The global nitric acid market is anticipated to reach a value of USD 32.3 billion by 2028. The global nitric acid market is growing, due to increase in consumption of fertilizers in agricultural sector. In addition, nitric acid are used in chemicals and explosives that can push the market over the next few years. Nitric acid is a strong oxidizing agent and is toxic liquid that shows off choking red or yellow fumes in moist air. It ionizes promptly in solution, forming a good conductor of electricity. The nitric acid has extensive uses in various end-user industries such as metal processing industries, metallurgical industries, chemical and others which are anticipated to flourish the global nitric acid market. Growing demand of food consumption and emerging textiles industries become the key drivers of nitric acid products.
The size of the global nitric acid market was estimated to be worth USD 22.82 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.6% to reach USD 30.29 billion by 2030.
.jpg "The Global Nitric Acid Market 2020-2030 (USD Billion)")
Furthermore, the explosives industry shares significant demand of the product in the mining of coal and metals. Manufacturing of explosives utilizes ammonium nitrate which requires significant amount of the nitric acid as a precursor which directly impacts the demand for nitric acid. However, various governments have some rules and regulations on the use of ammonium nitrate fertilizers due its hazardous effect on the environment that is expected to act as a restrain for the growth of nitric acid. The rising chemical and fertilizer industries could create huge demand of nitric acid market which in turn could create several opportunities for the nitric acid market in upcoming years.
Nitric Acid Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 30.29 billion |
| Growth Rate | CAGR of 3.6% during 2020-2030 |
| Segment Covered | Type, Application, End User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East & Africa |
| Key Players Profiled | Yara International ASA, CF Industries Holdings, Inc., BASF SE, Orica Limited, LSB Industries, Agrium Inc., Potash Corporation of Saskatchewan Inc., Omnia Holdings Limited, Sinopec Corporation, OCI Nitrogen, Nitrogénmüvek Zrt, Dyno Nobel, Deepak Fertilizer and Petrochemicals Corporation Limited, Pakarab Fertilizers Limited, and Sasol Limited, among others. |
Key Segments of the Global Nitric Acid Market
Type Overview (USD Billion)
- Weak nitric acid
- Concentrated nitric acid
Application Overview, (USD Billion)
- Ammonium Nitrate
- Adipic Acid
- Toluene di-isocyanate (TDI)
- Nitrobenzene
- Others
End User Overview, (USD Billion)
- Fertilizers
- Explosives
- Chemical Intermediates
- Others
Regional Overview, (USD Billion)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Nitric Acid market.
- Nitric Acid is widely used for various end uses in chemical intermediates, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing fertilizer uses, there is a rise in the demand for nitric acid which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global Nitric Acid market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Nitric Acid industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Type and Application and End User. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Nitric Acid market. The report will benefit: Every stakeholder involved in the Nitric Acid market.
- Managers within the Nitric Acid industry looking to publish recent and forecasted statistics about the global Nitric Acid market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Nitric Acid market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies
Frequently Asked Questions (FAQ) :
The nitric acid market size is expected to reach USD 30.29 billion by 2030.
The nitric acid market is expected to grow at a CAGR of 3.6% during 2022-2030.
The application of the nitric acid market Ammonium Nitrate, Adipic Acid, Toluene di-isocyanate, Nitrobenzene and other.
Europe dominated the market for nitric acid market and accounted for the largest revenue share.
The major players are Yara International ASA, CF Industries Holdings, Inc., BASF SE, Orica Limited, LSB Industries, Agrium Inc., Potash Corporation of Saskatchewan Inc., Omnia Holdings Limited, Sinopec Corporation, OCI Nitrogen, Nitrogénmüvek Zrt, Dyno Nobel, Deepak Fertilizer and Petrochemicals Corporation Limited, Pakarab Fertilizers Limited, and Sasol Limited, among others
The global Nitric Acid market worth by , growing at a CAGR of 2.3 %
Nitric acid is widely adopted and captures most of the demand due to consumption in the manufacturing of ammonium nitrate, adipic acid and toluene di-isocynate. Division of the global market into five major continents shows that Europe is at the leading position with the highest CAGR in 2018 making up more than 50% of the total market share. The penetration of nitric acid in the region is moving towards its peak, thereby, implying maturity with more scope for growth.
The global Nitric acid market has shown a remarkable growth in the recent times. Nitric acid is a strong oxidizing agent and is highly corrosive mineral acid. The global nitric acid market is growing due to its vast usage in end-user industries such as explosives, textiles, fertilizers, chemical intermediates and so on. The use of Nitric acid as a precursor for various organic nitrogen compounds and is also commonly used as rocket propellants in the aerospace industry which has substantial growth.
An increase in consumption of nitric acid in fertilizer production and the growing demand of food consumption drives the global nitric acid market. The market is estimated to raise its position due to the significant utilization of ammonium nitrate in manufacturing explosives. Affordable cost of ammonia as a precursor push the market in the future. The industries such as fertilizers, chemical intermediates, textiles, and explosives keep on developing and anticipates the demand for Nitric acid in future.
The Nitric acid market is hampered due to various government regulations on nitric acid product applications and also due to emission of greenhouse gas during the production process of nitric acid. New developments and advanced technology adaption for nitrogen oxide reduction are the drivers anticipated to offer growth opportunities to the global Nitric acid market.
The Nitric acid market has been segmented based on type, application, end-user, and regional. Based on type, the market has been classified into weak and concentrated nitric acid. Weak nitric acid is leading the nitric acid market on the basis of type and is expected to remain largest segment over the forecast period because, it is used in chemical manufacturing such as ammonium nitrate and the adipic acid which supplements the overall consumption of the product.
The Nitric acid market has been segmented on the basis of application, the market is classified into Ammonium Nitrate, Adipic Acid, Toluene di-isocyanate (TDI), and Nitrobenzene. Ammonium Nitrate is one of the most demanding and the largest application of Nitric acid which account for around three-fourth of total global consumption of the nitric acid.
The fastest growing application of nitric acid is of nitrobenzene because it is consumed in the manufacturing of lubricating oils, synthetic rubber, dye and drugs, etc.
The Nitric acid market has been segmented on the basis of end-users, the market is classified into fertilizers, explosives, chemical intermediates and others. Fertilizer is having the largest share on the basis of end-users due to the growing population, contributing in the growth of agricultural sector which eventually increases the demand for fertilizer segment worldwide.
Based on regional segmentation, the market for Nitric acid are in North America, Central & South America, Asia Pacific, Middle East and Africa, and Europe. Europe region is having the largest market share in global Nitric acid market due to mature textile industries which consumes the nitric acid for manufacturing of adipic acid and caprolactam. The affecting factors such as population, climate, end- users industries and currency inflation rate are there in this region which drives the nitric acid market.
.png "Europe Nitric Acid Market, 2018-2028 (USD Billion)")
Major companies profiled in the global Nitric acid market report are Yara International ASA, CF Industries Holdings, Inc., BASF SE, Orica Limited, LSB Industries, Agrium Inc., Potash Corporation of Saskatchewan Inc., Omnia Holdings Limited, Sinopec Corporation, OCI Nitrogen, Nitrogénmüvek Zrt, Dyno Nobel, Deepak Fertilizer and Petrochemicals Corporation Limited, Pakarab Fertilizers Limited, and Sasol Limited, among others