Nitric Acid Market to Reach Valuation of USD 32.7 Billion by 2028 – Growth in Demand for the Lightweight Automobile Drives the Market

In terms of revenue, the Global Nitric Acid Market is expected to reach USD 32.7 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 2.00% from 2022 to 2028.

The demand for the product from manufacturers of fertilizers is anticipated to rise, as is the consumption of fertilizers in rural economies around the world. Various fertilizers and agricultural facilities have been expanded globally in response to rising food demand to maximize crop output, shorten cultivation times, achieve healthy crop growth, and other objectives. One of the essential ingredients in producing nitrogen fertilizers, which are in high demand in the agricultural sector, is Nitric Acid (HNO3). Significantly, the global product market is highly competitive, particularly with the presence of multinational corporations constantly inventing to win a larger market share.

Key Highlights from Report

· Among Applications, it is predicted that the Fertilizers sector will dominate the Nitric Acid Market with the largest market share throughout the forecast period. This results from the rise in fertilizer demand, which has caused a surge in production. These businesses have thus been able to control the Nitric Acid Market.

· Companies that produce fertilizer have been able to dominate the Nitric Acid Market for many reasons. However, the fact that they have access to the raw ingredients required to manufacture Nitric Acid is one of the most crucial elements.

· Geographically, Europe held the most considerable market revenue and will likely be the most profitable market in the forecast period. This increase results from the expanding agricultural industry in this area and the rising usage of nitrogen-based fertilizers.

Market Dynamics

The growing consumer demand for lightweight vehicles has prompted companies to focus on innovation and development in the automotive sector, resulting in high Nitric Acid consumption potential and positively impacting market growth. Adipic acid, which is then utilized in the production of nylon, is created using Nitric Acid. Nitric Acid manufacturers are switching to polymer composites like nylon to reduce vehicle weight and boost fuel capacity.

Due to the enormous consumer demand for personal vehicles and the steadily growing population, lighter vehicles are now being produced. In addition, government rules to reduce CO2 emissions have encouraged chemical firms to use cutting-edge expertise in the creation of fuel-efficient and affordable automobile solutions, which are supported by these regulations. The rising trend toward lightweight automobiles is helping this sector.

Nitric Acid makes fertilizers like ammonium nitrate and calcium ammonium nitrate. Furthermore, the rising global food demand creates a greater need for arable land. As a result, there is a growing need for fertilizer, and throughout the projection period, the worldwide fertilizer business is predicted to grow at the highest growth rate. Additionally, the Global Nitric Acid Market is fiercely competitive, especially with multinational firms constantly coming up with new products to increase their share of the Nitric Acid Market.

In the upcoming years, it is projected that the Europe Nitric Acid Market will have considerable market expansion with the most significant CAGR. The region's robust value chain and sizable domestic consumption can be attributed to market expansion. The growth rate in Central Europe is steady and moderate. Conversely, most of the demand for Nitric Acid comes from Eastern Europe, a region with tremendous growth potential. Moreover, the chemical and automotive industries serve as the region's main support structures and driving forces for the product. Also, France's highly specialized chemical sector provides enough space for the Nitric Acid business to grow. It is anticipated that the government's initiatives to build a strong economy for the chemical industry will lead to a steady rise in Nitric Acid consumption.

The Global Nitric Acid Market is Segmented as follows

• Application
  • Fertilizers
  • Nitrobenzene
  • Adipic acid
  • Toluene diisocyanate (TDI)
  • Nitrochlorobenzene
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Nitric Acid Market is

BASF SE (Germany), DuPont de Nemours Inc. (US), Nutrien Ltd. (Canada), Omnia Holdings Limited (South Africa), Apache Nitrogen Products Inc. (US), CF Industries Holdings Inc. (US), Rashtriya Chemicals & Fertilizers Ltd. (India), Dyno Nobel (US), Sasol (South Africa), Angus Chemical Company (US), Enaex S.A. (Chile), LSB Industries (US), Thyssenkrupp AG (Germany), Yara International ASA (Norway), J.R. Simplet Company (US), Ixom (Australia)

The Global Nitric Acid Market Scope can be Tabulated as below