Nitric Acid Market By Product Type (Fuming, Non-Fuming), Grade (Commercial, Others), Concentration (Dilute Nitric Acid, Concentrated Nitric Acid) Application (Fertilizers, Ammonium Nitrate, Nitrobenzene, Toluene Di-isocynate, Adipic Acid, Nitro Chlorobenzene, Polyurethanes, Polyamides, Others), End-Use Industry (Agrochemicals, Explosives, Chemicals, Mining, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026Presence of high volume of regulations regarding the usage of ammonium nitrate as a fertilizer hampers the growth of this market Various concerns regarding the toxic nature of the compound requiring enhanced concerns and safety procedures for its handling, production and usage can restrict the market growth Nitric acid is harmful for human contact causing burns to mouth, throat, stomach which can be lethal; this is another factor hampering this market growth
Nitric acid is defined as a highly corrosive and toxic form of acid which is defined as having colorless nature in its initial stages, although its color is transformed to yellow with decomposition into nitrogen oxide and water. These compounds are highly popular as agricultural fertilizers, although a wide-scope of other applications are also accepted such as production of ammonium nitrate, polyurethanes, polyamides and various other products. High demands associated for the product due to increasing areas of application for polyurethane foams; this factor is expected to propel the growth of the market Growing areas of application of nitric acid in a number of other industries including chemical and fertilizer acts as a market driver Growth in usage of adipic acid for lightweight automotive production will boost this market growth Prevailing mining industries uses ammonium nitrate (AN) as popular explosive and blasting agent also acts as a market driver in the forecast period
Global Nitric Acid Market is expected to register a steady CAGR of 3.25% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the growing usage of fertilizers globally to meet the rising demands for agricultural products.
Segmentation: Global Nitric Acid Market:
By Product Type: Fuming, Non-Fuming
By Concentration: Dilute Nitric Acid (68%), Concentrated Nitric Acid (69%-71%)
By Grade: Commercial, Others
By Application: Fertilizers, Ammonium Nitrate, Nitrobenzene, Toluene Di-isocynate
Adipic Acid, Nitro Chlorobenzene, Polyurethanes, Polyamides, Others
Global Nitric Acid Market Scope and Market Size:
Key Market Competitors:
Few of the major competitors currently working in the global nitric acid market are BASF SE; CF Fertilisers UK. Company; Orica Limited; The Chemours Company; DuPont de Nemours, Inc.; Nutrien Ltd.; LSB Industries; Incitec Pivot limited; Dyno Nobel; IXOM; J.R. Simplot Company; Wesfarmers Chemicals, Energy & Fertilisers; PVS Chemicals; Yara; DFPCL; Koch-Glitsch, LP; Koch Fertilizer, LLC; Kemcore; ALVIGO Group of Companies among others.
Global nitric acid market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of nitric acid market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Developments in the Market:
In June 2019, Acron announced that they had commissioned the expansion of a new production unit for nitric acid at the facility situated at Veliky Novgorod, Russia. The upgraded unit bringing an expansion of 135,000-tonnes per annum. This expansion is evident of the company strategy developed by the company in 2017. Along with this expansion, the one concluded in early 2019 Acron will be able to extend its production of nitric acid by 270,000 tonnes to result in 1.8 million tonnes in total
In January 2019, Kemerovo Azot announced that they will enhance the production of ammonium nitrate with the help of OJSC GIAP technology. This improvement of production involves the upgradation by upgrading the plant and reducing the levels of emissions under the agreement signed with the OJSC GIAP. This expansion also includes enhancement of nitric acid and hydrogen production
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What is the Key Outcomes of Porter’s five forces model
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