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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.
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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
List of Companies Profiled in the Report:
Further Report Findings
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 |
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By Geography
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