Nitric Acid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Nitric Acid Market
The nitric acid market size was valued at USD 23.73 billion in 2023, and the market is now 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 of 2024-2032.
COVID- 19 pandemic has tremendously affected the complete world. It affected many unpredicted disturbance and affected the industry. The coronavirus pandemic considerably affected many end-use industries, affecting a short-term pause in manufacturing and trade activities. The pandemic also led to a drop in the budget due to the declining demand and dropped manufacturing, which directed to disturbances in the supply chain.
Nitric acid has considerable uses in the farming industry where it is used for the manufacturing of fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate. Fertilizers are used to upsurge crop yield to achieve the rising food demand from the increasing inhabitants.
The growing demand from customers for lightweight vehicles has led producers turning toward invention and development in the automotive industry making high consumption chances for HNO3 that certainly affect the market. The product manufacturers are fluctuating to polymer composites such as nylon, for vehicle weight reduction and improving fuel capacity. Furthermore, high consumer demand for individual vehicles and an ever-increasing public have contributed expressively to the production of lightweight vehicle. Technological improvements and innovation motivate unique proceeds augmenting opportunity which will upsurge the nitric acid market growth.
Comprehensive Analysis of Nitric Acid Market
The market can be segmented in various ways depending on the focus of study such as by end users and by distribution. Nitric acid is used to produce fertilizers such as ammonium nitrate and calcium ammonium nitrate, which deliver wide-ranging and superior crop yields. Based on the application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others.
Asia Pacific region is dominating the nitric acid market share due to prompt inhabitants growth, increasing infrastructure ventures, and upsurge in middle-class income causing high nitric acid consumption. The growth is attributed to growing product demand from several end-use industries, comprising automobile, agriculture, and production.
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and growing market share by merger, partnerships and others. These players include 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) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In January 2023, Grupa Azoty doubled up its nitric acid making size with the introduction of a novel facility in Tarnów. This novel making facility will upsurge the company’s volume yearly and will increase the business line for above 98% concentrated nitric acid.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 3.6% from 2024 to 2032
Unit Value (USD Billion) and Volume (Million Ton)
Segmentation By Application
Fertilizers
Nitrobenzene
Adipic Acid
Toluene Di-isocyanate
Others
By Geography
North America (By Application, By Country)
U.S. (By Application)
Canada (By Application)
Europe (By Application, By Country)
France (By Application)
Germany (By Application)
U.K. (By Application)
Italy (By Application)
Spain (By Application)
Poland (By Application)
Rest of Europe (By Application)
Asia Pacific (By Application, By Country)
China (By Application)
India (By Application)
Japan (By Application)
South Korea (By Application)
Rest of Asia Pacific (By Application)
Latin America (By Application, By Country)
Brazil (By Application)
Rest of Latin America (By Application)
Middle East & Africa (By Application, By Country)
South Africa (By Application)
Rest of Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends in the Global Market
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 on Global Nitric Acid Market
- 5. Global Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Application (Volume/Revenue)
- 5.2.1. Fertilizers
- 5.2.2. Nitrobenzene
- 5.2.3. Adipic Acid
- 5.2.4. Toluene Di-isocyanate
- 5.2.5. Others
- 5.3. By Region (Volume/Revenue)
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Application (Volume/Revenue)
- 6.2.1. Fertilizers
- 6.2.2. Nitrobenzene
- 6.2.3. Adipic Acid
- 6.2.4. Toluene Di-isocyanate
- 6.2.5. Others
- 6.3. By Country (Volume/Revenue)
- 6.3.1. U.S.
