98% Concentrated Nitric Acid Market size was valued at USD 3.2 Billion in 2024 and is forecasted to grow at a CAGR of 5.4% from 2026 to 2033, reaching USD 5.1 Billion by 2033.
The global 98% concentrated nitric acid market was valued at approximately USD 8.7 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. North America held a significant market share in 2022, accounting for about 28% of the total market revenue, driven by the high demand from industries like fertilizers, explosives, and chemicals. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period, with a projected CAGR of 5.3%. The increasing industrialization, particularly in countries such as China and India, coupled with the growing need for agricultural products, will drive the demand for nitric acid in the region. In Europe, the market was valued at around USD 2.2 billion in 2022, with steady growth expected due to the strong presence of key industries such as automotive and chemical production.
In terms of market opportunities, Latin America and the Middle East & Africa are expected to offer significant growth potential in the coming years. The Latin American market is projected to grow at a CAGR of 4.1%, fueled by the expanding agricultural sector and the rising demand for fertilizers. The Middle East & Africa region, with a CAGR of 3.9%, will benefit from increased industrialization and the development of the petrochemical sector, both of which use 98% concentrated nitric acid in various manufacturing processes. The demand for 98% concentrated nitric acid across various industries, including agriculture, automotive, and chemicals, presents a positive outlook for market growth in these regions.
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LSB INDUSTRIES
INC
Dyno Nobel
Longsheng Group
Cangzhou Dahua Group Co.
Ltd.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global 98% Concentrated Nitric Acid Market
Fertilizers
Explosives
Chemical Manufacturing
Metal Processing
Pharmaceuticals
Agriculture
Mining
Aerospace
Automotive
Electronics
Drum Packaging
IBC (Intermediate Bulk Container) Packaging
Bulk Packaging
Small Container Packaging
Laboratory Grade
Reagent Grade
Technical Grade
Industrial Grade
Direct Sales
Distributors
Online Sales
Wholesale
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global 98% Concentrated Nitric Acid Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global 98% Concentrated Nitric Acid Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global 98% Concentrated Nitric Acid Market, By Type
6. Global 98% Concentrated Nitric Acid Market, By Application
7. Global 98% Concentrated Nitric Acid Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global 98% Concentrated Nitric Acid Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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