Nitric acid is a highly corrosive mineral acid and a colorless compound. Commercially, nitric acid is available in a concentrated form (68% in water). It is predominantly used in the production of adipic acid. It is a strong oxidizing agent and is toxic liquid that shows off choking red or yellow fumes in moist air. It ionizes promptly in solution, forming a good conductor of electricity.
Nitric Acid Market: Key Players
The research study includes profiles of leading companies operating in the global nitric acid market. Key players profiled in the report include: CF Industries, BASF, Energy & Fertilizers, Orica, DuPont, Agrium, LSB Industries, Incitec Pivot, Dyno Nobel, and LyondellBasell.
Drivers for the Global Nitric Acid Market:
Rise in demand of ammonium nitrate fertilizers is expected to emerge as a vital growth factor in the nitric acid market. Increasing demand for high crop yield in order to meet rising necessity for food items has provoked the use of nitric acid thereby boosting this market. Growing agriculture sector due to substantial support of government policies and high availability of cultivation land have positive impact on the growth of nitric acid market.
Opportunities for the Global Nitric Acid Market:
Growing applications of polyurethane foams can create lucrative opportunities for nitric acid market in near future. Additionally, it is used as a precursor for the production of nylon 6,6, which is extensively used in the automotive sector globally. Thus, increasing automotive sector will further propel market to grow in coming years.
Restrains for the Global Nitric Acid Market:
However, stringent regulations against excessive use of ammonium nitrate fertilizers owing to environmental degradation are likely to create a negative impact on the nitric acid market in developed economies of North America and Western Europe.
Region Wise, Global Nitric Acid Market Analysis:
Europe held maximum share in nitric acid market owing to increasing construction, automobile, agriculture, and furniture sectors in regions like UK, Germany, and Italy. North America market is also projected to witness a significant growth over the forecast period owing to the presence of a large number of multinational chemical manufacturers in U.S. Asia Pacific is the fastest growing region is nitric acid market due to its agricultural bases economies and high need of ammonium nitrate fertilizers. China dominates the region with highest product demand. Followed by India, Taiwan and Japan are expected to showcase positive outlook for the industry growth.
Global Nitric Acid Market: Product analysis
Global Nitric Acid Market: Application analysis
- Chemical Intermediates
Global Nitric Acid Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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