“The concentrated nitric acid market is projected to grow at a CAGR of 3.1%, in terms of value from 2017 to 2022.”
The concentrated nitric acid market is expected to reach USD 25.24 billion by 2022, at a CAGR of 3.1% from 2017 to 2022. Concentrated nitric acid and its applications are majorly used in agrochemicals and explosives industries. The growing trend of using nylon 6,6, synthetic rubbers, and elastomers as a replacement for metal, wood, and glass in automotive, furniture, and building & construction industries is projected to drive the market for adipic acid and nitrobenzene in coming years.
“The strong nitric acid type segment of the concentrated nitric acid market is projected grow at the highest CAGR between 2017 and 2022.”
Strong nitric acid includes various concentrations ranging from 50-85%, which covers almost all the applications of concentrated nitric acid. Strong nitric acid is used in manufacturing various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, Toluene Diisocyanate (TDI), and Trinitrotoluene (TNT). More than 70% of the concentrated nitric acid is used in the production of ammonium nitrate. It is used as intermediates for agrochemicals and explosives. Strong nitric acid, a class-2 oxidizer, moderately increase the burning rate of materials that they are in contact. This property is used in developing secondary explosives. Ammonium nitrate, trinitrotoluene (TNT), and nitroglycerin are used in explosive production.
“Europe was the largest market for concentrated nitric acid in 2016, and APAC is projected to grow at the highest CAGR during the forecast period.”
Europe is the largest consumer of concentrated nitric acid, globally. The increasing use of nylon 6,6, TDI, and aniline in industries such as automotive, textile, building & construction, and furniture are fueling the demand for concentrated nitric acid in the region. The focus on designing fuel-efficient vehicles with low CO2 emissions boost the demand for synthetic rubbers and elastomers, thereby driving the concentrated nitric acid.
The concentrated nitric acid market in Asia Pacific is projected to grow at the highest CAGR between 2017 and 2022. China is estimated to be the largest market for concentrated nitric acid in this region. The increasing demand for concentrated nitric acid from various end-use industries, such as agrochemicals, explosives, automotive, and electronics is expected to drive the growth of the concentrated nitric acid market in Asia Pacific from 2017 to 2022.
Extensive primary interviews were conducted to determine and verify the market sizes of various segments and subsegments of the concentrated nitric acid market.
The break-up of primary interviews is given below:
- By Company Type - Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
- By Designation - C level – 21%, Director level – 23%, and Others – 56%
- By Region - North America – 30%, Europe – 18%, Asia Pacific– 41%, and RoW- 11%
The companies operating in the concentrated nitric acid market are Agrium Inc.(Canada), CF Industries (US), Deepak Fertilisers and Petrochemicals Corp. Ltd. (India), Hanwha Corporation (South Korea), Koch Fertilizers LLC (US), LSB Industries Inc. (US), National Chemical Group (Russia), OCI N.V. (Netherlands), Shandong Fengyuan Chemical Stock Co. Ltd. (China), Ube Industries (Japan), and Yara International (Norway).
This research report categorizes the concentrated nitric acid market based on type, application, end-use industry, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities influencing the growth of the concentrated nitric acid market. A detailed analysis of the key industry players has been done to provide insights into their businesses and products & services offered by them. The report also contains the key strategies, such as expansions, mergers & acquisitions, new product developments, and agreements adopted by the leading players to strengthen their position in the concentrated nitric acid market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the concentrated nitric acid market comprehensively and provides the closest approximations of the sizes for the overall market and its subsegments across different verticals and regions.
- The report is expected to help the stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities influencing the growth of the concentrated nitric acid market.
- This report is expected to help the stakeholders understand the major competitors in the concentrated nitric acid market and gain insights to enhance their positions in the market.
- The competitive landscape section includes detailed information on the expansions, acquisitions, and new product developments that took place in the market.