosives production and used in fertilizers, dyes, plastics, pharmaceuticals, and various other chemicals. Increasing demand for Nitric acid from agricultural industry as a fertilizer is expected to boost the Nitric Acid Market growth.To know about the Research Methodology :- Request Free Sample Report
Nitric Acid Market Dynamics
Increasing from the Agricultural industry to boost the Nitric Acid Market growth

The agricultural industry is a major driver of nitric acid. The increasing food demand due to increased population is driving the need for higher agricultural productivity and is expected to boost the nitric acid market growth. Nitric acid is used in explosives such as dynamite and blasting agents and in applications such as mining, construction, and quarrying activities. The acid is used in the production of chemicals, including nitrobenzene, and nitrocellulose and are essential for the production of plastics, dyes, and pharmaceuticals. Increasing demand for construction material and increasing infrastructural development, which is expected to boost the Nitric Acid market growth. As economies continues to develop the demand for acid from industrial sector increasing.

Nitric acid is used for metal cleaning, etching, and pickling processes in industries such as metal

fabrication, electronics, and automotive. The acid helps to remove rust, and contaminants from metal surfaces, preparing them for further processing or coating. The need for high-quality metal products increases the demand for nitric acid in industrial cleaning and metal treatment applications and is expected to boost market growth. The acid is mostly used in environmental protection and wastewater treatment process. To reduce emissions of sulfur dioxide in power plants nitric acid is widely used in flue gas desulfurization systems. Nitric acid is used in wastewater treatment processes to neutralize alkaline wastewater and control pH levels.

Stringent environmental regulations and the increasing focus on sustainable practices is expected to fuel the demand for nitric acid. Increasing research and development activities to explore new applications and uses for nitric acid is significantly contributing for the growth of the market. The R&D activity includes alternative processes and technologies that enhance its production efficiency, reduce environmental impact, and improve product quality. Innovations in nitric acid production and its various applications presents lucrative opportunities for market growth.

Environmental concern and regulations to restraint the Nitric Acid Market Growth

Nitric acid production and its use in various applications have vast impact on environment. The emission of nitrogen oxides during production of nitric acid and its use in industrial processes generates air pollution and have adverse effects on human health and the environment. Increasing environmental concern and regulations and the need for stricter emission controls is expected to limit the growth of Nitric Acid industry, leading to additional costs and operational constraints. Fluctuations in the prices of raw materials, particularly ammonia, affect the profitability of nitric acid manufacturers and create uncertainty in the market.

Nitric acid is a corrosive and hazardous substance that requires careful handling and storage. Exposure to nitric acid pose health risks to workers, leading to safety concerns in the workplace, which is expected to restraint the Nitric acid market growth. Stringent safety regulations and the need for specialized infrastructure and equipment for handling nitric acid add to operational costs and create challenges for Nitric Acid key players. Alternative products provide viable substitutes for nitric acid producers. Availability of alternative products such as urea, ammonium sulphate, and many more such chemicals is expected to reduce the demand for nitric acid-based fertilizers.

The market is characterized by the presence of a nitric acid key players, which is expected to dominate the Nitric Acid industry. This result in Nitric acid market consolidation and limited competition, potentially leading to higher prices and reduced market access for smaller players. Competition from other regions or countries with lower production costs can also pose challenges for existing producers. The demand for nitric acid is linked to end-use industries such as agriculture, chemicals, and mining. Economic downturns, geopolitical factors, and fluctuations in this industrial sector impact the demand for nitric acid. For example, a slowdown in construction and infrastructure projects can reduce the demand for explosives, affecting the market.
Nitric Acid Market Segment Analysis
Based on Application, the market is segmented into Fertilizers, Explosives, Chemicals, Metals, and Mining. Fertilizers segment dominated the market in 2023 and is expected to continue the dominance over the forecast period. Nitric acid is used to manufacture nitrogen fertilizers. These fertilizers provide nitrogen nutrients to crops, promoting their growth and increasing agricultural productivity. Increasing food demand contribute to the sustained demand for nitrogen fertilizers. The demand for nitric acid in the fertilizers segment is driven by the cultivation and consumption patterns of crops and significantly contribute for the growth of the segment in the Nitric Acid market.

With increasing emphasis on sustainable agriculture and environmental considerations, there is a growing interest in optimizing fertilizer use and reducing environmental impacts. This includes exploring alternative nutrient sources and precision application techniques, which could potentially impact the demand for nitric acid-based fertilizers in the long term.

Based on Concentration, the market is segmented into Dilute Nitric Acid, and Concentrated Nitric Acid. The concentrated Nitric Acid segment held the largest market share in 2023 and is expected to maintain its dominance over the forecast period. Highly concentrated nitric acid is used in applications that require its strong oxidizing and acidic properties. These applications often demand a higher concentration to achieve desired results. The segment is relevant in the semiconductor and electronics industry, where it is utilized for cleaning and etching processes.

