Nitric Acid Market Size Worth $ 35.9 Billion By 2030Posted by Neha Bora on October 11th, 2022 San Francisco, 11 Oct 2022: The Report Nitric Acid Market Size, Share & Trends Analysis Report By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene di-Isocyanate, Nitoroclorobenzene), By Region, And Segment Forecasts, 2022 - 2030 The global nitric acid market size is expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.3% from 2022 to 2030 as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for fertilizers by the agrarian economies of the world. The surge in the demand for fertilizers is witnessed by the excessive rise in demand for food. Fertilizer is the major application of nitric acid which caters to the maximum share across the global market. Farmers are adopting new technologies to speed up their crop yield to satisfy their excessive need. The product is also consumed in the manufacturing of adipic acid which is an important raw material in the development of Nylon 6, 6. Nylon 6, 6 is used extensively in the manufacturing of plastics and industrial carpets. Nitric acid is produced by the reaction of nitrogen dioxide with water wherein the diluted nitric acid has distilled concentration of over 68%. There are majorly two types of the production process of the product which include weak nitric acid production and high-strength production. The high strength is produced under high-temperature conditions by first oxidizing ammonia, then is oxidation followed by absorption. The global product market has become highly competitive due to the presence of big players in the industry. Big companies are constantly innovating the process through their extensive research and development. Also, the use of technology like mono-medium pressure process, mono-high pressure process, and dual pressure process are playing a major part in the making of the product overall. A substantial amount of the product is consumed in the manufacturing of chemical fertilizers. However, these chemical fertilizers have an adverse effect on the environment. Fertilizer production utilizes various additives and preservatives to enhance their property and to give the optimum result. However, these additives can cause a significant soil nutrient loss and degradation of underground water reserves which are consumed by the general population. Access Research Report of Nitric Acid Market @ https://www.grandviewresearch.com/industry-analysis/nitric-acid-market Nitric Acid Market Report Highlights
List of Key Players in Nitric Acid Market
Access Press Release of Nitric Acid Market @ https://www.grandviewresearch.com/press-release/global-nitric-acid-market Like it? Share it!More by this author |