Nitric Acid Market size to grow by 6.66 million tons from 2022 to 2027 | APAC to contribute 40% of the market growth- Technavio

NEW YORK, Sept. 4, 2023 /PRNewswire/ -- The nitric acid market is expected to grow by 6.66 million tons from 2022 to 2027, progressing at a CAGR of 1.98% as per the latest Technavio market research report. APAC is going to have lucrative growth during the forecast period. About 40% of the market's overall growth is expected to originate from APAC. Europe is another key region contributing to the growth of the market. The growing demand for nitric acid in this region is mainly due to its increasing use of fertilizers and explosives. In addition, Europe is experiencing significant demand for light cars from well-known manufacturers such as Volkswagen, Mercedes, Ferrari, BMW, and Audi. Nylon 66, a product derived from adipic acid, is gradually being used in vehicle components to improve fuel efficiency.  Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

Nitric Acid Market: Market Dynamic

Key Driver

The growth in the automotive industry is a key factor driving market growth. The automotive industry relies heavily on nitric acid-derived materials, technologies, and intermediates, such as nylon 66 and polyurethane. Nylon 66 stands out for such qualities as corrosion resistance, high-temperature resistance, and chemical resistance. In addition, the incorporation of nylon 66 makes it easier to reduce the weight of rotating parts while maintaining load levels and structural rigidity. Hence, these factors are expected to drive market growth during the forecast period.

Major Trend

The economic growth in APAC is a major trend in the market. The region has evolved through economic strategies aimed at increasing the incomes of commodity-exporting countries. The growing population and economic progress in the region are driving the growth of important sectors such as automotive, aerospace, construction, and electronics. TDI is used in the manufacture of lightweight polyurethane foam for automobiles. In addition, the growing demand for high-quality light vehicles and the electronics industry is driving demand for adipic acid, TDI, polyurethane, and other nitric acid derivative products. Hence, these factors are expected to drive market growth during the forecast period.

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Some of the key Nitric Acid Market Players:

The nitric acid market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market.

ANPI, BASF SE, CF Industries Holdings Inc., Dyno Nobel, ENAEX S.A., Hanwha Solutions Corp., IXOM Ltd., J.R. Simplot Co., Koch Industries Inc., LSB Industries Inc, Nutrien Ltd., OCI N.V., Qingdao Hisea Chem Co. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sasol Ltd., Shandong Fengyuan Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., thyssenkrupp AG, Ube Corp., and Yara International ASA

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Nitric Acid Market: Segmentation Analysis

This market research report segments the nitric acid market by application (fertilizers and others), Grade Type (Commercial, Noncommercial), and geography (Europe, APAC, North America, South America, and Middle East and Africa).

• The market share growth by the fertilizers segment will be significant during the forecast period. Fertilizers play an important role in promoting plant growth by providing essential nutrients. Nitric acid acts as an oxidizing agent and improves the nitrogen content of the soil, thereby providing the necessary elements for plant growth. Nitric acid is derived from ammonia, an important ingredient in fertilizer production. In addition, the increasing use of fertilizers pollutes groundwater, leading to their use. Urea has emerged as a major nitrogen fertilizer due to its safety, cost-effectiveness, and high nitrogen content. Hence, these factors are expected to drive segment growth during the forecast period.

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Vendor Landscape

• Companies covered
• Vendor classification
• Market positioning of companies
• Competitive scenario

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

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