Global Nitric Acid Market Size, Share, Growth Analysis, By Application(Fertilizers, nitrobenzene), By End Use(Agriculture, explosives) - Industry Forecast 2024-2031

Global Nitric Acid Market size was valued at USD 32.5 billion in 2022 and is poised to grow from USD 33.61 billion in 2023 to USD 43.91 billion by 2031, growing at a CAGR of 3.4% during the forecast period (2024-2031).

Adipic acid, toluene diisocyanate, and nitrobenzene are just a few of the compounds that are produced using nitric acid, a crucial intermediary. Meeting the growing demand for nitric acid from a variety of end-use industries is the main goal of the worldwide nitric acid market. Adipic acid demand in the textile industry, rapid industrialization, and the growing need for fertilizers in the agriculture sector are some of the drivers driving this highly competitive market. Technological advancements have also fueled the industry by enabling the creation of more economical and efficient production techniques.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Nitric Acid Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Nitric Acid Market Segmental Analysis

Global Nitric Acid Market is segmented on the basis of product application, end use and region. By application, the market is segmented into fertilizers, nitrobenzene, toluene diisocyanate (TDI), adipic acid, nitrochlorobenzenes and others (including ammonium nitrate, organic synthesis, and metal etching). By end use, market is segmented into agriculture, explosives, automotive, chemicals and others (including metallurgy, pharmaceuticals, and wastewater treatment). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Nitric Acid Market

The rising need for nitric acid in the production of adipic acid is a major factor propelling the worldwide nitric acid market. An essential component in the creation of nylon and other synthetic fibers that are widely utilized in the textile business is adipic acid. Nitric acid is an essential component of the nylon manufacturing process since it is a necessary input in the creation of adipic acid. The growing demand for textiles from a variety of end-use industries, including clothing, automotive, and construction, is driving considerable expansion in the worldwide textile industry. The need for nylon is rising due to this growth, which is also increasing the demand for nitric acid and adipic acid.

Restraints in the Global Nitric Acid Market

Because nitric acid is toxic, strict rules on its manufacturing and transportation are the main factor limiting the market for this product worldwide. If not handled appropriately, nitric acid-a highly poisonous and corrosive substance-poses serious threats to both human health and the environment. Because of this, nitric acid manufacturing, storage, and transportation are subject to stringent laws and safety requirements that have been set by numerous governments and regulatory agencies worldwide. Businesses in the nitric acid industry may find it difficult to comply with these rules because they have to maintain profitability while adhering to a number of safety and environmental requirements.

Market Trends of the Global Nitric Acid Market

The move toward sustainable production was one of the major recent trends in the global nitric acid industry. In the chemical sector, including the nitric acid production process, there is an increasing tendency toward the adoption of environmentally friendly and sustainable production techniques. Businesses are investing more and more in nitric acid production methods that lower greenhouse gas emissions and waste creation. Growing consumer knowledge of and desire for sustainable products, along with regulatory pressure to lessen the environmental impact of chemical production, are the main drivers of this movement.