Nitric Acid Market Industry Overview, Applications & Forecast 2032

According to Fortune Business Insights, The global nitric acid market size was valued at USD 23.73 billion in 2023 and is projected to grow from USD 24.56 billion in 2024 to USD 32.64 billion by 2032, exhibiting a CAGR of 3.6% during the forecast period. Asia Pacific dominated the nitric acid market with a market share of 51.45% in 2023. 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.

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, 2024–2032."

Request a FREE Sample Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/nitric-acid-market-104566

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)

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.

Global Nitric Acid Market Overview

Market Size & Forecast:

• 2023 Market Size: USD 23.73 billion

• 2024 Market Size: USD 24.56 billion

• 2032 Forecast Market Size: USD 32.64 billion

• CAGR: 3.6% (2024–2032)

Market Share:

• Asia Pacific dominated with 51.45% market share in 2023

• U.S. market projected to reach USD 3.19 billion by 2032

Regional Insights:

• Asia Pacific: Largest market with USD 12.21 billion in 2023, driven by demand in automotive, agriculture, and construction sectors in China, India, and Japan.

• North America: Significant share supported by technological advancements, demand for fuel-efficient vehicles, and construction activities.

• Europe: Substantial growth expected, led by demand for lightweight, eco-friendly automobiles and stringent environmental standards, with Germany as a key player.

• Latin America & Middle East & Africa: Moderate growth driven by food demand, industrialization, construction technology, and availability of raw materials lowering production costs.

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.

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

Key Industry Development

January 2023: Dorogobuzh introduced a new 135-ktpa UKL nitric acid unit in Smolensk region. The company’s engineering research and design center is designing this project, which costs around USD 17 million. The company’s nitric acid production capacity will reach 1.5 million tons per annum with the help of this launch.