Global Nitric Acid Market Size Study by Type, Application, End-Use Industry and Regional Forecasts 2022-2032

Description

The Global Nitric Acid Market is valued at approximately USD 31.77 billion in 2023 and is poised to grow at a robust CAGR of 3.71% over the forecast period from 2024 to 2032.Nitric acid, a pivotal industrial chemical, plays an essential role in the production of fertilizers, explosives, and various chemical intermediates. Renowned for its versatility and reactivity, it underpins a myriad of applications across agriculture, manufacturing, and other critical industries. Its capacity to drive productivity in sectors ranging from agrochemicals to specialty chemicals underscores its indispensable nature in the global economy.

The rising demand for fertilizers, fueled by the need for enhanced agricultural output, remains the primary growth driver for the market. Nitric acid's utilization in the synthesis of adipic acid and toluene di-isocyanate, key components in polymers and foams, further bolsters its significance in the chemical industry. Additionally, its role in producing explosives for mining and defense applications highlights its multifaceted utility. However, challenges such as environmental concerns related to greenhouse gas emissions during production and fluctuating raw material prices may impede market expansion.

To address these challenges, industry players are increasingly focusing on sustainable production methods, such as adopting cleaner technologies and recycling nitric acid byproducts. These advancements are not only mitigating environmental impacts but also optimizing production costs, thereby enhancing market viability. Furthermore, emerging applications in niche markets and the rise of innovation-driven initiatives are expected to create lucrative growth opportunities over the forecast period.

Regionally, Asia-Pacific dominates the market, propelled by its rapidly expanding agricultural and industrial sectors in economies like China and India. North America and Europe, with their robust chemical manufacturing bases, also hold substantial shares in the market. Meanwhile, regions like Latin America and the Middle East & Africa are poised to witness steady growth due to increasing investments in agriculture and infrastructure development.

Major market players included in this report are:

BASF SE
Yara International ASA
Nutrien Ltd.
CF Industries Holdings, Inc.
OCI N.V.
LSB Industries, Inc.
Hanwha Solutions Corporation
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
Dyno Nobel
Sasol Limited
Deepak Fertilisers and Petrochemicals Corporation Ltd.
Togliattiazot
Haifa Chemicals Ltd.
Agrium Inc.
Rashtriya Chemicals & Fertilizers Ltd.

The detailed segments and sub-segments of the market are explained below:

By Type:

Dilute Nitric Acid
Concentrated Nitric Acid

By Application:

Fertilizers
Nitrobenzene
Toluene Di-Isocyanate
Adipic Acid
Nitro Chlorobenzene
Others

By End-Use Industry:

Agrochemicals
Explosives
Chemical
Others

By Region:

North America:

U.S.
Canada

Europe:

UK
Germany
France
Spain
Italy
Rest of Europe

Asia-Pacific:

China
India
Japan
Australia
South Korea
Rest of Asia-Pacific

Latin America:

Brazil
Mexico
Rest of Latin America

Middle East & Africa:

Saudi Arabia
South Africa
Rest of Middle East & Africa

Key Takeaways:

Market estimates and forecasts for a 10-year period (2022-2032).
Comprehensive regional and segment-level analysis.
Insights into competitive dynamics and strategies of leading market players.
Analysis of supply-side and demand-side market dynamics.
Actionable recommendations for stakeholders based on in-depth market insights.

Chapter 1. Global Nitric Acid Market Executive Summary

1.1. Global Nitric Acid Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Application
- 1.3.3. By End-Use Industry
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Nitric Acid Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Nitric Acid Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Demand in Fertilizers
- 3.1.2. Rising Utilization in Nitrobenzene and Toluene Di-Isocyanate Applications
- 3.1.3. Growing Demand in Adipic Acid and Nitro Chlorobenzene Synthesis
3.2. Market Challenges
- 3.2.1. Environmental Concerns Related to Greenhouse Gas Emissions
- 3.2.2. Fluctuating Raw Material Prices
3.3. Market Opportunities
- 3.3.1. Advancements in Recycling Technologies
- 3.3.2. Development of Bio-Based Nitric Acid Alternatives
- 3.3.3. Exploration of New Application Avenues in Emerging Markets

Chapter 4. Global Nitric Acid Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Nitric Acid Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Nitric Acid Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Dilute Nitric Acid
- 5.2.2. Concentrated Nitric Acid

Chapter 6. Global Nitric Acid Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Nitric Acid Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Fertilizers
- 6.2.2. Nitrobenzene
- 6.2.3. Toluene Di-Isocyanate
- 6.2.4. Adipic Acid
- 6.2.5. Nitro Chlorobenzene
- 6.2.6. Others

Chapter 7. Global Nitric Acid Market Size & Forecasts by End-Use Industry 2022-2032

7.1. Segment Dashboard
7.2. Global Nitric Acid Market: End-Use Industry Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 7.2.1. Agrochemicals
- 7.2.2. Explosives
- 7.2.3. Chemical
- 7.2.4. Others

Chapter 8. Global Nitric Acid Market Size & Forecasts by Region 2022-2032

8.1. North America Nitric Acid Market
- 8.1.1. U.S. Nitric Acid Market
  - 8.1.1.1. Application Breakdown Size & Forecasts, 2022-2032
  - 8.1.1.2. End-Use Industry Breakdown Size & Forecasts, 2022-2032
- 8.1.2. Canada Nitric Acid Market
8.2. Europe Nitric Acid Market
- 8.2.1. UK Nitric Acid Market
- 8.2.2. Germany Nitric Acid Market
- 8.2.3. France Nitric Acid Market
- 8.2.4. Spain Nitric Acid Market
- 8.2.5. Italy Nitric Acid Market
- 8.2.6. Rest of Europe Nitric Acid Market
8.3. Asia-Pacific Nitric Acid Market
- 8.3.1. China Nitric Acid Market
- 8.3.2. India Nitric Acid Market
- 8.3.3. Japan Nitric Acid Market
- 8.3.4. Australia Nitric Acid Market
- 8.3.5. South Korea Nitric Acid Market
- 8.3.6. Rest of Asia-Pacific Nitric Acid Market
8.4. Latin America Nitric Acid Market
- 8.4.1. Brazil Nitric Acid Market
- 8.4.2. Mexico Nitric Acid Market
- 8.4.3. Rest of Latin America Nitric Acid Market
8.5. Middle East & Africa Nitric Acid Market
- 8.5.1. Saudi Arabia Nitric Acid Market
- 8.5.2. South Africa Nitric Acid Market
- 8.5.3. Rest of Middle East & Africa Nitric Acid Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. BASF SE
- 9.1.2. Yara International ASA
- 9.1.3. Nutrien Ltd.
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. BASF SE
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. Yara International ASA
- 9.3.3. Nutrien Ltd.
- 9.3.4. CF Industries Holdings, Inc.
- 9.3.5. OCI N.V.
- 9.3.6. LSB Industries, Inc.
- 9.3.7. Hanwha Solutions Corporation
- 9.3.8. Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
- 9.3.9. Dyno Nobel
- 9.3.10. Sasol Limited

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes