Nitric Acid Market Synopsis
Market Research Future speculates the global nitric acid market is estimated to register 6.5% CAGR during the appraisal period (2016-2022) owing to the augmenting need for crop yield. Nitric acid is referred to as a corrosive and colorless mineral acid with a concentration of 70% and turns pale yellow due to the decomposition of oxides. Also termed as aqua fortis or spirit of niter, nitric acid is witnessing high demand in the manufacture of fertilizers, explosives, and nylon. It is a poisonous liquid which produces choking yellow or red fumes in moist air and is a strong oxidizing agent. Nitric acid is considered a good conductor of electricity as it ionizes readily in solution. It is miscible in water and is a slightly yellow aqueous solution treated top remove most free nitrogen oxides.
Nitric Acid Market Proportion and Pitfalls
The COVID-19 analysis on nitric acid market is majorly driven by the fertilizer industry owing to the augmenting need for crop yield in order to meet the increasing population’s demand for food. With the extensive use of calcium ammonium nitrate and ammonium nitrate in fertilizers, the market for nitric acid is estimated to widen throughout the assessment period. Ammonium nitrate is generally derived from nitric acid and is extensively used to manufacture fertilizers and explosives. With the augmenting demand from the defense industry due to use of explosives at the cross border area, nitric acid’s production has increased.
Global Nitric Acid Market: Segmental Insights
The global nitric acid type market has been segmented on the basis of application.
By mode of application, the global nitric acid industry has been segmented into nitrobenzene, fertilizers, adipic acid, toluene diisocyanate, and nitro chlorobenzene. Among these, the fertilizers segment is estimated to dominate the global nitric acid market and is anticipated to retain its dominance. The growth is credited to the agricultural growth in economies such as China, India, and Brazil. With the increasing demand for food along with favorable support from the government is expected to stir up the nitric acid production capacity.
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Nitric Acid Market Regional Insights
Geographically, the nitric acid market spans across regions namely, Europe, Asia Pacific, North America, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is considered to occupy the largest market share due to the augmenting chemical and fertilizers industry in this region. The region leads the global market and offers huge growth potential for nitric acid production owing to the continuous growth if textile, pharmaceutical, and fertilizer industry in economies such as India, China, and South Korea. Also, with the end-use industrial growth in several countries like India, South Korea, China, Japan, Vietnam, Thailand, Malaysia, and Bangladesh, the market in this region is expected to flourish. Additional factors gearing up the market growth are the increasing investment by major companies coupled with the shifting production facilities in this region.
The North American region is estimated to experience a moderate growth rate owing to the expansion of the pharmaceutical sector. On the other hand, the European region is predicted to generate a moderate growth rate due to the significant growth of textile and automobile industries.
The prominent players operating the global nitric acid market are LyondellBasell Industries, Koch Fertilizer LLC, PVS Chemicals, The Dow Chemical Company, Agrium Inc., Apache Nitrogen Products Inc, AkzoNobel NV, Basic Chemical Solutions LLC, BASF SE, Bayer AG, and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.