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Concentrated Nitric Acid Market - Forecast(2023 - 2028)

Report Code: CMR 63078 Report Format: PDF + Excel

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Concentrated Nitric Acid Market Overview

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.

Report Coverage

The report: “Concentrated Nitric Acid Market - Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Concentrated Nitric Acid Industry.

By Type: Fuming Nitric Acid and Strong Nitric Acid.

By Application: Fertilizers, Dye Intermediates, Rocket Propulsion, Woodworking, Explosives and Others.

By End Use Industry: Aerospace and Defense, Agriculture, Chemical, Electrical and Electronics and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

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.

Figure: Concentrated Nitric Acid Market Revenue, 2020-2026 (US$ Billion)

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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.

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 Launches

In 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.

Report Code: CMR 41846

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1. Concentrated Nitric Acid Market- Overview

1.1 Definitions and Scope

2. Concentrated Nitric Acid Market- Executive Summary

2.1 Key Trends by Type

2.2 Key Trends by Application

2.3 Key Trends by End-Use Industry

2.4 Key Trends by Geography

3. Concentrated Nitric Acid Market- Comparative Analysis

3.1 Market Share Analysis- Major Companies

3.2 Product Benchmarking- Major Companies

3.3 Top 5 Financials Analysis

3.4 Patent Analysis- Major Companies

3.5 Pricing Analysis (ASPs will be provided)

4. Concentrated Nitric Acid Market - Startup companies Scenario Premium Premium

4.1 Major Startup company Analysis by

4.1.1 Investment

4.1.2 Revenue

4.1.3 Product Portfolio

4.1.4 Venture Capital and Funding Scenario

5. Concentrated Nitric Acid Market– Industry Market Entry Scenario Premium Premium

5.1 Regulatory Framework Overview

5.2 New Business and Ease of Doing business index

5.3 Successful venture profiles

5.4 Customer Analysis - Major Companies

6. Concentrated Nitric Acid Market- Market Forces

6.1 Market Drivers

6.2 Market Constraints

6.3 Porters five force model

6.3.1 Bargaining power of suppliers

6.3.2 Bargaining powers of customers

6.3.3 Threat of new entrants

6.3.4 Competitive Rivalry

6.3.5 Threat of Substitutes

7. Concentrated Nitric Acid Market -Strategic analysis

7.1 Value/Supply Chain Analysis

7.2 Opportunity Analysis

7.3 Product/Market Life Cycle

7.4 Distributor Analysis – Major Companies

8. Concentrated Nitric Acid Market– By Type (Market Size -$Million)

8.1 Fuming Nitric Acid

8.2 Strong Nitric Acid

9. Concentrated Nitric Acid Market– By Application (Market Size -$Million)

9.1 Fertilizers

9.2 Dye Intermediates

9.3 Rocket propulsion

9.4 Woodworking

9.5 Explosives

9.6 Others

10. Concentrated Nitric Acid Market– By End-Use Industry (Market Size -$Million)

10.1 Aerospace and Defense

10.2 Agriculture

10.3 Chemical

10.4 Electrical and Electronics

10.5 Others

11. Concentrated Nitric Acid Market - By Geography (Market Size -$Million)

11.1 North America

11.1.1 USA

11.1.2 Canada

11.1.3 Mexico

11.2 Europe

11.2.1 UK

11.2.2 Germany

11.2.3 France

11.2.4 Italy

11.2.5 Netherlands

11.2.6 Spain

11.2.7 Russia

11.2.8 Belgium

11.2.9 Rest of Europe

11.3 Asia Pacific (APAC)

11.3.1 China

11.3.2 Japan

11.3.3 India

11.3.4 South Korea

11.3.5 Australia and New Zealand

11.3.6 Indonesia

11.3.7 Taiwan

11.3.8 Malaysia

11.3.9 Rest of Asia Pacific

11.4 South America

11.4.1 Brazil

11.4.2 Argentina

11.4.3 Colombia

11.4.4 Chile

11.4.5 Rest of South America

11.5 Rest of World (RoW)

11.5.1 Middle East

11.5.1.1 Saudi Arabia

11.5.1.2 UAE

11.5.1.3 Rest of Middle East

11.5.2 Africa

11.5.2.1 South Africa

11.5.2.2 Nigeria

11.5.2.3 Rest of Africa

12. Concentrated Nitric Acid Market- Entropy

12.1 New Product Launches

12.2 M&A’s, Collaborations, JVs and Partnerships

13. Market Share Analysis Premium

13.1 Market Share at Global Level - Major companies

13.2 Market Share by Key Region - Major companies

13.3 Market Share by Key Country - Major companies

13.4 Market Share by Key Application - Major companies

13.5 Market Share by Key Product Type/Product category - Major companies

14. Concentrated Nitric Acid Market- Key Company List by Country Premium Premium

15. Concentrated Nitric Acid Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments

15.1 Company 1

15.2 Company 2

15.3 Company 3

15.4 Company 4

15.5 Company 5

15.6 Company 6

15.7 Company 7

15.8 Company 8

15.9 Company 9

15.10 Company 10 and more

"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
1.1 Strong Nitric Acid Market 2019-2024 ($M) - Global Industry Research
1.2 Fuming Nitric Acid Market 2019-2024 ($M) - Global Industry Research
2.Global Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
2.1 Agrochemicals Market 2019-2024 ($M) - Global Industry Research
