Concentrated Nitric Acid Global Market Report 2024

The global concentrated nitric acid market has grown steadily in recent years. It will grow from $19.04 billion in 2023 to $19.54 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to the expansion of the chemical industry, the requirements of the agricultural sector, manufacturing of explosives, metal processing, mining, and various industrial applications.

The global concentrated nitric acid market is expected to see steady growth in the next few years. It will grow to $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to an emphasis on industrial safety, continuous innovations in chemical processes, the needs of the automotive sector, requirements in water treatment, and the demand from the semiconductor industry. Major trends in the forecast period include renewed use in explosives manufacturing, advancements in the pharmaceutical sector, and demand for dyes, pigments, and colorants, driven by market competition and innovation.

The concentrated nitric acid market is poised for growth due to the escalating demand for personal protective equipment (PPE). Personal protective equipment, encompassing various safety gear such as face masks and gloves, relies on plastic polymers whose production involves the use of concentrated nitric acid. Premier Inc.'s 2021 analysis revealed a substantial surge in purchases, with N95 and KN95 mask acquisitions rising by 715%, surgical masks by 93%, and exam gloves by 225% from 2020 to 2021. This surge in demand for PPE components underpins the concentrated nitric acid market's trajectory.

The concentrated nitric acid market is set to experience growth driven by the burgeoning manufacturing industry. Serving as a robust oxidizing agent, concentrated nitric acid plays a pivotal role in metal etching, surface passivation, and the production of chemicals and explosives within the manufacturing sector. Eurostat's July 2023 report highlighted a 0.2% increase in industrial output in the European area, coupled with a 0.1% uptick in the European Union from May to April 2023. This underscores the vital role of concentrated nitric acid in fostering growth within the manufacturing industry.

The concentrated nitric acid market is witnessing a key trend propelled by technological advancements. Leading market players are integrating new technologies to reduce greenhouse gas emissions during the production process, aligning with climate regulation standards. In November 2021, Orica, an Australia-based explosives company, adopted EnviNOx, a nitrous oxide greenhouse gas emissions abatement technology, at its Kooragang Island plant. This technology aims to significantly reduce the carbon footprint, with an anticipated annual emissions reduction of at least 567,000 tCO2e by 2030.

Major companies in the concentrated nitric acid market are intensifying their efforts by establishing new production facilities, enhancing competitiveness. In January 2023, Grupa Azoty S.A., based in Poland, inaugurated a state-of-the-art facility in Tarnów, doubling its existing capacity for producing concentrated nitric acid. Valued at $13.1 million, this facility is designed to output 40,000 metric tons per year, meeting the growing demand for concentrated nitric acid.

In November 2022, Deepak Fertilizers, a prominent player in the Indian fertilizer industry, entered into a significant collaboration with Aarti Industries valued at $9.84 billion (Rs 8,000 crore). This collaboration, marking a first-of-its-kind association between major Indian chemical players, involves specific volume commitments and supply or payment obligations. Aarti Industries, specializing in specialty chemicals and pharmaceuticals, is set to contribute to the sustained growth and commercial interests of both entities in the concentrated nitric acid market.

Major companies operating in the concentrated nitric acid market report are Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Koch Fertilizers LLC, National Chemical Group Co. Ltd., OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries Ltd., Yara International ASA, The Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, EuroChem Group AG, Grupa Azoty S.A., FCI Aravali Gypsum and Minerals India Ltd., Abu Qir Fertilizers and Chemicals Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., Shandong Dacheng Pesticide Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Grasim Industries Limited, Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Taiwan Corporation, Dow Inc., Eastman Chemical Company, and Mitsui Chemicals Inc.

Asia-Pacific was the largest region and fastest growing in the concentrated nitric acid market share in 2023. The regions covered in the concentrated nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the concentrated nitric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of concentrated nitric acid include strong nitric acid and fuming nitric acid. Strong nitric acid is a powerful acid with the molecular formula HNO3. It finds various applications in agrochemicals, explosives, automotive, rubber, and other materials. The distribution channels for concentrated nitric acid include direct institutional sales, retail sales, and other channels.

This report provides concentrated nitric acid market statistics, including concentrated nitric acid industry global market size, regional shares, competitors with a concentrated nitric acid market share, detailed concentrated nitric acid market segments, market trends and opportunities, and any further data you may need to thrive in the concentrated nitric acid industry. This concentrated 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 concentrated nitric acid consists of hydrogen nitrate, ammonium nitrate, adipic acid, nitrobenzene, and toluene diisocyanate. 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 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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