A recent report published by Infinium Global Research on the nitric acid market provides an in-depth analysis of segments and sub-segments in global as well as the regional nitric acid market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional nitric acid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global nitric acid market. According to the report, the global nitric acid market is projected to grow at a CAGR of 1.6% over the forecast period of 2018-2024.
Nitric acid is an inorganic, highly corrosive mineral material which is also known as the spirit of niter. It is a colorless compound and commercially available in the concentration form (water at a concentration of up to 68%). The nitric acid is mainly manufactured by oxidation of ammonia through the Ostwald process. Nitric acid is one of the world’s largest commodity chemicals used in the manufacturing of compounds, used for the production of fertilizers, primarily ammonium and calcium ammonium nitrate. Nitric acid is used in the formation of Explosive such as nitroglycerin and TNT also, it is used in the chemical industries for the formation of dyes, metallurgy, photoengraving, etching steel and others.
Nitric acid is majorly used in the making of fertilizers, with the continuously growing demand for food the demand for fertilizers. Extensive uses of nitric acid in the chemical and fertilizer industries are driving the growth of nitric acid worldwide. In addition, extensive uses of nitric acid in the various end use industries such as metal processing industries, metallurgical Industries, chemical, and others are likely to boost the growth of nitric acid. However, various governments have some rules and the regulations on the use of ammonium nitrate fertilizers due to its hazardous effect on the environment that is expected to act as a restraint for the growth of nitric acid. Moreover, the rising chemical and fertilizer industries could create huge demand for nitric acid which in turn could create several opportunities for the nitric acid market in upcoming years.
Among the applications, fertilizer segment accounts for the largest market share. Around 75% to 80 % of nitric acid is used in the manufacturing of the fertilizers. The growing population is the major factor contributing to the growth of fertilizers segment worldwide.
Geographically, Asia-Pacific dominates the market of nitric acid in 2017 and expected to dominate the market throughout the forecast period. In the Asia-Pacific region, China is the largest consumer of nitric acid which consumes around 40 to 50% of total produced nitric acid. The presence of large agricultural countries such as India, China, and Brazil are likely to boost the growth of nitric acid in the Asia-Pacific region.
The report on the global nitric acid market covers segments such as applications and end use industries. On the basis of applications, the global nitric acid market is categorized into fertilizers, nitrobenzene, adipic acid market, toulene di-isocynate, nitrochlorobenzene, and others. On the basis of end use industries, the global nitric acid market is categorized into agrochemicals, automotive, explosives, and electronics.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global nitric acid market such as BASF SE, The Chemours Company, Eurochem Group, Dyno Nobel, Potash Corp, Sumitomo Chemical Co., Ltd., and Yara, CF Industries, OCI Nitrogen.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global nitric acid market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the nitric acid market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the nitric acid market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the nitric acid market to understand the present and future trends in this market and formulate their strategies accordingly.
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