Nitric Acid Market Anticipated to have a Stable CAGR of 2.3% during the period of 2022 to 2032

Demand for nitric acid is increasing, as it is a component of many fertilizers. Fertilizers are used to boost agricultural output in order to meet the rising food demand from the growing population. Nitric acid demand from fertilizer producers is expected to increase, as is fertilizer usage in agrarian economies around the world.

The global nitric acid market is set to witness a significant CAGR of 2.3% and is anticipated to reach a valuation of around USD 37.63 billion by 2032, up from 29.3 billion in 2021.

The existence of international firms, which are constantly coming out with new products to gain a larger nitric acid market share, makes the global nitric acid market extremely competitive.

The government’s environmental regulations and efforts to reduce industrial waste are what are preventing the nitric acid market from expanding. The market was constrained by these nitric acid market trends, due to rising concerns over CO2 emissions from automobiles.

However, it is projected that the growing usage of plastic in the medical industry would lead to a gradual stabilization of nitric acid market share. The growing need for PPE kits, which has increased plastics manufacturing, is driving the growth of the nitric acid market.

North America is anticipated to hold the largest global market share for nitric acid, which may be ascribed to the region’s consumers’ high disposable income and robust economic growth. Most of the demand for nitric acid comes from Eastern Europe, a region with significant growth potential.

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Key Takeaways from Market Study

• The nitric acid market is expected to have a CAGR of 2.3% during the forecast period.
• The market is segmented based on application, wherein the fertilizer segment is anticipated to account for a significant global nitric acid market share of 80.07% in 2021.
• The European nitric acid market is anticipated to grow at the fastest rate, with a share of around 65.5% in 2021.
• North America is likely to dominate the nitric acid market during the forecast period.
• Asia Pacific is expected to witness a lucrative growth rate in the nitric acid market during the forecast period.
• Demand for nitric acid is high, since it is a component of many fertilizers, and discretionary income among consumers is rising.

Competitive Landscape

Businesses all across the world are focusing on process innovation and capacity development. Key market players claim that building large plants and increasing commercial output would improve the availability of nitric acid.

Some of the major key players in the nitric acid market are BASF SE, Dupont, Nutrien Ltd., Omnia Holding Limited, Apache Nitrogen Products Inc., CF Industry Holdings, Inc, Thyssenkrupp AG, Yara International ASA, Rashtriya Chemical & Fertilizers Ltd.

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Key Players

• BASF SE
• Dupont
• Nutrien Ltd.
• Omnia Holding Limited
• Apache Nitrogen Products Inc.
• CF Industry Holdings, Inc
• Thyssenkrupp AG
• Yara International ASA
• Rashtriya Chemical & Fertilizers Ltd.

Key segments

By Application:

• Fertilizers
• Nitrobenzene
• Adipic acid
• Toluene diisocyanate (TDI)
• Nitrochlorobenzene
• Others

Recent Developments: Product Launches and Collaboration

With a new long-term nitric acid supply contract signed in October 2020, LSB Industries, Inc. will supply 70 KT to 100 KT of nitric acid annually to a customer. This is an endeavor to improve profitability through targeted marketing and a different product mix.

• At the Indian nitric acid complex, Deepak Fertilizers and Petrochemicals began commercial production in April 2019. Around 149 KT of diluted nitric acid and 92 KT of concentrated nitric acid are annually produced by the new factory.