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The Nitric Acid Market size was USD 27.36 billion in 2023 and is expected to reach USD 37.05 billion by 2032 and grow at a CAGR of 3.43% over the forecast period of 2024-2032.
The Nitric Acid Market has experienced steady growth, driven by its widespread application in the production of fertilizers, explosives, and various industrial chemicals. Nitric acid is a key component in the manufacturing of ammonium nitrate, a critical ingredient for fertilizers, which has bolstered its demand in agriculture, particularly in developing countries. The increasing need for food production in these regions has directly influenced the demand for fertilizers, and consequently, for nitric acid. Additionally, nitric acid plays a crucial role in the manufacturing of explosives for mining, construction, and defense sectors. As industrialization continues to grow, especially in developing economies, the demand for these products remains robust. Nitric acid is also used in the production of polyurethanes, dyes, and other chemicals, further enhancing its significance in various chemical processes.
One of the key trends driving the market is the growing shift towards more environmentally sustainable production processes. In response to regulatory pressures and environmental concerns, companies are focusing on innovations that reduce emissions and improve energy efficiency in the production of nitric acid. This trend is not only improving operational efficiency but also helping manufacturers align with increasingly stringent environmental regulations. Another notable trend is the increasing adoption of nitric acid in various emerging technologies. This includes applications in electronics and materials sciences, such as the production of semiconductors and other high-performance materials, which require nitric acid for cleaning and etching processes. As these industries evolve, the demand for nitric acid is expected to continue its upward trajectory.
DRIVERS
The growing demand for nitric acid is largely driven by its use in the production of fertilizers, particularly ammonium nitrate, which is essential for enhancing agricultural productivity. As the global population continues to rise, the demand for food also increases, placing pressure on farmers to improve crop yields. Nitric acid plays a pivotal role in fertilizer production, as it is used to produce nitrogen-based fertilizers that promote plant growth. The need for more efficient and higher crop yields is prompting farmers worldwide to adopt advanced fertilizers, thereby driving market growth. Additionally, agricultural practices in emerging economies are becoming more industrialized, further amplifying the demand for fertilizers. This trend is expected to continue as food security becomes a global priority, creating a sustained demand for nitric acid in fertilizer manufacturing. Consequently, the agricultural sector remains one of the key drivers for the nitric acid market's expansion.
RESTRAINT
The production and use of nitric acid pose significant environmental and health risks. Nitric acid is a highly corrosive substance that, if not handled properly, can cause severe health issues, including respiratory problems, skin burns, and eye damage. The emissions from its production process also contribute to environmental pollution, particularly the release of nitrogen oxides (NOx). These compounds play a key role in air pollution, leading to smog formation and acid rain, which can harm ecosystems, water bodies, and soil quality. Due to these harmful effects, governments have imposed stringent regulations on nitric acid production and use, requiring industries to adopt advanced safety and emission-control measures. These regulations increase operational costs and can limit market growth, especially in regions where environmental laws are becoming stricter. As a result, the nitric acid market faces challenges from both regulatory constraints and the need to mitigate its environmental impact.
By Application
The fertilizers segment dominated with the market share over 42% in 2023, with Ammonium Nitrate holding the largest share. Its widespread use in agriculture for plant nutrition and its pivotal role in the production of explosives contribute significantly to this dominance. Calcium Ammonium Nitrate, known for its efficient nitrogen-release properties, is another major contributor to this segment, often used in controlled-release fertilizers for improved crop yield. While other fertilizers also play a part, Ammonium Nitrate and Calcium Ammonium Nitrate remain the leading components, driving the growth and stability of the fertilizer segment in the nitric acid market.
Europe dominated with the market share over 64% in 2023, though it faces significant challenges that have affected its performance. The region grappled with severe shortages, stemming from reduced manufacturing activities, labor shortages during summer holidays, and persistent port congestion. These issues were exacerbated by trade uncertainties and delayed exports, raising import costs and straining the supply chain. Despite these challenges, domestic demand remains variable, largely influenced by adverse weather conditions that have impacted agricultural activities and slower-than-expected demand for downstream products.
Asia-Pacific region is the fastest-growing for Nitric Acid market. While prices remained stable with a slight uptick, demand has risen due to increased export interest from key markets like South America, the Philippines, and South Korea. Additionally, maintenance shutdowns of production plants and growing domestic demand have led to supply constraints, further driving up prices, particularly in China.
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Some of the major key players of the Nitric Acid Market
Suppliers for (high-quality nitric acid for agricultural, including nitrogen fertilizers) steel, of Nitric Acid Market
RECENT DEVELOPMENTS
In January 2024: Saudi Chemical Co. Holding (SCCH), a producer of explosives and detonators, announced that its subsidiary, Saudi Chemical Co. Ltd. (SCCL), had signed a non-binding memorandum of understanding (MoU) with Dyno Nobel to establish a facility in Ras Al Khair. The facility is planned to have an annual production capacity of 440,000 tons of nitric acid and 300,000 tons of ammonium nitrate.
In 2023: CF Industries partnered with CHS Inc., a leading agribusiness cooperative in the U.S., to manufacture and distribute low-carbon nitrogen fertilizer, aiming to reduce measurable and certifiable greenhouse gas (GHG) emissions in agriculture and food systems.
