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Concentrated Nitric Acid Market Size Forecast to Reach $28.22 Billion by 2026

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Concentrated Nitric Acid Market Size Forecast to Reach $28.22 Billion by 2026

September 17
07:15 2021
Concentrated Nitric Acid Market Size Forecast to Reach $28.22 Billion by 2026
Concentrated Nitric Acid Market
Growth in the Concentrated Nitric Acid 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.

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.

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.

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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 Drivers

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 LaunchesIn 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.

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.

Relevant Reports

A. Adipic Acid Market

https://www.industryarc.com/Report/15176/adipic-acid-market.html

B. Nitric Acid Market

https://www.industryarc.com/Research/Nitric-Acid-Market-Research-510900

For more Chemicals and Materials Market reports, please click here

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