The global nitric acid market is expected to attain a valuation of USD 30.66 billion in 2023 and is projected to reach USD 42.7 billion by 2033, trailing a CAGR of 3.3% during the forecast period.
The demand for nitric acid from manufacturers of fertilizers is anticipated to rise, as there is the consumption of fertilizers in agrarian economies around the world. The global nitric acid market is extremely competitive, particularly with the presence of multinational corporations that are always inventing to win a large nitric acid market share.
Consumer demand for lightweight vehicles is growing, which has prompted manufacturers to focus on innovation and development in the automotive sector. This has resulted in a high consumption potential for nitric acid.
The manufacture of light vehicles has been backed significantly by the high customer demand for individual autos combined with the ever-increasing population. The key factor fueling nitric acid market expansion is the surging product demand to satisfy the increasing vehicle weight reduction regulations brought on by the developing environmental concerns.
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. Also, the nitric acid market is being helped by the rising trend toward lightweight automobiles.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 30.66 billion |
| Anticipated Forecast Value (2033) | USD 42.7 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 3.3% |
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The nitric acid market was worth USD 27.2 billion in 2018. It accumulated a market value of USD 29.97 billion in 2022 while expanding at a CAGR of 2.4% during the historical period.
There is a great need for arable land due to the rising global food demand. As a result, there is an increasing need for fertilizer, and throughout the projection period, the worldwide fertilizer business is predicted to expand at a CAGR of nearly 5.2%.
Following several years of recovery, it is anticipated that annual fertilizer use over the following ten years might decline for the fourth straight year, consequently limiting the nitric acid market growth.
The production of Nitrobenzene, which is heavily utilized in the construction sector, requires nitric acid as a key raw ingredient. Moreover, nitrobenzene demand is predicted to increase throughout the forecast period due to the expansion of the construction sector.
In developing nations, the expanding automobile industry has resulted in increased nitric acid consumption, which is correlated with population expansion and rising consumer demand, supporting nitric acid market size growth. Further promoting the growth of the nitric acid market is the increased demand for plastics in both industrial and consumer applications.
The demand for nitric acid declined as a result of the temporary closure of production facilities in end-use industries, including the automotive sector. Also, the nitric acid market statistics were impacted by this decreased demand. However, it is anticipated that nitric acid market share is progressively stabilizing as a result of the expanding use of plastic in the medical sector.
Nitric acid market expansion is being fueled by the rising need for PPE kits, which has increased plastics manufacturing.
Demand for nitric acid is expanding as it is used in several fertilizers. To meet the rising food demand from the expanding population, fertilizers are employed to increase agricultural productivity. Additionally, as consumer disposable income rises, there is a great demand for high-quality, organic foods, which in turn encourages the use of bio-based fertilizers and propels nitric acid market expansion.
Rising construction activity also benefits the nitric acid market as toluene di-isocyanate (TDI) and nitric acid are intermediates used in the production of wood and floor coatings, polyurethane foams, and insulating materials. Additionally, changing consumer lifestyles, expanding remodeling projects, and new government initiatives act as driving factors for the nitric acid market.
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Chemical production facilities, auto exhaust emissions, and contaminated farmland effluent all discharge nitric acid into the environment. When breathed in, this environmental pollution causes respiratory issues.
Governmental rules about environmental protection and the reduction of industrial waste are the factors limiting the nitric acid market growth. These nitric acid market trends restrained the market by increasing worries about CO2 emissions from cars.
With an 81.20% nitric acid market share in 2022, fertilizer-producing businesses dominated the nitric acid application. Its significant market share can be attributed to the rising worldwide food demand, which has sparked the growth of fertilizer manufacturing facilities. Moreover, the demand for nitric acid for fertilizer manufacturing is expected to rise with a CAGR of 5.2% during the forecast period.
Farmers are implementing methods that enhance crop yield in the shortest amount of time with the use of fertilizers. Nitric acid consumption is estimated to be on the low side as a result of Nylon 6, 6 remaining stable over the forecast period, which might lead to a decreased margin in the manufacture of Adipic acid.
One of the main uses of nitric acid is nitrobenzene, which is employed in the building sector. The growth of the construction sector might have a significant impact on the demand for nitrobenzene in the future, as the industry was slowed down in emerging nations due to an unanticipated coronavirus outbreak. But during the course of the prediction, the demand is anticipated to increase.
Nitric acid can also be used as a rocket propellant, cleaning agent, metalworking analytical reagent, and woodworking applications. Among the aforementioned areas of use for the product, cleaning goods are one where it is most useful. However, the use of nitric acid in cleaning solutions is judged dangerous to humans according to analyses done in the cleaning and hygiene business.
