Nitric Acid Market: Size, Trends, and Growth Outlook
The global nitric acid market is a critical pillar of the chemicals and materials industry, underpinning everything from fertilizer production to automotive manufacturing. The global nitric acid market size was valued at USD 30.84 billion in 2025, and it is projected to grow from USD 31.97 billion in 2026 to USD 39.53 billion by 2034, registering a CAGR of 2.80% during the forecast period, according to Fortune Business Insight. This steady growth trajectory reflects the compound's enduring importance across diverse industrial applications, even as producers navigate tightening environmental regulations and shifting raw material costs.
Nitric acid (HNO3), often referred to as aqua fortis, is a colorless, highly corrosive substance that gradually turns yellow as nitrogen and water break down into oxides. It plays a foundational role in the production of ammonium nitrate and a range of other chemicals essential to fertilizer manufacturing. Beyond agriculture, nitric acid is a vital raw material in the synthesis of nitrobenzene, adipic acid, and chloronitrobenzene, compounds that feed into the plastics, automotive, and construction industries. The major key players operating in the market are BASF, Nutrien, DuPont, and CF Industries Holdings, Inc., according to Fortune Business Insight.
Regional Dominance and Market Share
Asia Pacific dominated the nitric acid market with a market share of 51% in 2025, according to Fortune Business Insight. The region generated USD 15.75 billion in 2025 and is expected to reach USD 16.38 billion in 2026, driven by rising demand from agriculture, chemical intermediates, and mining sectors across China, India, Japan, and South Korea. China led the Asia Pacific market due to rapid population growth, expanding infrastructure projects, and rising middle-class incomes, all of which have fueled higher nitric acid consumption.
Europe recorded USD 5.7 billion in 2025, representing 19% of global revenue, and is projected to reach USD 5.91 billion in 2026, according to Fortune Business Insight. Growth in the region is closely tied to consumer demand for fuel-efficient, lightweight automobiles, with Germany playing a central role given its strong automotive manufacturing base.
North America generated USD 4.59 billion in 2025 with a 15% market share, according to Fortune Business Insight, and is projected to reach USD 4.75 billion in 2026. The region benefits from established fertilizer and mining industries alongside strong industrial applications in automotive and plastics. The U.S. market alone is projected to reach USD 3.65 billion by 2026, according to Fortune Business Insight.
Latin America held 6% of the global market in 2025, valued at USD 1.94 billion, with Brazil emerging as a key growth driver due to rising food demand. Meanwhile, the Middle East & Africa accounted for USD 2.85 billion in 2025, representing 9% of the global market share, according to Fortune Business Insight, supported by low-cost raw material availability from the region's mining hubs.
Segmentation: Fertilizers Lead the Way
By application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The fertilizers segment held the largest share with 80.23% in 2026, according to Fortune Business Insight, driven by the rising need for nitrogen-based fertilizers such as ammonium nitrate and calcium ammonium nitrate to support growing agricultural output amid global population growth.
Key Market Drivers
Nitric acid's role in agriculture remains its single most significant growth driver. Rising disposable incomes have also increased consumer demand for organic and high-quality food, further encouraging the use of bio-based fertilizers. Beyond agriculture, expanding construction activity is boosting demand for toluene di-isocyanate (TDI) and HNO3 intermediates, which are essential for producing polyurethane foams, insulation materials, and wood and floor coatings.
The automotive sector also presents a strong opportunity. Growing consumer demand for lightweight vehicles has pushed manufacturers toward polymer composites like Nylon 6, which is derived from adipic acid, a nitric acid derivative. Government regulations aimed at reducing CO2 emissions are accelerating this shift toward fuel-efficient, lightweight automotive solutions, indirectly supporting nitric acid demand.
Market Trends: Sustainability Takes Center Stage
The industry is moving decisively toward sustainable production. Since nitric acid plants release harmful gases like NOₓ and N₂O, producers are adopting technologies capable of cutting emissions by as much as 90%. Companies such as Yara and BASF are leading low-emission initiatives, while some producers are testing carbon capture methods and incorporating green ammonia derived from renewable energy as a cleaner feedstock.
Restraints and Challenges
Despite favorable growth prospects, the market faces headwinds. Strict governmental regulations related to nitric acid's corrosive nature and its environmental impact, including respiratory risks from inhalation, are restraining factors. Compliance costs are particularly steep in Europe and North America, where regulatory frameworks demand cleaner, more energy-efficient production technologies. Fluctuating prices for key inputs like natural gas and ammonia further add to production cost volatility.
Competitive Landscape
Leading companies in the space, including BASF, Nutrien, DuPont, and CF Industries Holdings, Inc., are focused on sustainable organic growth through capacity expansion, product innovation, and strategic acquisitions. Notably, BASF expanded its nitric acid plant in Ludwigshafen, Germany in 2023 to boost capacity for agrochemical and specialty sectors while enhancing production efficiency and lowering emissions. CF Industries has also announced a USD 75 million investment in its Donaldsonville Nitrogen Complex in Louisiana to boost merchant-grade nitric acid and Diesel Exhaust Fluid production.
Outlook
With a projected CAGR of 2.80% through 2034, the nitric acid market is set for steady, sustainable expansion. Growth will be shaped by the dual forces of rising agricultural and industrial demand on one hand, and mounting environmental compliance pressures on the other. Companies that successfully balance capacity growth with emissions reduction are best positioned to capture long-term value in this essential chemicals market.
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