Nitric Acid Market to Reflect Impressive Growth Rate by 2024
Posted by priyanka25 on June 2nd, 2020
The global nitric acid market is slated to experience an increased demand from several end-use industries across the globe. The market is characterized by the presence of players who are constantly on the lookout for a greater market share. The production of nitric acid is an important component for market players within the industry, and hence, these players are concentrating on making their production process efficient and swift. This is expected to optimize their profit margins and offer growth opportunities. Moreover, the market players are also expected to enhance their distribution facilities in order to establish their relevance for the consumers. A nimble and swift distribution strategy is anticipated to ensure that the market players retain their consumer base. The multiple end-industries for nitric acid also offer growth opportunities for market players because the growth of these industries would directly push market growth. The leading market players include Yara, The Chemours Company, Potash Corp, BASF SE, Eurochem Group, OCI Nitrogen, Dyno Nobel, CF Industries, and Sumitomo Chemical Co., Ltd.
A report by Transparency Market Research (TMR) gives a holistic view on the fettle of the market and forecasts its growth trajectory over the period from 2017 to 2022. The CAGR for the period is expected to register a moderate figure of 3.90%. The market was valued at US,839.5 Mn in 2017 and is expected to touch a figure of US,420.8 Mn by the end of 2022. Based on end-user, the usage of nitric acid was the highest in manufacturing fertilizers, and this segment is expected to keep grossing in commendable value for the market. The fertilizer segment under the end-use category is expected to reach a value of US,105.9 Mn by the end of 2022. Amongst the regional markets, the European region is expected to garner an opportunity worth US,636.1 Mn in the market by the end of 2022.
Popularity of Dyes and Perfumes Propels Growth
The usage of nitric acid in the manufacture of explosives, organic and inorganic compounds, nylons, adipic acid, nitrobenzene, and toluene diisocyanate has spurred the popularity of the chemical. This has been the primary factor that attracted demand within the market so far. Nitrogenous fertilizers such as ammonium nitrate and urea has also propelled demand within the global market. Dyes and perfumes have also gained tremendous popularity, thus, pronouncing their usage. This in turn elevates the growth prospects of the global market for nitric acid.
The manufacture of drugs and the process of purifying metals requires nitric acid. Besides this, photoengraving and etching of steel cannot be carried out without the presence of nitric acid. Laboratories are also ardent consumers of nitric acid which is used for making nitrate salts and several reagents. Aniline, which forms the basis for the production of several industrial chemicals, is manufactured through nitric acid. Hence, the growth of aniline production is anticipated to create growth opportunities within the market. Fuel-efficient vehicles require elastomers and synthetic rubbers, which further enunciates demand within the market.
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Asia Pacific to Remain Leading Market Segment
Asia Pacific has shown a propensity towards the extensive production of agrochemicals and explosives. Nitric acid is an important agent used for the production of both of these products. Hence, the demand for nitric acid in Asia Pacific is expected to witness a tremendous upsurge. The rise of other end-use industries across the regions is also anticipated to play a key role in propelling demand across the region.Also See: Nitric Acid, Market Players, Growth Opportunities, Asia Pacific, Nitric, Market, Growth
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