Nitric Acid Market Trend, Covid-19 Outbreak, Information by Concentration, Application, Regional analysis, Key Players and Forecast to 2025

Nitric Acid Market – Overview

Nitric Acid belongs to a class of inorganic acids which is both extremely corrosive and toxic. On the basis of nature of nitric acid, unstable nitric acid is extensively used in explosives whereas stable nitric acid is used in the production of dyes, paints, and pigments. The Nitric Acid market is expected to grow tremendously and register a strong growth over the assessment period. Growth of global nitric acid market is predominantly driven by fertilizer and explosive industry. Furthermore, increasing industrial explosive market coupled with strong demand for mining and construction activities is predicted to fuel the market growth. Increasing defense activities due to rising terrorism activities has resulted in increasing demand for explosives which in turn is estimated to propel the market growth over the forecast period. In addition to this, increase in need of fertilizer to meet the rising quality food demand with followed by raise in crop production is predicted to drive market growth. Nitric acid is majorly used in the manufacturing of fertilizer followed by adipic acid. Adipic acid is further used in the production of automobile parts. Increasing automobile production & sales across the globe is estimated to fuel the demand for nitric acid in near future. Some of the prominent drivers supporting the market growth are rapidly growing agriculture and automotive industry, and rising construction activities.

Segmentation Analysis:

 Global Nitric Acid Market Trend has been segmented based on the concentration, application, end-use industry, and region.

Based on concentration, the global nitric acid market has been bifurcated into dilute nitric acid (68%) and concentrated nitric acid (69%-71%).

Based on application, the global nitric acid market has been classified as fertilizers, ammonium nitrate, nitrobenzene, toluene di-isocyanate, adipic acid, nitro chlorobenzene, and others.

By end-use industry, the global nitric acid market has been categorized as agrochemicals, explosives, chemical, mining, and others.

Based on the region, the global nitric acid market has been studied for five key regions—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

Competitive Landscape

The Nitric Acid report analyses the degree of competition among the market players as well as industry growth and market scenario. The global Nitric Acid market consist of diverse players operating in the market including large scale and small scale manufacturers. This industry is focusing towards growth consolidation specifically by Asia Pacific as small scale and major players are from this region specifically from China, South Korea, Thailand, and India. Additionally, nitric acid manufacturers from Europe and North America are planning to expand their manufacturing base to Asia Pacific region in order to meet the demand for Nitric Acid in this region. Moreover, the market is rising with a significant growth rate which raises the competitive rivalry among the industry players.

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Key Players:

The Dow Chemical Company, Bayer AG, BASF SE, LyondellBasell Industries, Agrium Inc., Koch Fertilizer LLC., AkzoNobel NV, Basic Chemical Solutions LLC, PVS Chemicals, Apache Nitrogen Products Inc, Deepak Fertilizers and Petrochemicals Corp. Ltd among others are some of the prominent players at the forefront of competition in the Global Nitric Acid Market and are profiled in MRFR Analysis.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.