"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, 2022-2029

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



Play Audio Listen to Audio Version

The global nitric acid market size was valued at USD 22.17 billion in 2021. The market is projected to grow from USD 22.92 billion in 2022 to USD 29.33 billion by 2029, exhibiting a CAGR of 3.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with nitric acid experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -2.0% in 2020 as compared to 2019.

Nitric acid (HNO3), also known as aqua fortis, is a colorless compound that turns yellow over a period of time due to the decomposition of nitrogen and water into oxides. The compound is highly corrosive in nature and has a major application in the production of ammonium nitrate and other chemicals for formulating fertilizers. The compound has other applications that produce chemicals such as nitrobenzene, adipic acid, and 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 product consumption, which can be associated with population growth and consumer demand, thus supporting growth in market size. Moreover, the rising demand for plastics in industrial and consumer applications further supports the market's development.      


Disruption in Supply Chain due to Movement Restriction Affects Manufacturing Sector amid COVID-19

The coronavirus pandemic significantly affected many end-use industries, causing a temporary halt in manufacturing and trade activities. The pandemic has also led to a decline in the economy due to receding demand and lowered manufacturing, which, in turn, is leading to disruption in the supply chain. The global lockdown also significantly impacted trading activities, which caused a further decline in raw material availability and the increased price of finished goods. The temporary shutdown of manufacturing units of end-use industries such as automobiles led to reduced product demand. This reduced demand affected the growth of the market overall. However, the market is expected to stabilize gradually due to 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.


Request a Free sample to learn more about this report.

High Demand for Lightweight Automobiles to Create Several Growth Opportunities for Market

The increasing demand from consumers for lightweight vehicles has led to manufacturers turning toward innovation and advancement in the automotive industry, thus creating high consumption opportunities for HNO3 that positively affect the market. The product is used for formulating adipic acid, which is further used for making nylon. The product manufacturers are shifting to polymer composites such as nylon for vehicle weight reduction and improving fuel capacity. Moreover, high consumer demand for individual vehicles and an ever-increasing population have contributed significantly to the production of lightweight vehicles. Governmental regulations to curb CO2 emission have pushed chemical manufacturers to utilize advanced technologies in producing fuel-efficient and cost-effective automobile solutions. This rising trend for lightweight automobiles is propelling the market.


Increasing Demand from Various End-use Industries such as Agriculture and Construction to Aid Market Growth

Nitric acid has significant applications 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 to increase crop yield to fulfill the growing food demand from the rising population. Moreover, the growing disposable income of consumers has further led to high demand for organic and quality food, thus leading to the use of bio-based fertilizers and supporting market growth.

The rising construction activities also boost the market growth as Toluene di-isocyanate (TDI) and HNO3 intermediate are used in manufacturing polyurethane foams, wood and floor coatings, and insulation materials. Along with this, improving consumers' lifestyles and increasing renovation activities and new governmental infrastructure projects act as driving factors for the HNO3 market growth. Furthermore, the product used for dye manufacturing is also a driving factor for market growth. Growth in the fashion industry can be associated with high demand for dye in the textile industry.


Strict Governmental Regulations for Products Owing to their Corrosive Nature to Hinder Market Growth

Nitric acid 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 for environmental protection and reduced industrial waste are restraining factors for market growth. Moreover, rising concerns over CO2 emissions from vehicles are further restraining the market.


By Application Analysis

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

Fertilizers Segment to Dominate Market Due to the Growth of Agriculture Industry

Based on application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The fertilizers segment accounted for the highest nitric acid market share due to the rising agricultural activities to fulfill the growing population demand. Nitric acid is used to manufacture fertilizers such as ammonium nitrate and calcium ammonium nitrate, which provide extensive and quality crop yields. The growing need for nitrogen-based fertilizers over the years is driving market growth.

The adipic acid segment is expected to experience significant growth during the forecast period due to the increasing demand for lightweight vehicles. Adipic acid produced from nitric acid is used to manufacture 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. Increasing demand for automobiles from developing regions is a driving factor toward market growth. 


