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Concentrated Nitric Acid Market - Forecast(2024 - 2030)
Concentrated
Nitric Acid Market Overview
Concentrated
Nitric Acid Market size is forecast to reach $28.22 billion by 2026, after growing at a CAGR
of 3.8% during the period 2021-2026. Nitric Acid is a toxic strong mineral acid
which is highly corrosive in nature. In general, nitric acid is colorless but
it acquires pale yellow color when stored. Concentrated nitric acid ordinarily
have the concentration that varies from 65% to 95%. The concentrated nitric
acid is used in the manufacturing of organic and inorganic compounds for
fertilizers, explosives, woodworking, and others. Whereas Nylon 6/6 is made up
of 90% of the adipic acid produced in the United States. The growth in the
market is due to the increase in the usage of concentrated nitric acid in various
sectors like, electrical and electronics, aerospace, agriculture, chemicals and
others.
COVID -19 Impact:
COVID-19 had a
negative impact on the market in 2020. Due to the pandemic scenario, mining and
automotive manufacturing activities were temporarily halted during the
government-imposed lockdown, resulting in a reduction in the consumption of
concentrated nitric acid used in the manufacture of automobile interior
products and mining explosive materials, negatively impacting the environment. However,
nitric oxide, a chemical created by reducing nitric acid with copper and used
to treat pulmonary hypertension and acute respiratory distress syndrome, has
gained in popularity since it has the potential to treat COVID-19 patients,
boosting demand for the market under consideration.
Report Coverage
The report: “Concentrated Nitric Acid Market - Forecast (2021-2026)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Concentrated
Nitric Acid Industry.
By Type: Fuming
Nitric Acid and Strong Nitric Acid.
By Application:
Fertilizers,
Dye Intermediates, Rocket Propulsion, Woodworking, Explosives and Others.
By End Use
Industry: Aerospace
and Defense, Agriculture, Chemical, Electrical and Electronics and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany,
France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China,
Japan India, South Korea, Australia & New Zealand, and Rest of Asia
Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).
Key Takeaways
- Asia Pacific dominates the Concentrated Nitric Acid Market owing to rapid increase in the agrochemical industry.
- The market drivers and restraints have been assessed to understand their impact over the forecast period.
- The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications and end use industry in Concentrated Nitric Acid Market and their specific segmented revenue.
- Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Concentrated Nitric Acid Market related industries has been negatively affected, thus hampering the growth of the market.
Figure: Concentrated Nitric Acid Market Revenue, 2020-2026 (US$ Billion)
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Concentrated Nitric
Acid Market Segment Analysis - By Type
The Strong Nitric Acid held the
largest share of 55% in the Concentrated Nitric Acid Market in 2020. The strong nitric acid industrially is formed by dissolving
additional 68% of nitric acid with nitrogen dioxide in an absorption tower.
Strong nitric acid is used to produce ammonium nitrate, nitrobenzene, adipic
acid, toluene diisocyanate, nitro chlorobenzene, trinitrotoluene, and others.
The use of strong nitric acid is also increasing due to increase in explosives
which are required by mining industries.
Concentrated Nitric Acid Market Segment Analysis - By Application
Fertilizers held the
largest share in the Concentrated Nitric Acid Market in 2020 growing at a CAGR 4.7%
of during forecast period. Concentrated Nitric
Acid is used in different fertilizers in the form of ammonium nitrate and
calcium ammonium nitrate. Ammonium nitrate is used in the manufacturing of urea
ammonium nitrate which is used in the fertilizer formulations and also in the
explosive’s formulation. In India itself according to Ministry of Chemicals and
Fertilizers of India (department of fertilizers), the sale of ammonium nitrate
is 12929 MT during the year 2018-2019. Hence the growth of nitric acid in the
fertilizers is very high because of its use in the agriculture industry.
