Nitric Acid Industry Overview

The global nitric acid market size is expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.3% from 2022 to 2030 as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for fertilizers by the agrarian economies of the world. The surge in the demand for fertilizers is witnessed by the excessive rise in demand for food. Fertilizer is the major application of nitric acid which caters to the maximum share across the global market. Farmers are adopting new technologies to speed up their crop yield to satisfy their excessive need. The product is also consumed in the manufacturing of adipic acid which is an important raw material in the development of Nylon 6, 6. Nylon 6, 6 is used extensively in the manufacturing of plastics and industrial carpets.

Nitric Acid Market Segmentation

Grand View Research has segmented the global nitric acid market report based on application and region:

Based on the Applications Insights, the market is segmented into Fertilizers, Nitrobenzene, Adipic acid, Toluene diisocyanate (TDI), Nitrochlorobenzene, and Others.

• Fertilizer manufacturing companies dominated the nitric acid application with a share of 80.07% in 2021. Its high share is attributable to the increasing demand for food which has led to the development of fertilizers units globally.
  
  
• Adipic acidis produced by the use of the product as an important raw material. It is considered one of the key components for the production of Nylon 6, 6 which is used widely in the development of plastics and industrial carpets.
  
  
• Nitrobenzene is one of the key applications of nitric acid and is used in the construction industry. The future scenario of nitrobenzene totally depends on how the construction industry grows after the industry was slowed down in emerging economies due to an unexpected strike of coronavirus which has affected the demand for nitrobenzene.
  
  
• Toluene di-isocyanate is widely used in the production of soft foam that is used in mattresses, and automotive seats.
  
  
• Other applications of the product include its use as a rocket propellant, analytical reagent in metalworking, cleaning agent, and woodworking applications. Among these aforementioned application sectors of the product, its utility in cleaning products is substantial.
  
  
• Multiple household cleaning products used across various Latin American countries contain nitric acid in their formulations, excessive use of which can lead to serious consequences on the health of humans.

Nitric Acid Regional Outlook

• North America
• Europe
• Asia Pacific
• Central South America
• Middle East Africa (MEA)

Key Companies Profile Market Share Insights

The presence of multinationals has increased the competition in the market. Multinationals conduct constant research and development activities to formulate new innovations and increase their market. Global companies are focusing on process innovation, capacity expansion, and various other operational strategies to gain the maximum share in the competitive industry space. 

Some prominent players in the nitric acid market include:

• 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.

Order a free sample PDF of the Nitric Acid Market Intelligence Study, published by Grand View Research.