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Global Concentrated Nitric Acid Market
Global Concentrated Nitric Acid Market is expected to reach US$ 28.96 Bn by 2026 from US$ 21.14 Bn in 2016 at a CAGR of 3.2%. Global Concentrated nitric acid market is witnessing growth due to its vast applications in various end-use industries such as for manufacturing of fertilizers, explosives, nylon, a variety of industrially useful organic and inorganic compounds and etching steel, purification of metals and photoengraving in metal processing industry. About two third of the nitric acid is used for the production of ammonium nitrate which finds wide application in fertilizers. Moreover rising demand for nylon 6–6, as a replacement for metals in the automotive industry is fueling growth of concentrated nitric acid market. Stringent government regulations and environmental concerns are major restraining factors hindering growth of concentrated nitric acid market.
Concentrated nitric acid market based on type has been segmented into strong nitric acid and fuming nitric acid. Strong nitric acid is expected to be one of the major contributors for the market growth owing to its used in various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene and toluene diisocyanate.
Based on application, ammonium nitrate is expected to hold one of the largest shares of the market attributed to large use in fertilizers and explosives. Agrochemicals is expected to be one of the largest segment among end-use industries during the forecast period. This is due to increasing demand for nitrogen fertilizers from the emerging economies such as China, India and Brazil. Geographically, Asia Pacific is expected to be one of the largest markets for concentrated nitric acid during the forecast period followed by Europe and North America. This is due to the presence of the key players of concentrated nitric acid in this regions.
Scope of the Global Concentrated Nitric Acid Market:
Global Concentrated Nitric Acid Market, by Type:
• Strong Nitric Acid • Fuming Nitric Acid
Global Concentrated Nitric Acid Market, by Application:
Ammonium Nitrate • Adipic Acid • Nitrobenzene • Toluene Diisocyanate • Others
Global Concentrated Nitric Acid Market, by End-use Industry:
Agrochemicals • Explosives • Automotive • Electronics • Others
Global Concentrated Nitric Acid Market, by Geography:
North America • Europe • Asia Pacific • Middle East & Africa • Latin America
Key Players Operating in the Global Concentrated Nitric Acid Market: • Agrium Inc.(Canada) • Deepak Fertilisers and Petrochemicals Corp. Ltd. (India) • CF Industries (US) • Hanwha Corporation (South Korea) • LSB Industries Inc. (U.S.) • Potash Group (Canada) • National Chemical Group (Russia) • Shandong Fengyuan Chemical Stock Co. Ltd. (China) • OCI N.V. (Netherlands) • Ube Industries (Japan) • Yara International (Norway)
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