Concentrated Nitric Acid Market Segment Analysis - By End Use Industry
Agricultural
Industry held the largest share in the Concentrated Nitric Acid Market in 2020 with a CAGR of 5.5%. The rise in use of nitric acid in
the agricultural industry is due to the increase in knowledge about the
fertilizers for agricultural practices which in turn is increasing the
yield. The growth in agricultural
industry is due to the rise in population which is leading to the demand for
concentrated nitric acid fertilizers. The fertilizer calcium ammonium nitrate
and urea ammonium nitrate is used to generate higher yield but nitrobenzene is
used in the crop production from the pesticides. Furthermore, R&D in chemical fertilizers will
support the growth of the Concentrated Nitric Acid Market.
Concentrated Nitric Acid Market Segment Analysis - Geography
Asia-Pacific (APAC) dominated the Concentrated
Nitric Acid Market in the year 2020 with share of 41% followed by North America
and Europe. APAC as a whole is set to continue to be one of the largest and
fastest growing agriculture markets globally. In APAC, China and India are
driving much of the Concentrated Nitric Acid Market’s demand. India is an
agriculturally based economy and 50% of the country’s workforce is engrossed in
agriculture. China and India are the two most populated countries of the world
driving the food demand and hence the demand for concentrated nitric acid. The
number of manufacturing units that produce concentrated nitric acid are growing
sharply in APAC region. Currently the concentrated nitric acid industry has
been affected due to COVID-19 pandemic where most of the industrial activity
has been temporarily shut down. In in turn has affected the demand and supply
chain as well which has been restricting the growth in year 2020.
Concentrated Nitric Acid
Market
Rise in Demand for Concentrated Nitric Acid in Different Industries
Industrialization has led
to the increase in demand for concentrated nitric acid market in various
industries for different purposes. The use of concentrated nitric acid in
explosives is increasing due to the rise in demand from the mining industry. In
aerospace and defense, it is used as an oxidizer for rocket fuels. Also, the
increase in usage in industries like electrochemistry, chemical, agriculture, woodworking,
electronics, and many others.
Concentrated Nitric Acid
Market Challenges
Fluctuation in Price of Concentrated Nitric Acid
The price of concentrated
nitric acid is dependent on the price of natural gas and ammonia. The rise in
price also lead to the rise in price for the products by the manufacturers
which in turn is affecting the demand of the concentrated nitric acid market.
There were factors responsible for spurred in price. First, natural gas
inventories were at their lowest levels. Since the United States' energy
rebound has improved natural gas's near-term deliverability, the market appears
to be pleased with smaller stockpiles. As a result, increasing production may
be able to meet the demand traditionally met by storage.
Concentrated Nitric Acid Market Landscape
Technology launches, acquisitions and
R&D activities are key strategies adopted by players in the Concentrated
Nitric Acid Market. Major players in the Concentrated Nitric Acid Market are Yara,
CF Industries Holdings, Inc., BASF SE, Hanwha Corporation, Linde, UBE
INDUSTRIES,LTD., LSB Industries, Sasol Limited, The Dow Chemical Company, INEOS
Capital Limited., The Chemours Company., Rashtriya Chemicals and Fertilizers
Limited, DFPCL., Koch Fertilizer, LLC, GNFC Limited, and Others.
Acquisitions/Technology Launches/ Product Launches
- In September 2020, CF industries announced to invest $41.4 million at Donaldsonville Nitrogen Complex which is the world’s largest nitrogen fertilizer complex for the enhance nitric acid production. This will help the company to meet the demands for the products from different chemical industries.
