"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Nitric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, and others), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI104566

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global nitric acid market size was USD 22,268.1 million in 2019 and is projected to reach USD 27,536.9 million by 2027, exhibiting a CAGR of 3.5% during the forecast period.


Nitric Acid (HNO3), also known as aqua fortis, is a colorless compound that turns yellow over some time due to the decomposition of nitrogen and water into oxides. The compound is highly corrosive and has major application in the production of ammonium nitrate and other chemicals for formulizing fertilizers. The compound has other applications where it is used for the production of chemicals such as nitrobenzene, adipic acid, chloronitrobenzene. These chemicals are further used in various end-use industries such as plastics, automotive, and construction. The rising automotive industry in developing regions has led to high consumption of HNO3, which can be associated with population growth and growing consumer demand, thus supporting growth in market size. Moreover, the rising demand for plastics in industrial and consumer applications is further supporting the development of the market.


Disruption in Supply Chain to Affect Manufacturing Sector Amid COVID-19


The coronavirus pandemic had a major effect on many end-use industries, instigating an impermanent pause in manufacturing activities and trade actions. The pandemic has similarly led to decline of economy due to declining demand and dropped manufacturing, which in turn is creating disruption of supply and demand. The worldwide lockdown considerably impacted the trading activities, causing a further drop in the raw material obtainability and improved price of finished goods. The temporary shutdown of manufacturing units of end-use industries such as automobile led to reduced demand for HNO3. This reduced demand affected the growth of the market overall. However, the market is expected to stabilize gradually due to the rising plastic applications in the medical industry. The growing demand for PPE kits has led to high manufacturing of plastics, which propels the nitric acid market growth.


LATEST TRENDS


Request a Free sample to learn more about this report.


High Demand for Lightweight Automobile to Lead Market Growth


The rising demand from consumers for lightweight automobiles has led to producers turning towards invention and development in the automotive industry, therefore creating high consumption prospects for HNO3 that positively cause the market growth. HNO3 is used for formulating adipic acid, which is further used for making nylon. The nitric acid manufacturers are shifting to polymer composites such as nylon for vehicle weight reduction and increasing fuel capacity. Additionally, high consumer demand for individual automobiles coupled with ever-increasing populace has backed ominously to the production of lighter vehicles. This is sustained by governmental regulations to curb Co2 emissions has pushed the chemical manufacturers to utilize advanced expertise in the production of fuel-efficient and cost-effective automotive solutions. This growing trend for lightweight vehicles is boosting this market.


DRIVING FACTORS


Increasing Demand for HNO3 from Various End-Use Industry Shall Aid in the Growth of Market


HNO3 has substantial application in the agriculture industry, where it is used for the manufacturing of fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate. Fertilizers are used for swelling crop yield to achieve the growing food demand from the mounting population. Moreover, the upward drive of disposable income of consumers has caused a high demand for organic and quality food, which is, the turn is leading to the use to bio-based fertilizers and further driving the market growth. The escalating construction activities also boost the market as Toluene di-isocyanate (TDI) is used, and HNO3 intermediate, for manufacturing of polyurethane foams, wood and floor coatings, and insulation materials. Along with this, improving consumer’s lifestyles and growing renovation activities and new governmental infrastructure projects acts as driving factor for HNO3 market growth. Additionally, the usage of nitric acid for dye-making is a driving factor for market growth. The growing fashion industry can be related to the high demand for dye in the textile industry.


RESTRAINING FACTORS


Strict Governmental Regulations for HNO3 to Hinder the Market Growth


HNO3 is released from chemical manufacturing plants, exhaust fumes from vehicles, and polluted wastewater from farming areas. This environmental pollution leads to respiratory problems when inhaled. Governmental regulations over ecological protection and reducing industrial waste are the restraining factors for the market growth. Additionally, rising concerns over Co2 emissions from the automobile is further restraining the market.


SEGMENTATION


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Fertilizers Segment to Hold the Major Share in the Market During the Forecast Period


The market based on application is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The fertilizers segment dominated due to rising agricultural activities for fulfilling the ever growing population demand. HNO3 is used to manufacture fertilizers such as ammonium nitrate, calcium ammonium nitrate, which provides extensive and quality crop yields. The growing need for nitrogen-based fertilizers over the years is driving the market growth of HNO3.


The adipic acid segment is expected to experience substantial growth due to rising demand for lighter automobiles. Adipic acid produced from nitric acid is used for the manufacturing of nylons and other resins. Nylons polymer composites are used for automobile components manufacturing to decrease the vehicle's overall weight and make it fuel-efficient. Growing demand for advanced automobiles from the developing regions is boosting the market growth.