The concentrated nitric acid is used in laboratories and in Research & Development activities for analytical purpose with sample digestion and metal testing. Laboratory and Research: Highly concentrated nitric acid is used in laboratories and research facilities for analytical purposes, including sample digestion and metal testing.
Regional Insight
Asia Pacific region to dominate the Nitric Acid Market over the forecast period

Asia Pacific region dominated the market in 2023 and is expected to hold the largest Nitric Acid market share over the forecast period. Nitric acid is used as nitrogen fertilizer and is an important factor in the production of ammonium nitrate. In Asia Pacific, China is the largest consumer and producer of Nitric acid. Its rapidly growing industrial growth and regional robust fertilizer industry growth is expected to boost the regional Nitric Acid market growth over the forecast period. India is largest agricultural sector, leading to substantial demand for fertilizers and subsequently nitric acid.

Agricultural development, rapid infrastructure development, and industrial applications are significantly contributing to the growth of the market. Japan and South Korea are mature industrial sectors including chemical manufacturing and electronics, which utilize nitric acid due to, which the demand for nitric acid in the region is moderate compared to emerging economies and is expected to boost the regional market growth over the forecast period. Countries like Vietnam, Indonesia, Thailand, and Malaysia are experiencing rapid industrialization and infrastructure development, leading to increased demand for nitric acid.

North America region to boost the market growth over the forecast period

Use of Nitric acid in various industrial processes, including the manufacturing of explosives, dyes, pigments, and pharmaceuticals is significantly contributing for the growth of market over the forecast period. Stringent environmental regulations in North America region with necessitate the use of nitric acid for applications such as wastewater treatment and air pollution control. Compliance with these regulations drives the demand for nitric acid in the region. Increasing manufacturing and chemical industry in region including the production of chemicals, plastics, and pharmaceuticals is expected to boost the regional market growth. These industries consume nitric acid for their manufacturing processes, contributing to market demand. The construction industry in North America, including infrastructure projects and residential/commercial construction, creates demand for explosives, which require nitric acid as a precursor.

Nitric acid is used in the production of various automotive components and electronics. The growth and demand for these sectors impact the nitric acid market in North America. United States, Canada, and Mexico are significant market for the growth of market in the region. The United States is having well developed agricultural sector, and various industrial applications with stringent environmental regulations is expected to boost the regional market growth. Canada is having well established industrial base such as chemical manufacturing and mining.
Competitive Landscape
The Nitric Acid industry is growing significantly as its facing huge demand because of the increase in research and development projects across the globe. The company profiles and competitive analysis of the key players are provided in the Market report. The regions covered in the Nitric Acid Market report are North America, Europe, Asia-Pacific, and LAMEA. The Nitric Acid producers offers a range of Nitric Acid products with positioned as reliable and have huge market demand. New Technology launches, acquisitions and Research & Development activities are strategies adopted by key players in the Nitric Acid market. The strategies adopted by the major player, such as the expansion of product portfolio, mergers & acquisitions, geographical expansion, and collaborations, to enhance the market penetration. The Nitric Acid industry is dominated by producers as they have huge production plants and facilities around the world.

In June 2022, Nutrien AG solutions has increased its fertilizer production capability. The enables the company to respond to changes in the energy, agriculture, and fertilizer market globally.
Nitric Acid Market Scope: Inquire before buying



Nitric Acid Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 23.81Bn.


Forecast Period 2024 to 2030 CAGR:
3.8%
Market Size in 2030:
USD 30.91 Bn


 Segments Covered:
by Application
Fertilizers
Explosives
Chemicals
Metals and Mining
Others


by Concentration
Dilute Nitric Acid
Concentrated Nitric Acid


by End-User Industry
Agriculture
Mining and Metallurgy
Pharmaceuticals



Nitric Acid Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Nitric Acid Key Players Include
1. Yara International ASA
2. CF Industries Holdings, Inc.
3. LSB Industries, Inc
4. The Chemical Company
5. Trammo, Inc
6. Hawkins
7. Casale SA
8. Northstar Chemical
9. Chemical Factory Kalk GmbH
10. The Essential Chemical Industry
11. Univar Solutions Inc
12. Stamicarbon
13. Radici Partecipazioni SpA
14. Sinochem Holdings
15. FarmHannong
16. Fatima Group
17. FERTILIZERS EUROPE
18. Alleima
19. Synthesia, a.s.
20. Kakdiya Chemicals
21. Central Drug House
22. Groupe Somavrac

Frequently Asked Questions:

1] What is the growth rate of the Global Nitric Acid Market?
Ans. The Global Market is growing at a significant rate of 3.8% over the forecast period.

2] Which region is expected to dominate the Global Nitric Acid Market?
Ans. Asia Pacific region is expected to dominate the Nitric Acid Market over the forecast period.

3] What is the expected Global Nitric Acid Market size by 2030?
Ans. The market size of the Nitric Acid Market is expected to reach USD 30.91 Bn by 2030.

4] Who are the top players in the Global Nitric Acid Industry?
Ans. The major key players in the Global Nitric Acid Market are Yara International ASA, CF Industries Holdings, Inc., LSB Industries, Inc, and The Chemical Company.

5] Which factors are expected to drive the Global Nitric Acid Market growth by 2030?
Ans. Increasing from the Agricultural industry is expected to drive the Market growth over the forecast period (2024-2030).