According to ChemAnalyst report, “Global Nitric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032” The Global Nitric Acid market is anticipated to grow at a CAGR of 2.12% during the forecast period and reach 70 million tonnes due to major demand from the Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, and Nitrobenzene end-use industries.

Nitric acid (HNO3) is an acidic, highly corrosive, and colorless liquid, produced through a two-step process: oxidation of ammonia and then absorption of produced nitrogen oxides. It is used in the synthesis of organic and inorganic nitrates and nitro compounds for fertilizers, dyes, plastics, explosives such as TNT and other organic chemicals.

The key applications for Nitric Acid include Adipic acid (ADA), Ammonium nitrate (AN), Toluene di-isocyanate (TDI), Nitrobenzene, Nitro chlorobenzene, Metal nitrates, and Others. Majority of Ammonium Nitrate is used as fertilizer or in the production of fertilizer solutions such as Urea Ammonium Nitrate (UAN) and the remaining being consumed in the manufacturing of various types of explosives. Adipic Acid is utilized as a precursor in the manufacturing of Nylon 6,6 which has high end use in automotive industries. Toluene di-isocyanate is mainly employed in the manufacture of flexible polyurethane foams, elastomers, Flooring, coatings, plastics thus have strong demand from transportation, furniture, and construction industries. Aniline, a derivative of Nitrobenzene having many applications including making pharmaceutical products, aramid fiber, and polyurethane foams etc. Escalating demand of fertilizer industry coupled with the huge demand of Adipic acid to manufacture Nylon 6,6 which is an alternative to heavy metals for Automobile industry are anticipated to majorly drive the demand of nitric acid during the forecast period.

Read Full Report Here: https://www.chemanalyst.com/industry-report/nitric-acid-market-615

The global Nitric Acid market is segmented based on type, end-use, sales channel, and region. Based on type, the global Nitric Acid market is divided into Dilute Nitric Acid and Concentrated Nitric Acid. As of 2022, Dilute Nitric Acid is dominating the market with a share of roughly 67% 2022.

Based on the end-user industry, the global Nitric Acid market is segmented into Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others. Among these, Ammonium Nitrate is the major consumer with a share of roughly 70% in 2022. Ammonium Nitrate is used as fertilizer and in the production of fertilizer solutions such as urea ammonium nitrate, with most of the remaining being consumed in manufacturing various types of explosives. Adipic Acid is of high importance in the polymer industry and is required for manufacturing nylon 6,6. Toluene Di-Isocyanate is mainly employed in the manufacture of flexible polyurethane foams, used in applications for transportation, furniture, and carpet underlay.

Based on region, Europe is dominating the Nitric Acid market. In 2022, Europe held a market share approximately of 50% of the global Nitric Acid. Numerous industries such as Fertilizer and Building & Construction are creating the demand for nitric acid in Europe. Furthermore, Asia Pacific is the second largest consumer of this acid. With the growing fertilizers demand in emerging economies like India and China coupled with increasing population growth is creating a huge demand in the Asia Pacific region. However, Asia Pacific dominates the market in terms of production with China being a significant player.

Read Full Report Here: https://www.chemanalyst.com/industry-report/nitric-acid-market-615

According to ChemAnalyst report, “Global Nitric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, Major players for Nitric Acid globally are Yara International ASA, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot(PJSC), Deepak Fertilizers and Petrochemicals Corporation  Limited, Navoiyazot , OCI Nitrogen B.V, Sasol Nitro, JSC "Minudobreniya", Fertiberia, LSB Industries (EI Dorado ), Abu Qir Fertilizer Egypt Co., Nutrien Ltd, Egyptian Chemical Industries (KIMA), CF Industries Holding Inc, Orica Australia Pty. Ltd., and Others.

“Nitric Acid is one of the world’s most widely used chemicals, predominantly used in the production of fertilizers especially ammonium nitrate and calcium ammonium nitrate and for several other organic intermediates and chemicals. The versatility of Nitric Acid and its products and the rapid growth of industries such as agriculture, automobile and construction drive the global market for Nitric Acid. It is also used in the processes like metal treatment and uranium processing. Moreover, high demand for nylon products for automobile interiors and component manufacturing is also the key factor that impels the growth of Nitric Acid market across the globe in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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