2.2 Explosives Market 2019-2024 ($M) - Global Industry Research
2.3 Automotive Market 2019-2024 ($M) - Global Industry Research
2.4 Electronics Market 2019-2024 ($M) - Global Industry Research
3.Global Concentrated Nitric Acid Market By Type Market 2019-2024 (Volume/Units)
3.1 Strong Nitric Acid Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Fuming Nitric Acid Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 (Volume/Units)
4.1 Agrochemicals Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Explosives Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Automotive Market 2019-2024 (Volume/Units) - Global Industry Research
4.4 Electronics Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
5.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
5.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
6.North America Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
6.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
6.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
6.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
6.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
7.South America Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
7.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
7.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
8.South America Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
8.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
8.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
8.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
8.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
9.Europe Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
9.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
9.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
10.Europe Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
10.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
10.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
10.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
10.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
11.APAC Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
11.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
11.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
12.APAC Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
12.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
12.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
12.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
12.4 Electronics Market 2019-2024 ($M) - Regional Industry Research
13.MENA Concentrated Nitric Acid Market By Type Market 2019-2024 ($M)
13.1 Strong Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
13.2 Fuming Nitric Acid Market 2019-2024 ($M) - Regional Industry Research
14.MENA Concentrated Nitric Acid Market By End-Use Industry Market 2019-2024 ($M)
14.1 Agrochemicals Market 2019-2024 ($M) - Regional Industry Research
14.2 Explosives Market 2019-2024 ($M) - Regional Industry Research
14.3 Automotive Market 2019-2024 ($M) - Regional Industry Research
14.4 Electronics Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
2.Canada Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
3.Mexico Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
4.Brazil Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
5.Argentina Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
6.Peru Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
7.Colombia Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
8.Chile Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
9.Rest of South America Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
10.UK Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
11.Germany Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
12.France Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
13.Italy Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
14.Spain Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
15.Rest of Europe Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
16.China Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
17.India Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
18.Japan Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
19.South Korea Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
20.South Africa Concentrated Nitric Acid Market Revenue, 2019-2024 ($M)
21.North America Concentrated Nitric Acid By Application
22.South America Concentrated Nitric Acid By Application
23.Europe Concentrated Nitric Acid By Application
24.APAC Concentrated Nitric Acid By Application
25.MENA Concentrated Nitric Acid By Application
26.Yara International, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Potash Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Agrium Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.OCI N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Hanwha Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Linde Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.UBE Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.LSB Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)

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