Nitric Acid Market to Surpass 35.9 Billion by 2030 Drives Due to the Rising Demand from Fertilizer Formulators
SkyQuest projects that the nitric acid market will attain a USD 35.9billion value by 2030, with a CAGR of 2.4% over the forecast period (2023-2030). The global nitric acid market is experiencing growth due to the rising demand for fertilizer formulators. Nitric acid is a crucial component in nitrogen-based fertilizers, essential for enhancing agricultural productivity. Increased global agricultural activities and the need for optimized crop yields drive this segment’s demand for nitric acid.
Westford,USA, Aug. 10, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, increased fertilizer consumption in agrarian economies worldwide has led the global market to experience rapid growth. Growing demand for enhanced crop yield and food production drives higher consumption of nitric acid-based fertilizers, fostering global nitric acid market growth and sustaining agricultural advancements.
Browse In-Depth TOC on the “Nitric Acid Market”
- Pages – 270
- Tables – 70
- Figures – 75
The demand for lightweight vehicles, prompted by consumer demand for fuel efficiency, drives the global nitric acid market. Nitric acid’s role in producing materials such as adipic acid for nylon production aligns with automobile manufacturers’ shift to polymer-based composites. Stricter emission regulations also push chemical companies to create eco-friendly, lightweight vehicle solutions, benefiting the market growth.
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Prominent Players in the Nitric Acid Market
- BASF SE
- CF Industries Holdings Inc.
- Yara International ASA
- The Chemours Company
- Dyno Nobel Inc.
- OCI N.V.
- Agrium Inc.
- EuroChem Group AG
- LSB Industries Inc.
- National Chemical Group
- Hanwha Corporation
- Deepak Fertilizers and Petrochemicals Corporation Limited
- Sichuan Chuanxi Xingda Chemical Co. Ltd.
- Rashtriya Chemicals & Fertilizers Ltd.
- Shandong Haili Chemical Industry Co. Ltd.
- PVS Chemicals Inc.
- Koch Fertilizer LLC
- Borealis AG
- ISKY Chemicals Co. Ltd.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
Application Segment Is Expected to Grow the Market Due to Diverse Industrial Applications
Application segment experiences rapid growth in the global nitric acid market due to diverse industrial applications. Nitric acid finds use in fertilizer production, explosives, and chemical synthesis. The growing demand for agricultural and industrial products amplifies its consumption, positioning the segment as a significant driver of market expansion.
Asia Pacific emerges as the fastest-growing global nitric acid market hub due to escalating agricultural and industrial activities. Rising demand for fertilizers and explosives and expanding chemical manufacturing drive nitric acid consumption. Growing economies and urbanization further boost the region’s significant market growth.
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Production Process Segment is Expected to Dominate the Market Due to Technological Advancements
Production process segment dominates the global nitric acid market due to technological advancements. Modern processes such as the Ostwald and Haber processes ensure efficient nitric acid production. As industries demand larger quantities for various applications, these optimized methods drive the segment’s prominence and market growth.
Europe asserts dominance in the global nitric acid market due to its well-established industrial and agricultural sectors. High demand for fertilizers, explosives, and chemical products fuels nitric acid consumption. Stringent environmental regulations and a focus on sustainable practices further solidify Europe’s leading position in the market.
A comprehensive analysis of the major players in the nitric acid market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Nitric Acid Market
- In January 2023, Grupa Azoty effectively doubled its nitric acid production capacity by inaugurating a novel plant in Tarnów. This expansion enhances their annual capacity to 40,000 tons and widens the manufacturing capabilities for nitric acid concentrated above 98%.
- In 2022, Nutrien Ag Solutions agreed to acquire Brazil’s Casa do Adubo S.A. The deal encompasses 39 retail outlets of Casa do Adubo and 10 distribution centers of Agrodistribuidor Casal. This strategic move aligns with Nutrien’s expansion plan in Brazil, set to enhance sales by approximately USD 400 million.
- In 2022, Nutrien Ag Solutions enhanced its fertilizer production capacity, positioning itself to adapt to global energy, agriculture, and fertilizer market shifts.
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Key Questions Answered in Nitric Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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