- 6.3.1.1. By Application (Volume/Revenue)
- 6.3.1.1.1. Fertilizers
- 6.3.1.1.2. Nitrobenzene
- 6.3.1.1.3. Adipic Acid
- 6.3.1.1.4. Toluene Di-isocyanate
- 6.3.1.1.5. Others
- 6.3.2. Canada
- 6.3.2.1. By Application (Volume/Revenue)
- 6.3.2.1.1. Fertilizers
- 6.3.2.1.2. Nitrobenzene
- 6.3.2.1.3. Adipic Acid
- 6.3.2.1.4. Toluene Di-isocyanate
- 6.3.2.1.5. Others
- 7. Europe Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Application (Volume/Revenue)
- 7.2.1. Fertilizers
- 7.2.2. Nitrobenzene
- 7.2.3. Adipic Acid
- 7.2.4. Toluene Di-isocyanate
- 7.2.5. Others
- 7.3. By Country (Volume/Revenue)
- 7.3.1. France
- 7.3.1.1. By Application (Volume/Revenue)
- 7.3.1.1.1. Fertilizers
- 7.3.1.1.2. Nitrobenzene
- 7.3.1.1.3. Adipic Acid
- 7.3.1.1.4. Toluene Di-isocyanate
- 7.3.1.1.5. Others
- 7.3.2. Germany
- 7.3.2.1. By Application (Volume/Revenue)
- 7.3.2.1.1. Fertilizers
- 7.3.2.1.2. Nitrobenzene
- 7.3.2.1.3. Adipic Acid
- 7.3.2.1.4. Toluene Di-isocyanate
- 7.3.2.1.5. Others
- 7.3.3. U.K.
- 7.3.3.1. By Application (Volume/Revenue)
- 7.3.3.1.1. Fertilizers
- 7.3.3.1.2. Nitrobenzene
- 7.3.3.1.3. Adipic Acid
- 7.3.3.1.4. Toluene Di-isocyanate
- 7.3.3.1.5. Others
- 7.3.4. Italy
- 7.3.4.1. By Application (Volume/Revenue)
- 7.3.4.1.1. Fertilizers
- 7.3.4.1.2. Nitrobenzene
- 7.3.4.1.3. Adipic Acid
- 7.3.4.1.4. Toluene Di-isocyanate
- 7.3.4.1.5. Others
- 7.3.5. Spain
- 7.3.5.1. By Application (Volume/Revenue)
- 7.3.5.1.1. Fertilizers
- 7.3.5.1.2. Nitrobenzene
- 7.3.5.1.3. Adipic Acid
- 7.3.5.1.4. Toluene Di-isocyanate
- 7.3.5.1.5. Others
- 7.3.6. Poland
- 7.3.6.1. By Application (Volume/Revenue)
- 7.3.6.1.1. Fertilizers
- 7.3.6.1.2. Nitrobenzene
- 7.3.6.1.3. Adipic Acid
- 7.3.6.1.4. Toluene Di-isocyanate
- 7.3.6.1.5. Others
- 7.3.7. Rest of Europe
- 7.3.7.1. By Application (Volume/Revenue)
- 7.3.7.1.1. Fertilizers
- 7.3.7.1.2. Nitrobenzene
- 7.3.7.1.3. Adipic Acid
- 7.3.7.1.4. Toluene Di-isocyanate
- 7.3.7.1.5. Others
- 8. Asia-Pacific Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Application (Volume/Revenue)
- 8.2.1. Fertilizers
- 8.2.2. Nitrobenzene
- 8.2.3. Adipic Acid
- 8.2.4. Toluene Di-isocyanate
- 8.2.5. Others
- 8.3. By Country (Volume/Revenue)
- 8.3.1. China
- 8.3.1.1. By Application (Volume/Revenue)
- 8.3.1.1.1. Fertilizers
- 8.3.1.1.2. Nitrobenzene
- 8.3.1.1.3. Adipic Acid
- 8.3.1.1.4. Toluene Di-isocyanate
- 8.3.1.1.5. Others
- 8.3.2. India
- 8.3.2.1. By Application (Volume/Revenue)
- 8.3.2.1.1. Fertilizers
- 8.3.2.1.2. Nitrobenzene
- 8.3.2.1.3. Adipic Acid
- 8.3.2.1.4. Toluene Di-isocyanate
- 8.3.2.1.5. Others
- 8.3.3. Japan
- 8.3.3.1. By Application (Volume/Revenue)
- 8.3.3.1.1. Fertilizers
- 8.3.3.1.2. Nitrobenzene
- 8.3.3.1.3. Adipic Acid
- 8.3.3.1.4. Toluene Di-isocyanate
- 8.3.3.1.5. Others
- 8.3.4. South Korea
- 8.3.4.1. By Application (Volume/Revenue)
