Nitric acid is witnessing rising demand for the manufacturing of fertilizers, nylon, explosives, and a variety of industrially useful organic and inorganic compounds, including adipic acid, toluene diisocyanate (TDI), and nitrobenzene. The vastly rising application of nitric acid in making several nitrogenous fertilizers, notably urea and ammonium nitrate, is accentuating the market. Nitric acids occupy an increasingly significant role in the preparation of dyes, perfumes, and drugs as the acids are used in the making of coal tar products. The use of nitric acid in etching steel and photoengraving and its wide application in the metal processing industries are key factors fueling the growth of the market. The growing use of concentrated nitric acid in the purification of metals and in the manufacturing of drugs are notable trends expected to unlock exciting opportunities for market players in the coming years. Owing to its marked oxidizing properties, nitric acid is preferred as an oxidizer in liquid-fueled rockets.
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The global nitric acid is projected to be valued at US$16,839.5 Mn by 2017 end and is projected to be worth US$20,420.8 Mn by 2022 end. The worldwide market is anticipated to register a CAGR of 3.9% from 2017 to 2022.
Use of Nitrogen in Making Fertilizers to be Dominant
The various end uses of nitric acid are fertilizers, nitrobenzene, adipic acid, toluene diisocyanate, and metal processing. Of these, the fertilizer segment holds the major share in the market, estimated at 79.8% by 2017 end, and is predicted to be retain its dominance throughout the forecast period. The segment is worth US$13,297.1 Mn in the market in 2017 and is projected to reach US$16,105.9 Mn by 2022 end. The segment is estimated to rise at a CAGR of 3.9% during 2017–2022 and is projected to grow at US$ 561.8 Mn annually during the same period. The dominance of the segment is attributed to the prominent use of all nitric acid produced in various regions in making fertilizers such as ammonium nitrate.
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Europe to Hold Its Sway throughout Forecast Period
The various regional markets for nitric acid are North America, Latin America, the Middle East and Africa, Asia Pacific excluding Japan, Japan, and Europe. Among these, currently Europe holds the major revenue share and is expected to retain its dominance throughout the assessment timeline. The Europe nitric acid market is projected to rise at a CAGR of 3.9% from 2017 to 2022, and is expected to reach a valuation of US$11,636.1 Mn by the end of the forecast period.
Asia Pacific excluding Japan to Present Lucrative Avenues
Asia Pacific excluding Japan (APEJ) is a prominent market for nitric acid. The APEJ market is projected to create a substantial opportunity of US$710 Mn during the forecast period. The rising demand for concentrated nitric acid for making explosives and several agrochemicals is a prominent trend expected to fuel the regional market.
Meanwhile, the North America nitric acid market is expected to rise from a valuation of US$2,093.5 Mn in 2017 to reach US$ 2,506.3 Mn by 2022 end. The regional market is projected to register a CAGR of 3.7% during 2017–2022.
Some of the key players operating in the market are BASF SE, The Chemours Company, Eurochem Group, Dyno Nobel, Potash Corp, Sumitomo Chemical Co., Ltd., Yara, CF Industries, and OCI Nitrogen. Several prominent companies are focused on expanding their production and distribution facilities to stay ahead of the others. They are seeking to capitalize on lucrative avenues emerging from a rapidly growing end-use industries in various developing and developed regions.