Market Overview
Report analyses the Global Concentrated Nitric Acid Market is expected to reach at a CAGR of 3.3% during the forecast period 2024-2031. The Concentrated Nitric Acid Market size, shares, recent trends, competitive intelligence, and future market outlook. Demand from Electronics, Defence, Automotive and Agrochemicals in Europe is booming. Competitive rivalry intensifies with Agrium, LSB Industries, Ube Industries and others operating in the market.
Market Summary
| Metrics | Details |
| Market CAGR | 3.3% |
| Segments Covered | By Application, By End-user, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics and Trends
- Concentrated nitric acid (HNO3) is primarily used in Automotive, Agrochemicals, Electronics, and Defence. In rocket propellants and dyes, intermediate concentrated nitric acid also acts as an oxidizer. Concentrated nitric acids are majorly applicable and are used in defense and agrochemicals. One of the most significant applications of concentrated nitric acid is ammonium nitrate.
- Ammonium nitrate can be used as an intermediate for other fertilizers such as calcium ammonium nitrate fertilizer and urea ammonium nitrate or directly as a fertilizer.
- Concentrated nitric acid is also used in manufacturing a variety of applications such as Ammonium Nitrate, Toluene di-isocyanate, Fertilizers, Adipic acid, and Others. More than 70% of the concentrated nitric acid is used in the production of ammonium nitrate. It is also used as an intermediate for agrochemicals.
- Moreover, the growing use of concentrated nitric acid in the purification of metals and the manufacturing of drugs are notable trends expected to unlock exciting opportunities for market players in the coming years.
Market Segmentation Analysis
- By Application, the global concentrated nitric acid is segmented into Ammonium Nitrate, Toluene di-isocyanate, Fertilizers, Adipic acid, and Others.
- Among all, Fertilizer is expected to witness the highest demand and fastest growth during this forecast period. This is because Agriculture growth in India, China, and Brazil on account of rising food demand coupled with favorable government support is likely to upsurge the need for fertilizers.
- Therefore, the reasons above are some of the key driving factors which may fuel the demand over the forecast period.
- In addition, the Electronics segment will foresee substantial growth owing to the huge domestic demand for the products that are attributed to a multitude of factors, including growth in the middle class and rising disposable incomes., the need for concentrated nitric acid will also increase which will trigger the growth of the global concentrated nitric acid market.
- By End-use, the global concentrated nitric acid is segmented into Automotive, Agrochemicals, Electronics, and Defence. Among all the others, the agrochemicals sector is expected to dominate the concentrated nitric acid market over the forecast period. Owing the rising global population has led to increasing demand for food grains.
- Therefore, the demand for agrochemicals has increased significantly to increase the yield of farming, which in turn will increase the demand for concentrated nitric acid. Thus, this segment is projected to grow at a higher CAGR and is expected to maintain its dominance over the forecast period.
Market Geographical Share
- Geographically, the global concentrated nitric acid market has been segmented into North America, Europe, Asia-pacific, and MEMA. Among all the regions, Europe is expected to witness the highest demand and fastest growth during this forecast period.
- This is because the increasing demand for concentrated nitric acid and its applications from various end-use industries, such as agrochemicals, explosives, and automobiles is expected to drive the growth of the concentrated nitric acid market.
Market Companies
- The global concentrated nitric acid marketplace is moderately consolidated with the presence of a few companies holding a significant market share.
- Some of the major companies in the concentrated nitric acid market are CF Industries Holdings, Inc. Agrium, National Chemical Group, Yara International, Hanwha Corporation, Koch Fertilizers, LSB Industries, Shandong Feng yuan Chemical Stock, Ube Industries, and Linde Group.
