Nitric Acid Market Demand Analysis and CAGR of 2.8% Forecast to 2032

According to Fortune Business Insights, The global nitric acid market size was valued at USD 30.06 billion in 2024. The market is projected to grow from USD 30.84 billion in 2025 to USD 37.41 billion by 2032, exhibiting a CAGR of 2.8% during the forecast period. Asia Pacific dominated the nitric acid market with a market share of 51.03% in 2024.

Nitric acid (HNO₃), also known as aqua fortis, is a colorless chemical that gradually turns yellow as it decomposes into nitrogen oxides and water. It is a highly corrosive substance widely used in the production of ammonium nitrate and other essential chemicals for fertilizer manufacturing. Beyond this, nitric acid is also employed in the synthesis of compounds such as nitrobenzene, adipic acid, and chloronitrobenzene, which are vital raw materials for the plastics, automotive, and construction industries.

Vehicle manufacturers are concentrating on cutting-edge technologies owing to the rising demand for lightweight automobiles. This, in turn, is anticipated to propel the demand for HNO3 as companies are transitioning toward nylon to reduce weight and enhance fuel capacity. Fortune Business Insights presents this information in their report titled "Global Nitric Acid Market, 2025–2032."

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Segments

Dominance of Fertilizers Segment Driven by Growing Agricultural Activities

Based on application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The increasing demand for agricultural activities to meet the needs of a growing population has led to the fertilizers segment holding the largest share nitric acid market share. It is utilized in the production of fertilizers such as ammonium nitrate and calcium ammonium nitrate, which play a vital role in achieving high-quality and abundant crop yields.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Major Players 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)

Report Coverage

The comprehensive report presents an intricate examination of the market, with a specific emphasis on prominent enterprises, cutting-edge technologies, and prominent application domains. Moreover, the research report provides valuable observations on prevailing market trends and showcases noteworthy advancements within the industry. Alongside the aforementioned elements, the report encompasses numerous factors that have played a significant role in fostering the market's expansion in recent times.

Drivers and Restraints

Growing Construction Activities and Infrastructure Projects Propel Market Growth

The market growth is driven by increased construction activities, as Toluene di-isocyanate (TDI) and HNO3 intermediate are essential in the production of polyurethane foams, wood and floor coatings, and insulation materials. Additionally, the growth of the HNO3 market is fueled by improving consumer lifestyles, rising renovation activities, and new infrastructure projects initiated by governments.

However, governmental policies aimed at environmental protection and waste reduction pose challenges to the nitric acid market growth.

Regional Insights

Asia Pacific Emerges as a Prominent Region with Growing Demand across Industries

Asia Pacific achieved a market size of USD 11.78 billion in 2022, driven by the growing demand for the product across diverse industries such as automotive, agriculture, and construction.

North America is projected to hold a substantial share of the global market, which can be attributed to the region's rapid technological advancements and high disposable income of its consumers.

Competitive Landscape

Key Players Focus on Collaborations and Strategies to Maintain Competitive Edge

Major industry players are actively engaged in enhancing their capacities, driving product innovation, pursuing acquisitions and mergers, and fostering collaborations to gain a competitive advantage in the global market.

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Key Industry Development

• In January 2023, BASF's monomers division, which includes MDI, TDI, propylene oxide, caprolactam, adipic acid, polyamide 6 and 6.6, nitric acid, is planning to expand its portfolio of products with a lower CO2 footprint. This expansion will help the company reach net-zero CO2 emissions by 2050.

• In July 2023, Nutrien completed a turnaround project at its Geismar, Louisiana nitrogen facility, aiming to ensure reliable operations and contribute to a more sustainable future. In addition to the direct economic and operational benefits, a voluntary environmental abatement project undertaken during the turnaround is expected to reduce CO2e emissions by approximately 200,000 tons per year from their highest production nitric acid manufacturing unit.