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Nitric Acid Market to Exhibit 3.6% CAGR from 2023 to 2030; UBE Corporation Expands HNO3 Production Capacity with New Plant Construction

July 19, 2023 | Chemicals & Materials

The global nitric acid market size was valued at USD 22.92 billion in 2022. The market is projected to grow from USD 23.73 billion in 2023 to USD 30.39 billion by 2030, exhibiting a CAGR of 3.6% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Nitric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, and Others) and Regional Forecast, 2023-2030”.


Nitric acid (HNO3), commonly referred to as aqua fortis, is a transparent substance that gradually turns yellow as nitrogen and water decompose into oxides. With its strong corrosive properties, it plays a significant role in the manufacturing of fertilizers, including ammonium nitrate, as well as various chemicals used in the production of plastics. The increasing demand for plastics in both industrial and consumer sectors is driving the nitric acid market growth.

Impact of Low Demand and Supply Chain Disruptions During Pandemic Deterred Market


COVID-19 substantially impacted various end-use industries, resulting in temporary suspensions of manufacturing and trade operations. This led to a decline in the economy, reduced demand, disrupted supply chains, and increased prices of finished goods. The automotive industry, in particular, experienced a decrease in product demand due to the temporary shutdown of manufacturing units. Consequently, the overall market growth was affected. However, the market is projected to gradually stabilize as the medical industry's increasing use of plastics presents new opportunities.

Grupa Azoty Expands Production Capacity with New Facility in Tarnów


Grupa Azoty inaugurated a new facility in Tarnów in January 2023, effectively doubling its production capacity. The newly launched production facility will enable the company to manufacture 40,000 tons of nitric acid per year and expand its production line for highly concentrated HNO3 above 98%.


Rising Demand for Lightweight Vehicles Drives Innovation and Opportunities in Market

Growing demand for lightweight vehicles is driving innovation in the automotive sector, creating opportunities for HNO3 in the market. HNO3 is used in the production of adipic acid, which is essential for producing nylon. Manufacturers are shifting toward polymer composites such as nylon to reduce vehicle weight and enhance fuel efficiency. The increasing consumer demand for individual vehicles and government regulations on CO2 emissions are fueling the trend for lightweight vehicles. This trend is propelling the market, as chemical manufacturers utilize advanced technologies to develop cost-effective and fuel-efficient automotive solutions.


However, governmental policies aimed at environmental conservation and minimizing industrial waste pose limitations on the growth of the market.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/nitric-acid-market-104566


Industry Leaders Prioritize Sustainability for Market Growth

Industry leaders are actively engaged in enhancing their capacities, driving product innovation, pursuing acquisitions, mergers, and collaborations to gain a competitive advantage in the global market. As an illustration, Trammo Inc. acquired Agrium's North Bend facility in 2018, which specializes in nitrogen-based industrial and agricultural products. Situated on 88 acres of land, the facility boasts an annual production capacity of 75 KT.

Notable Industry Development



  • July 2022: UBE Corporation has decided to build an additional plant for high-purity HNO3 at the Ube Chemical Factory located in Ube City, Yamaguchi Prefecture. This development will help the company to increase the production by 50% and to gain more consumer demand for nitric acid. The company is planning to operate a new plant by February 2024.


List of Companies Profiled in the Report:



  • BASF SE (Germany)

  • Nutrien (Canada)

  • EuroChem (Switzerland)

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

  • Omnia Holdings Limited (South Africa)

  • Dyno Nobel (Australia)

  • Enaex S.A. (Chile)

  • Sasol (South Africa)

  • LSB Industries (U.S.)

  • IXOM (Australia)


Further Report Findings



  • Asia Pacific emerged as a dominant region in the market, with a market size of USD 11.78 billion in 2022. This growth can be attributed to the increasing demand for the product across various industries, including automotive, agriculture, and construction. The region's robust economic growth, population expansion, and rising consumer purchasing power are driving the market.

  • North America is projected to hold a significant nitric acid market share. This can be attributed to the region's rapid technological advancements and high disposable income of its consumers. These factors create a favorable environment for market growth, indicating promising prospects for the region.


Table of Segmentation














































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 3.6% from 2023 to 2030



Unit



Value (USD Billion)



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)




Global Nitric Acid Market
  • PDF
  • 2023
  • 2019-2022
  • 250

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