REGIONAL INSIGHTS


Asia Pacific Nitric Acid Market Size, 2019 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific dominated market in terms of volume and value, and estimated to have USD 11,409.8 million in 2019, that can be credited to growing demand for HNO3 from numerous end-use industries that includes automobile, agriculture, and construction. The financial development and rising population within countries such as India, China, and Japan has created significant demand for nitric acid in the agriculture industry. China lead the Asia Pacific region due to rapid population growth, rising infrastructure projects, and surge in middle-class income that is instigating high consumption of HNO3.


North America is projected to have a noteworthy nitric acid market share in the global market; which can be related with the rapid advancement and disposable income of consumer in the region. The growing demand for lighter and fuel-efficient vehicles and growing new construction and renovation activities are primary factors towards market growth. This, along with the growing fashion industry in the region is further driving this market.


European region is anticipated to show significant growth during the projection period. This progression can be ascribed to the growing demand of fuel-efficient and eco-friendly automobiles from buyers. Growing awareness regarding protection of the environment serves as a driving force for fuel efficient features and lightweight materials such as polymer composites used in automobiles, thus creating further market opportunities. Germany is major producer in automotive engineering, sustained by economic growth in the country and industrial advancement in fuel-efficient results for less weighing automobiles.


To know how our report can help streamline your business, Speak to Analyst


Latin America is projected to have steady growth throughout the forecast period. In Latin America, Brazil is a major country for HNO3 consumption and is anticipated to have rapid growth in the market due to growing food demand. Moreover, the adoption of advanced technologies for applications in building & construction industry has led to further development of market. Additionally, the Middle East & Africa is a central hub of mining; which makes availability of raw materials easier at lower costs for the producers in the region, thus providing low production cost. Moreover, the economic development in the region leads to improved lifestyle of consumers.  This is expected to raise the demand for quality and organic food and further surge market demand for nitric acid.


KEY INDUSTRY PLAYERS


Joint Ventures and Capacity Expansion are the Key Strategic Initiatives Implemented by the Companies


Major players that are operating in industry are BASF, Nutrien, DuPont, CF Industries Holdings, Inc. Companies profiled are invested in product innovation, capacity improvement, mergers, and acquisition competitive edge in global market. For instance, in 2018, Trammo Inc. acquired Agrium’s North Bend, HNO3 production, and distribution facility. The company specializes in the manufacturing and distribution of nitrogen-based industrial and agricultural products. The facility is located on 88 acres with a production capacity of 75 KT annually.


LIST OF KEY COMPANIES PROFILED:



  • BASF SE (Ludwigshafen, Germany)

  • Nutrien (Saskatoon, Canada)

  • DuPont (Delaware, U.S.)

  • CF Industries Holdings, Inc. (Illinois, U.S.)

  • Omnia Holdings Limited (Gauteng, South Africa)

  • Dyno Nobel (Brisbane, Australia)

  • Enaex S.A. (Santiago, Chile)

  • Sasol (Johannesburg, South Africa)

  • LSB Industries (Oklahoma, U.S.)

  • Ixom (Victoria Australia)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • February 2019: Keppel Infrastructure Fund Management (KIFM), announced the acquisition of 100% interest in Ixom HoldCo. through a wholly-owned subsidiary. With this acquisition, the company portfolio will grow to US$3.5 billion.


REPORT COVERAGE


An Infographic Representation of Nitric Acid Market

To get information on various segments, share your queries with us



The global nitric acid market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.


Report Scope & Segmentation










































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million); Volume (Kiloton)



Segmentation



  Application; and Geography



By Application




  • Fertilizers

  • Nitrobenzene

  • Adipic Acid

  • Toluene Di-isocyanate

  • Others



By Geography




  • North America

    • By Application

    • By Country







    • U.S. (By Application)

    • Canada (By Application)





  • Europe

    • By Application

    • By Country







    • Germany (By Application)

    • France (By Application)

    • UK (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)





  • Asia Pacific

    • By Application

    • By Country







    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)





  • Latin America

    • By Application

    • By Country







    • Brazil (By Application)

    • Rest of Latin America (By Application)





  • The Middle East & Africa

    • By Application

    • By Country







    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 22,268.1 million in 2019 and is projected to reach USD 27,536.9 million by 2027.

In 2019, the market size stood at USD 22,268.1 million.

Growing at a CAGR of 3.5%, the market will exhibit steady growth in the forecast period (2020-2027).

The fertilizers segment is expected to be the leading segment in this market during the forecast period.

Increasing demand from automotive and agricultural industries is a key factor driving the market growth.

BASF, Nutrien, DuPont, and CF Industries Holdings, Inc. are few of the leading players in the global market.

Asia Pacific dominated the global market in 2019.

The continuous growth in automotive and agricultural industries along with technological advancement will drive product demand.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Nitric Acid Market Size, Share and Global Industry Trend Forecast till 2026
  • Feb, 2021
  • 2019
  • 2016-2018
  • 100

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

Dow_Chemical_logo

Related Reports

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X