Related Report:
Report Code: CMR
41846
For more Chemicals and Materials Market reports, please click here
1. Concentrated Nitric Acid Market- Overview
1.1 Definitions and Scope
2. Concentrated Nitric Acid Market- Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Application
2.3 Key Trends by End-Use Industry
2.4 Key Trends by Geography
3. Concentrated Nitric Acid Market- Comparative Analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Concentrated Nitric Acid Market - Startup companies Scenario Premium Premium
4.1 Major Startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product Portfolio
4.1.4 Venture Capital and Funding Scenario
5. Concentrated Nitric Acid Market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Successful venture profiles
5.4 Customer Analysis - Major Companies
6. Concentrated Nitric Acid Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Concentrated Nitric Acid Market -Strategic analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Concentrated Nitric Acid Market– By Type (Market Size -$Million)
8.1 Fuming Nitric Acid
8.2 Strong Nitric Acid
9. Concentrated Nitric Acid Market– By Application (Market Size -$Million)
9.1 Fertilizers
9.2 Dye Intermediates
9.3 Rocket propulsion
9.4 Woodworking
9.5 Explosives
9.6 Others
10. Concentrated Nitric Acid Market– By End-Use Industry (Market Size -$Million)
10.1 Aerospace and Defense
10.2 Agriculture
10.3 Chemical
10.4 Electrical and Electronics
10.5 Others
11. Concentrated Nitric Acid Market - By Geography (Market Size -$Million)
11.1 North America
11.1.1 USA
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Netherlands
11.2.6 Spain
11.2.7 Russia
11.2.8 Belgium
11.2.9 Rest of Europe
11.3 Asia Pacific (APAC)
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia and New Zealand
11.3.6 Indonesia
11.3.7 Taiwan
11.3.8 Malaysia
11.3.9 Rest of Asia Pacific
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Colombia
11.4.4 Chile
11.4.5 Rest of South America
11.5 Rest of World (RoW)
11.5.1 Middle East
11.5.1.1 Saudi Arabia
11.5.1.2 UAE
11.5.1.3 Rest of Middle East
11.5.2 Africa
11.5.2.1 South Africa
11.5.2.2 Nigeria
11.5.2.3 Rest of Africa
12. Concentrated Nitric Acid Market- Entropy
12.1 New Product Launches
12.2 M&A’s, Collaborations, JVs and Partnerships
13. Market Share Analysis Premium
13.1 Market Share at Global Level - Major companies
13.2 Market Share by Key Region - Major companies
13.3 Market Share by Key Country - Major companies
13.4 Market Share by Key Application - Major companies
13.5 Market Share by Key Product Type/Product category - Major companies
14. Concentrated Nitric Acid Market- Key Company List by Country Premium Premium
15. Concentrated Nitric Acid Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)1.1 Strong Nitric Acid Market 2019-2024 ($M) - Global Industry Research
1.2 Fuming Nitric Acid Market 2019-2024 ($M) - Global Industry Research
2.Global Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
2.1 Agrochemicals Market 2019-2024 ($M) - Global Industry Research
2.2 Explosives Market 2019-2024 ($M) - Global Industry Research
2.3 Automotive Market 2019-2024 ($M) - Global Industry Research
2.4 Electronics Market 2019-2024 ($M) - Global Industry Research
3.Global Concentrated Nitric Acid Market By Type Market 2019-2024 (Volume/Units)
3.1 Strong Nitric Acid Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Fuming Nitric Acid Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 (Volume/Units)
4.1 Agrochemicals Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Explosives Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Automotive Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Electronics Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
5.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
5.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
6.North America Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
6.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
6.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
6.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
6.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
7.South America Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
7.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
7.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
8.South America Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
8.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
8.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
8.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
8.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
9.Europe Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
9.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
9.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
10.Europe Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
10.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
10.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
10.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
10.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
11.APAC Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
11.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
11.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
12.APAC Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
12.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
12.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
12.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
12.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
13.MENA Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
13.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
13.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
14.MENA Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
14.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
14.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
14.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
14.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)2.Canada Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
3.Mexico Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
4.Brazil Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
5.Argentina Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
6.Peru Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
7.Colombia Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
8.Chile Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
9.Rest of South America Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
10.UK Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
11.Germany Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
12.France Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
13.Italy Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
14.Spain Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
15.Rest of Europe Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
16.China Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
17.India Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
18.Japan Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
19.South Korea Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
20.South Africa Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
21.North America Concentrated Nitric Acid By Application
22.South America Concentrated Nitric Acid By Application
23.Europe Concentrated Nitric Acid By Application
24.APAC Concentrated Nitric Acid By Application
25.MENA Concentrated Nitric Acid By Application
26.Yara International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Potash Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Agrium Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.OCI N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Hanwha Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Linde Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.UBE Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.LSB Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)