Nitric Acid Global Market Report 2024

The global nitric acid market size is expected to grow from $21.09 billion in 2022 to $21.84 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global nitric acid market is expected to grow to $24.35 billion in 2027 at a compound annual growth rate (CAGR) of 2.8%.

The escalating utilization of nitric acid across various industries, including fertilizer, explosives, polyurethanes, polyamides, and others, is a key driver behind the growth of the nitric acid market. Nitric acid plays a crucial role in the manufacturing processes of explosives for coal mining, limestone for cement, and the production of fertilizers. With over 98% of its demand concentrated in these industries, nitric acid has become a fundamental component in their operational processes. For instance, according to a report by EQMS India Pvt. Ltd. in 2022, during the years 2020–21, domestic production of nitric acid reached approximately 758,000 MT, while the demand from various industries amounted to 993,000 MT. This resulted in a gap of about 235,000 MT between demand and domestic production, which was met through imports. This data underscores the vital role of nitric acid in meeting the needs of industries, driving its growth as a key raw material in sectors such as fertilizer, explosives, polyurethanes, polyamides, and others.

The anticipated growth in the agricultural sector is poised to propel the expansion of the nitric acid market. The agricultural sector, encompassing activities related to land cultivation, crop harvesting, and livestock rearing, is experiencing increasing demand for nitric acid. Nitric acid plays a crucial role in the production of ammonium nitrate fertilizers, contributing essential nitrogen to enhance crop growth and yield. Additionally, it serves as a soil amendment for pH adjustment, further augmenting its significance in agriculture. As reported by the Organization for Economic Co-operation and Development (OECD) in June 2022, achieving the zero-hunger target would necessitate a 28% increase in agricultural productivity over the next decade. Furthermore, global crop production is expected to rise by 87% by the year 2030. Consequently, the ongoing expansion of the agricultural sector stands as a key driver fueling the growth of the nitric acid market.

The predominant trend in the nitric acid market is the development of cutting-edge technologies aimed at enhancing production efficiency. The increasing use of chemicals such as nitric acid and nitrates in fertilizers has been linked to the alarming rise in global warming. Recognizing this, major players in the market are focusing on innovating new technologies to reduce nitrates used in fertilizers. For instance, in May 2022, LUNA INNOVATIONS, Inc., a US-based provider of sensing, testing, and measurement solutions, introduced the LuNOX process. This innovative process is designed to improve plant production by significantly reducing the energy and infrastructure costs associated with nitrate fertilizer production. Notably, it aims to benefit farmers by lowering fertilizer costs and the general public through reduced energy usage and decreased greenhouse gas emissions. The introduction of such technologies is a critical step in addressing environmental concerns and contributing to the reduction of global warming.

Major companies operating in the nitric acid market are increasingly prioritizing strategic collaborations to deliver reliable services to their customers. Strategic collaboration involves mutually beneficial partnerships between independent entities working together to achieve shared goals aligned with their respective strategic objectives. A notable example of such collaboration occurred in February 2023 when Rotating Machinery Services Inc., a US-based aftermarket engineering and services company, announced a partnership with Howden Maintenance Partners, a Belgium-based maintenance and repair services company. This collaboration between Rotating Machinery Services (RMS) and Howden Maintenance Partners (HMP) is aimed at enhancing the servicing of hot gas and nitric acid expanders in the Europe and Middle East (EMENA) region. Leveraging RMS's expertise in Hot Gas Expanders and HMP's local repair capabilities, the partnership seeks to provide customers with improved reliability, maintainability, and performance for Fluid Catalytic Cracking (FCC) and Nitric Acid Expanders. The collaboration establishes a European center of excellence for expander services, demonstrating a joint commitment to delivering enhanced solutions in the nitric acid market.

In December 2023, Yara International ASA, a Norwegian chemicals company, successfully completed the acquisition of Agribios Italiana's organic-based fertilizer business for an undisclosed sum. This strategic move by Yara reinforces its presence in the European market, positioning the company to broaden its portfolio in support of regenerative agriculture. The acquisition allows Yara to play a pivotal role in improving soil health and aligning with the European Union's objective of expanding organic farming practices. Agribios Italiana, an Italy-based chemical manufacturing company specializing in organic and organo-mineral fertilizers, adds valuable expertise and resources to Yara's expanding capabilities.

Major companies operating in the nitric acid market report are Sinopec Nanjing Chemical Industries Co. Ltd., BASF SE, Thyssenkrupp AG, Nutrien Ltd., Mitsubishi Chemical Corporation, 3M company, Yara International ASA, Deepak Fertilisers and Petrochemicals Corporation Ltd., DuPont de Nemours Inc., CF Industry Holdings Inc., Sika AG, EuroChem Group AG, OCI N.V., The Lubrizol Corporation, Adeka Corp., Enaex S.A., Rashtriya Chemicals & Fertilizers Ltd., Hanwha Corporation, Gujarat Narmada Valley Fertilizers & Chemicals Limited, TKG Huchems Co. Ltd., LSB Industries Inc., Dorf Ketal Chemicals Pvt. Ltd., Ube Industries Ltd., PMC Specialties Group Inc., Mayzo Inc., Chemtrade Logistics Inc., Angus Chemical Company, Apache Nitrogen Products Inc., Abu Qir Fertilizers and Chemicals Co., MaxamCorp Holding SL.

Europe was the largest region in the nitric acid market in 2023. The regions covered in the nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nitric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The nitric acid market consists of sales of fuming nitric acid and anhydrous nitric acid. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of nitric acid include concentrated nitric acid and dilute nitric acid. Concentrated nitric acid is a potent oxidizing agent typically stored in dark brown bottles to prevent photolytic decomposition of dinitrogen tetroxide. It is utilized in manufacturing processes to avoid spontaneous explosions. Various applications of concentrated nitric acid include its use in the production of fertilizers, nitrobenzene, adipic acid, toluene diisocyanate (TDI), nitrochlorobenzene, and other compounds across industries such as explosives, agrochemicals, electronics, automotive, and more.

The nitric acid market research report is one of a series of new reports that provides nitric acid market statistics, including the nitric acid industry's global market size, regional shares, competitors with a nitric acid market share, detailed nitric acid market segments, market trends and opportunities, and any further data you may need to thrive in the nitric acid industry. This nitric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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