Nitric Acid Market
Nitric Acid Market Highlights:
Nitric Acid Market is booming and is anticipated to witness a striking growth in fertilizer industry registering a CAGR of 6.5% in terms of value, during the forecast period.
Nitric Acid is colourless and a corrosive mineral acid that has concentration of around 70%. It turns pale yellow due to decomposition of oxides. Commercially nitric acid with more than 85% concentration is known as fuming nitric acid. Based on colour solution and concentration of nitrogen dioxide, nitric acid is further classified as red fuming and white fuming nitric acid. Unstable nitric acid-based compounds are used in explosives while stable compounds of nitric acid are used in production of paints, dyes and pigments. It also acts as reagent for nitration reaction.
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.
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Nitric Acid Market Key Players:
Nitric Acid Market includes: 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 and others.
Nitric Acid Market Regional Analysis:
Asia Pacific is the largest market segment owing to increase in fertilizer and chemical industries in the region. China forecasted fastest growth rate in the production and consumption of nitric acid owing to growing chemical and explosive (Ammunition/ fireworks) industries.
North America and Europe witnessed a heavy loss due to adverse environmental issues which will rise as a result of usage of chemicals relating to nitric acid. Strict regulations government in Europe and North America regarding usage of ammonium nitrate in fertilizer has shifted the demand to emerging countries like China and India. Other application like adipic and TDI is expected to drive the demand of nitric acid in North America. Other parts of the world are expected to witness strong growth due to increase in demand for nitrate-based fertilizer in agrochemical industry and lack of stringent government regulatory protocols of using Nitric Acid.
Nitric Acid Market Synopsis & Scenario:
Nitric Acid is used by its producers in the vertically integrated production of a wide range of chemical products. Since it is an intermediate good, the demand for nitric acid is largely contingent on the demand for the end products for which it serves as an input.
As industrial explosives are mainly used in the mining and mineral industries, the demand for coal and basic metals drives the demand for Nitric Acid. Coal mining is the main use for industrial explosives in the United States, accounting for around two thirds of explosives consumption. Stone quarrying and construction are also industries that consume the blasting agents and oxidizers provided by the Nitric Acid industry. One key factor in maintaining the level of demand for explosive products is the relative affordability of coal as a fuel source compared to its alternatives.
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Nitric Acid Market Application:
Nitric Acid Market volume by application in 2016 was 5740 kilo ton. Adipic acid which is major application of nitric acid is used in manufacturing of polyester resins. Nylon 6.6 resin and fiber is derived from adipic acid which is employed in manufacturing of automobile components for replacing metal parts and reducing carbon emission. Adipic acid is also used in tire and textile industry. Nitrobenzene produces another compound to aniline which manufacturer polyurethane foams and fibres and pharmaceuticals.
The increasing demand of these products in automobile, textile and construction industry is expected to fuel the nitrobenzene market growth. Toluene di isocyanate is used in polyurethane along with rigid products like adhesives, sealants in automobile, carpets and furniture industry. Thus, growing application industries along with increase in derivatives market is likely to boost the nitric acid market growth.
Nitric Acid is used in fertilizer which act as key application segment. Nitric acid used in ammonium nitrate and calcium ammonium nitrate is used as a fertilizer in the agrochemical industry. The global fertilizer industry is expected to grow owing to rise in population leading to high growth demand for food in countries like China, India and Mexico. Moreover, ammonium nitrate is used in producing urea ammonium nitrate which is used in explosives and in fertilizer solution to meet the growing demand of construction and mining industry. Increasing concern about usage of ammonium nitrate as a fertilizer is leading to ground water contamination which has resulted in number of regulations from developed regions which can restrict the growth of the nitric acid market in the coming years.
Nitric Acid Market Competitive Landscape:
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.
Nitric Acid Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Nitric Acid Market
5 Industry Overview of Global Nitric Acid Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
5.5 Impact Analysis
Nitric Acid Market Table of Content to be Continue…...,
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