Global nitric acid market value exceeded US$ 17 Bn in 2019. Augmented demand in the agrochemical industry is a key contributor to this growth. Adoption of ammonium nitrate based fertilizers has gained substantial momentum across developing countries, which would be a prime booster to the growth of nitric acid market, says a new Future Market Insights (FMI) report.
“Major players in global nitric acid market seek expansion of their operational footprint in developing regions to fortify their competitive advantage,” forecasts the FMI report.
Key Takeaways of Nitric Acid Market Study
- Combinations of nitric acid with adipic acid for automotive composites continue to capture a leading market share.
- Nitric acid consumption for agrochemical applications will be substantial in developing nations.
- Increasing production of toluene diisocyanate for polyurethane foams will propel demand for nitric acid through 2029.
- Europe will generate highly lucrative opportunities in global nitric acid market.
- The profit pool is largely concentrated in the fertilizer industry.
Nitric Acid Market – Top Growth Drivers
- Concentration of major manufacturers in developed countries such as Germany continues to drive growth.
- Rising applications of etching and photoengraving in steel products offer an impetus to market growth.
- Nitric acid is rapidly gaining traction in the production of perfumes, acids, and dyes, thereby assisting market growth.
- Metallurgical and pharmaceutical applications are generating an upward growth trend.
Nitric Acid Market – Key Restraints
- Concerns over environmental and health risks associated with the use of ammonium nitrate continue to hamper the demand for nitric acid.
Competitive Landscape
Some of the key market players profiled in the report include, but are not limited to, The Chemours Company, Agrium Inc., Dyno Nobel, LSB Industries, National Chemical Group, CF Industries, Koch Fertilizers, Eurochem Group, OCI Nitrogen, and Potash Corp. Redesigning distribution and manufacturing networks is a key developmental strategy being adopted by leading market players. Reduced operational costs and enhanced flexibility will remain the priorities of prominent market players.
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