Keywords :
Nitric Acid, Nitric Acid Market, Global Nitric Acid Market, Nitric Acid Industry, Nitric Acid Business, Nitric Acid Market Price, Nitric Acid Market Size, Nitric Acid Market Share, Nitric Acid Market Report, Nitric Acid Market Growth, Nitric Acid Market Trends

Nitric Acid Business Analysis
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.
Top 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 Nitric Acid Business and are profiled in MRFR Analysis.
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Report : https://www.marketresearchfuture.com/reports/nitric-acid-market-2190

Regional Analysis

Geographically, Asia Pacific emerged as the leading market for Nitric Acid followed by North America and Europe in 2016. The Asia Pacific region provide huge growth potential for Nitric Acid and is estimated to register highest CAGR on account of continuous growth of pharmaceutical, textile, and fertilizer industry specifically in China, India, and South Korea.
Moreover, end use industrial growth in various countries of Asia Pacific such as South Korea, India, Japan, China, Thailand, Vietnam, Bangladesh, and Malaysia. Furthermore, rising investment by major companies and shifting of production facilities in this region is estimated to drive the nitric acid regional market growth.
North American market is predicted to witness moderate growth due to expansion of pharmaceutical sector. Europe is estimated to witness moderate growth on account of significant growth of automobile and textile industries. Moreover, stringent regulations imposed by regulatory bodies in Europe and North America is estimated to slightly hinder market growth.

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