- 8.3.4.1.1. Fertilizers
- 8.3.4.1.2. Nitrobenzene
- 8.3.4.1.3. Adipic Acid
- 8.3.4.1.4. Toluene Di-isocyanate
- 8.3.4.1.5. Others
- 8.3.5. Rest of Asia Pacific
- 8.3.5.1. By Application (Volume/Revenue)
- 8.3.5.1.1. Fertilizers
- 8.3.5.1.2. Nitrobenzene
- 8.3.5.1.3. Adipic Acid
- 8.3.5.1.4. Toluene Di-isocyanate
- 8.3.5.1.5. Others
- 9. Latin America Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Application (Volume/Revenue)
- 9.2.1. Fertilizers
- 9.2.2. Nitrobenzene
- 9.2.3. Adipic Acid
- 9.2.4. Toluene Di-isocyanate
- 9.2.5. Others
- 9.3. By Country (Volume/Revenue)
- 9.3.1. Brazil
- 9.3.1.1. By Application (Volume/Revenue)
- 9.3.1.1.1. Fertilizers
- 9.3.1.1.2. Nitrobenzene
- 9.3.1.1.3. Adipic Acid
- 9.3.1.1.4. Toluene Di-isocyanate
- 9.3.1.1.5. Others
- 9.3.2. Rest of Latin America
- 9.3.2.1. By Application (Volume/Revenue)
- 9.3.2.1.1. Fertilizers
- 9.3.2.1.2. Nitrobenzene
- 9.3.2.1.3. Adipic Acid
- 9.3.2.1.4. Toluene Di-isocyanate
- 9.3.2.1.5. Others
- 10. Middle East & Africa Nitric Acid Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Application (Volume/Revenue)
- 10.2.1. Fertilizers
- 10.2.2. Nitrobenzene
- 10.2.3. Adipic Acid
- 10.2.4. Toluene Di-isocyanate
- 10.2.5. Others
- 10.3. By Country (Volume/Revenue)
- 10.3.1. South Africa
- 10.3.1.1. By Application (Volume/Revenue)
- 10.3.1.1.1. Fertilizers
- 10.3.1.1.2. Nitrobenzene
- 10.3.1.1.3. Adipic Acid
- 10.3.1.1.4. Toluene Di-isocyanate
- 10.3.1.1.5. Others
- 10.3.2. Rest of Middle East & Africa
- 10.3.2.1. By Application (Volume/Revenue)
- 10.3.2.1.1. Fertilizers
- 10.3.2.1.2. Nitrobenzene
- 10.3.2.1.3. Adipic Acid
- 10.3.2.1.4. Toluene Di-isocyanate
- 10.3.2.1.5. Others
- 11. Company Profiles
- 11.1. BASF SE
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent Developments
- 11.2. Nutrien
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent Developments
- 11.3. EuroChem
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent Developments
- 11.4. CF Industries Holdings, Inc.
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent Developments
- 11.5. Omnia Holdings Limited
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent Developments
- 11.6. Dyno Nobel
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent Developments
- 11.7. Enaex S.A.
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent Developments
- 11.8. Sasol
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent Developments
- 11.9. LSB Industries
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.9.5. Recent Developments
- 11.10. IXOM
- 11.10.1. Overview
- 11.10.2. Description
- 11.10.3. Product Portfolio
- 11.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.10.5. Recent Developments
- 12. Strategic Recommendations
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