Market Size of Nitric Acid Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nitric Acid Market Analysis
The Nitric Acid Market size is estimated at 67.33 Million tons in 2024, and is expected to reach 78.51 Million tons by 2029, growing at a CAGR of 3.12% during the forecast period (2024-2029).
The COVID-19 pandemic in 2020 caused worldwide lockdowns, disruptions in manufacturing activities and supply chains, and industrial production halts, negatively impacting the nitric acid market. The market started to recover after the middle of 2021 and is expected to keep growing in the coming years.
Over the short term, the increasing demand for nitric acid from fertilizer and explosives manufacturing is expected to drive the market's growth.
However, health-related hazards caused by nitric acid are likely to hinder the growth of the market.
Nevertheless, technological development in nitric acid manufacturing and recent government incentives are expected to create lucrative market opportunities over the forecast period.
The Asia-Pacific region is expected to dominate the market globally, with the largest consumption from countries such as China, Japan, and India.
Nitric Acid Industry Segmentation
Nitric acid is a colorless, highly corrosive mineral acid with the chemical formula HNO3. It can be produced through a two-step process, including the oxidation of ammonia and the absorption of nitrogen oxides produced. Nitric acid has major applications in the fertilizer industry.
The nitric acid market is segmented by end-user industry and geography. By end-user industry, the market is segmented into fertilizers, aerospace, inks, pigments, dyes, chemical manufacturing, explosives, and other end-user industries (metal treatment, uranium processing, etc.). The report also covers the market size and forecasts for the nitric acid market in 27 countries across the major regions.
For each segment, the market sizing and forecasts have been done based on volume (tons).
| End-user Industry | |
| Fertilizers | |
| Aerospace | |
| Inks, Pigments, and Dyes | |
| Chemical Manufacturing | |
| Explosives | |
| Other End-user Industries (Pharmaceuticals, Food Processing) |
| Geography | |||||||||||
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Nitric Acid Market Size Summary
The nitric acid market is poised for growth, driven by its critical role in fertilizer and explosives manufacturing. The market experienced setbacks due to the COVID-19 pandemic, which disrupted supply chains and halted industrial production. However, recovery began in mid-2021, and the market is expected to expand steadily over the forecast period. The demand for nitric acid is primarily fueled by its use in producing nitrate salts, essential for fertilizers like ammonium nitrate and calcium ammonium nitrate, which are crucial for enhancing agricultural productivity. Despite potential health hazards associated with nitric acid, technological advancements in its production and supportive government policies are anticipated to create favorable opportunities for market expansion. The Asia-Pacific region, particularly countries like China, Japan, and India, is expected to dominate the global market due to its substantial consumption and production of fertilizers.
The Asia-Pacific region's prominence in the nitric acid market is further bolstered by its robust agricultural activities and significant automotive industry demand. China, as a leading agricultural producer, drives the demand for nitric acid through its extensive use in fertilizers. Additionally, the region's automotive sector, with major players like Japan and South Korea, contributes to the market's growth. The nitric acid market is characterized by its fragmented nature, with key players such as CF Industries Holdings Inc., TKG HUCHEMS, Yara, LSB Industries, and Deepak Fertilisers and Petrochemicals Corporation Ltd. Recent strategic expansions and operational adjustments by these companies highlight ongoing efforts to enhance production capabilities and meet rising demand. Overall, the market's trajectory is influenced by a combination of agricultural needs, industrial applications, and regional economic activities, positioning it for continued growth in the coming years.
Nitric Acid Market Size - Table of Contents
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1. Market Dynamics
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1.1 Drivers
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1.1.1 Increasing Usage from the Fertilizers Segment
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1.1.2 Increasing Demand from Explosives Manufacturing
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1.2 Restraints
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1.2.1 Health Hazards Caused by Nitric Acid
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1.2.2 Environmental Regulations and Policies
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive RiIvalry
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1.5 Trade Flow Analysis
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1.6 Cost Analysis
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2. Market Segmentation (Market Size in Volume)
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2.1 End-user Industry
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2.1.1 Fertilizers
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2.1.2 Aerospace
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2.1.3 Inks, Pigments, and Dyes
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2.1.4 Chemical Manufacturing
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2.1.5 Explosives
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2.1.6 Other End-user Industries (Pharmaceuticals, Food Processing)
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Indoneisa
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2.2.1.6 Malaysia
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2.2.1.7 Vietnam
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2.2.1.8 Thailand
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2.2.1.9 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Mexico
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2.2.2.3 Canada
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Russia
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2.2.3.6 Turkey
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2.2.3.7 NORDIC
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2.2.3.8 Spain
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 United Arab Emirates
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2.2.5.3 Qatar
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2.2.5.4 Nigeria
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2.2.5.5 Egypt
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2.2.5.6 Rest of Middle-East and Africa
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Nitric Acid Market Size FAQs
How big is the Nitric Acid Market?
The Nitric Acid Market size is expected to reach 67.33 million tons in 2024 and grow at a CAGR of 3.12% to reach 78.51 million tons by 2029.
What is the current Nitric Acid Market size?
In 2024, the Nitric Acid Market size is expected to reach 67.33 million tons.