Asia Pacific Nitric Acid Market Size, 2021 (USD Million)

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

The market size in Asia Pacific stood at USD 11.37 million in 2021. The growth is attributed to increasing product demand from various end-use industries, including automobile, agriculture, and construction. The economic development and growing population within countries such as India, China, and Japan create a significant demand in the agriculture industry. China dominated the Asia Pacific region due to rapid population growth, rising infrastructure projects, and an increase in middle-class income causing high nitric acid consumption.

North America is estimated to have a significant share of the global market; this can be associated with rapid technological advancement and high disposable income of the region's consumers. The growing demand for lightweight and fuel-efficient automobiles and increasing new construction and renovation activities lead to market growth. This, along with the growing fashion industry in the region, is further driving the market.

Europe is expected to show substantial market growth during the forecast period. This growth can be attributed to consumers' growing demand for fuel-efficient and eco-friendly lightweight automobiles. Growing awareness regarding environmental protection is the driving force for increasing fuel-efficient features and lightweight materials, such as polymer composites for making automobiles, thus creating further market opportunities. Germany is one of the major countries for automotive manufacturing, supported by high economic growth and technological advancement in providing fuel-efficient solutions for lightweight automobiles.

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

Latin America and the Middle East & Africa are expected to grow gradually during the forecast period. In Latin America, Brazil is a major country for product consumption and is expected to show rapid market growth due to increasing food demand. Moreover, the usage of advanced technologies for applications in the construction industry has led toward further market development. Furthermore, the Middle East & Africa is a central mining hub; thus, raw materials are easily available at lower costs for the manufacturers in the region, thereby providing low production costs. Moreover, the growing economy within the region leads to improved lifestyles among consumers, leading to high demand for quality organic food. This demand for food is further surging the market growth.


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

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



  • July 2022- Nutrien Ag Solutions entered into an agreement to acquire a Brazilian company Casa do Adubo S.A. This acquisition includes 39 retail locations under the brand Casa do Adubo, and 10 distribution centers, under the brand Agrodistribuidor Casal. The agreement supports Nutrien’s Retail growth strategy in Brazil and is expected to increase its sales by USD 400 million.

  • June 2022- Nutrien Ag Solutions is increasing its fertilizer production capability. This move will enable the company to respond to changes in global energy, agriculture, and fertilizer markets.

  • March 2022- EuroChem completed the purchase of majority shares of Fertilizantes Heringer S.A in Brazil. The move is expected to help the company further strengthen its production and distribution capabilities in Brazil.

  • June 2022- Omnia Holdings Limited is eyeing further expansion of its international mining and agriculture portfolio in Canada, Indonesia, and Australia, where demand for greener inputs and mining solutions is climbing.

  • April 2022 - BASF and SINOPEC broke ground for the expansion of their Verbund site operated by BASF-YPC Co., Ltd. (BASF-YPC), a 50-50 joint venture of both companies in Nanjing. The expansion includes new capacities of several downstream chemical plants and a new tert-butyl acrylate plant to serve the growing demand from various industries in the Chinese market.


An Infographic Representation of Nitric Acid Market

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

The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, and products. Also, it provides quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion); Volume (Million ton)


By 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)

    • France (By Application)

    • Germany (By Application)

    • U.K. (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Poland (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)

  • 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 22.17 billion in 2021 and is projected to reach USD 29.33 billion by 2029.

In 2021, the market value stood at USD 22.17 billion.

Registering a significant CAGR of 3.6%, the market will exhibit considerable growth in the forecast period (2022-2029).

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

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

China held the highest share in the market in 2021.

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

Continuous growth in the automotive and agricultural industries and technological advancement are the major industry drivers.

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

Speak to an Expert
  • Mar, 2023
  • 2021
  • 2018-2020
  • 200


  • $4850

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

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 . Privacy.