Nitric acid is a common ingredient in household cleaning products used in many Latin American nations, however, using too much of it can have negative health effects on people.
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Nitric acid market share in the world is expected to be dominated by North America, which can be attributed to consumers' high disposable income and strong economic growth. Further, the region is expected to accumulate over 36% market share in 2023. The sales of nitric acid in the region are predicted to expand with a CAGR of 3% during the forecast period.
The key drivers of the nitric acid market growth are the rising demand for light and fuel-efficient automobiles, and the expansion of new building and renovation projects. This is propelling the market together with the expanding fashion industry in the area.
In terms of contribution to worldwide revenue, the Asia Pacific region came in second place in 2022. The demand for nitric acid in the region is projected to rise with a CAGR of 4% during the forecast period. Additionally, the widespread use of fertilizers in agrarian nations like Thailand, Japan, India, Indonesia, the Philippines, and other agriculturally oriented economies is blamed for this.
The demand for agricultural commodities is anticipated to increase further due to the growing population and rising affluence. Due to the increased production of cotton, wheat, maize, and potatoes in nations like India, China, and Pakistan, fertilizer is one of nitric acid's most widely utilized applications in the Asia Pacific. Over the course of the projection period, these variables might fuel the region's demand for nitric acid.
In 2022, Europe held a 66.2% Nitric acid market share. This is explained by the region's strong value chain and substantial domestic consumption. In Central Europe, the rate of growth is moderate and constant. Europe’s market is expected to generate demand for nitric acid with a CAGR of 3.1% during the forecast period.
Eastern Europe, which has enormous growth potential, accounts for the majority of the demand for nitric acid. The region's primary pillars and propellers for the product are the chemical and automobile sectors.
The highly specialized chemical industry in France offers sufficient room for nitric acid market expansion. Further, the government's efforts to create a sustainable economy for the chemical sector are projected to spur a consistent increase in demand for nitric acid.
The forecast period is expected to see consistent growth in Latin America. Brazil is a leading consumer of nitric acid in Latin America and is expected to have significant market growth as a result of rising food demand. Further, the sales of nitric acid in Brazil are projected to increase with a CAGR of 2.9% during the forecast period.
The market has continued to grow as a result of the adoption of cutting-edge technologies for use in the building and construction sector. Additionally, the Middle East and Africa are key mining regions, making it simple and affordable for local businesses to obtain raw materials, resulting in reduced production costs.
Start-ups have a significant role in recognizing growth prospects and driving industry expansion. Further, their effectiveness in converting inputs into outputs and adapting to market uncertainties is valuable. In the nitric acid market, several start-ups are engaged in manufacturing and providing related services.
The market for nitric acid is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities. The key industry players profiled in the market are BASF SE, Dupont, Nutrien Ltd., Omnia Holding Limited, Apache Nitrogen Products Inc., CF Industry Holdings, Inc, Thyssenkrupp AG, Yara International ASA, Rashtriya Chemical & Fertilizers Ltd.
Highlights of Recent Developments:
In July 2022, Nutrien Ag Solutions signed an agreement to acquire Casa do Adubo S.A., a company in Brazil. This planned move aligns with Nutrien's Retail growth strategy in Brazil and is expected to boost sales by USD 400 million.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 30.66 billion |
| Market Value in 2033 | USD 42.7 billion |
| Growth Rate | CAGR of 3.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By application, By region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | BASF SE; Dupont; Nutrien Ltd.; Omnia Holding Limited; Apache Nitrogen Products Inc.; CF Industry Holdings, Inc; Thyssenkrupp AG; Yara International ASA; Rashtriya Chemical & Fertilizers Ltd. |
| Customization | Available Upon Request |
The market size of nitric acid is USD 30.66 billion in 2023.
In the future, the market is expected to attain a market value of USD 42.7 billion by 2033.
Surging deployment of fertilizers and heightened demand for lightweight vehicles are catapulting the market for nitric acid.
Proliferation of remodeling projects is creating new opportunities in the market.
BASF SE, Dupont, and Nutrien Ltd. are the top companies that make nitric acid.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Fertilizers 5.2. Nitrobenzene 5.3. Adipic acid 5.4. Toluene diisocyanate (TDI) 5.5. Nitrochlorobenzene 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. MEA 7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. BASF SE 14.2. Dupont 14.3. Nutrien Ltd. 14.4. Omnia Holding Limited 14.5. Apache Nitrogen Products Inc. 14.6. CF Industry Holdings, Inc 14.7. Thyssenkrupp AG 14.8. Yara International ASA 14.9. Rashtriya Chemical & Fertilizers Ltd. 14.10. Dyno Nobel 15. Assumptions & Acronyms Used 16. Research Methodology
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Nitric Acid Market