In 2023: Grupa Azoty launched a new facility for concentrated nitric acid production with a designed capacity of 40,000 tons per year, more than tripling its existing capacity. The Tarnow site now operates a second production unit producing nitric acid with a concentration of over 98%.
In 2023: Dorogobuzh commissioned a new 135,000-tons-per-year UKL nitric acid unit at its Smolensk facility. This USD 17 million project was designed by the Acron Engineering Research and Design Centre.
| Report Attributes | Details |
| Market Size in 2023 | USD 27.36 billion |
| Market Size by 2032 | USD 37.05 billion |
| CAGR | CAGR of 3.43% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Fertilizers (Ammonium Nitrate, Calcium Ammonium Nitrate, Others) Nitrobenzene, Adipic Acid, Toluene di-isocyanate, Nitrochlorobenzene) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | BASF SE, Dupont, Nutrien Ltd., Omnia Holdings Limited, Apache Nitrogen Applications Inc., CF Industries Holdings, Inc., Rashtriya Chemicals & Fertilizers Ltd., Dyno Nobel, Sasol, Angus Chemical Company, Yara International ASA, Deepak Fertilisers and Petrochemicals Corporation Ltd., Grupa Azoty S.A., OCI N.V., Thyssenkrupp AG, Orica Limited, LSB Industries, Inc., Haifa Chemicals Ltd., EuroChem Group AG, ChemChina (China National Chemical Corporation) |
| Key Drivers | • The growing demand for nitric acid is driven by its essential role in producing fertilizers like ammonium nitrate, which supports enhanced agricultural productivity to meet the rising global food demand. |
| Restraints | • The production and use of nitric acid pose health risks and environmental concerns, including respiratory issues and air pollution, leading to regulatory restrictions that may limit market growth. |
Ans: Europe dominated the Nitric Acid Market in 2023
Ans: The “fertilizers” segment dominated the Nitric Acid Market.
Ans The growing demand for nitric acid is driven by its essential role in producing fertilizers like ammonium nitrate, which supports enhanced agricultural productivity to meet the rising global food demand.
Ans: The Nitric Acid Market was USD 27.36 billion in 2023 and is expected to Reach USD 37.05 billion by 2032.
Ans: The Nitric Acid Market is expected to grow at a CAGR of 3.43% during 2024-2032.
Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production and Consumption Data
5.2 Environmental Metrics
5.3 Plant and Capacity Information
5.4 Energy and Utilities Data
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Nitric Acid Market Segmentation, By Application
7.1 Chapter Overview
7.2 Fertilizers
7.2.1 Fertilizers Market Trends Analysis (2020-2032)
7.2.2 Fertilizers Market Size Estimates and Forecasts to 2032 (USD Million)
7.2.3 Ammonium Nitrate
7.2.3.1 Fertilizers Market Trends Analysis (2020-2032)
7.2.3.2 Fertilizers Market Size Estimates and Forecasts to 2032 (USD Million)
7.2.4 Calcium Ammonium Nitrate
7.2.4.1 Calcium Ammonium Nitrate Market Trends Analysis (2020-2032)
7.2.4.2 Calcium Ammonium Nitrate Market Size Estimates and Forecasts to 2032 (USD Million)
7.2.5 Others
7.2.5.1 Others Market Trends Analysis (2020-2032)
7.2.5.2 Others Market Size Estimates and Forecasts to 2032 (USD Million)
7.3 Nitrobenzene
7.3.1 Nitrobenzene Market Trends Analysis (2020-2032)
7.3.2 Nitrobenzene Market Size Estimates and Forecasts to 2032 (USD Million)
7.4 Adipic Acid
7.4.1 Adipic Acid Market Trends Analysis (2020-2032)
7.4.2 Adipic Acid Market Size Estimates and Forecasts to 2032 (USD Million)
7.5 Toluene di-isocyanate
7.5.1 Toluene di-isocyanate Market Trends Analysis (2020-2032)
7.5.2 Toluene di-isocyanate Market Size Estimates and Forecasts to 2032 (USD Million)
7.6 Nitrochlorobenzene
7.6.1 Nitrochlorobenzene Market Trends Analysis (2020-2032)
7.6.2 Nitrochlorobenzene Market Size Estimates and Forecasts to 2032 (USD Million)
8. Regional Analysis
8.1 Chapter Overview
8.2 North America
8.2.1 Trends Analysis
8.2.2 North America Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.2.3 North America Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.2.2 USA
8.2.2.1 USA Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.2.3 Canada
8.2.3.1 Canada Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.2.4 Mexico
8.2.4.1 Mexico Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3 Europe
8.3.1 Eastern Europe
8.3.1.1 Trends Analysis
8.3.1.2 Eastern Europe Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.3.1.3 Eastern Europe Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.1.4 Poland
8.3.1.4.1 Poland Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.1.5 Romania
8.3.1.5.1 Romania Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.1.6 Hungary
10.3.1.8.1 Hungary Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.1.7 Turkey
8.3.1.7.1 Turkey Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.1.8 Rest of Eastern Europe
8.3.1.8.1 Rest of Eastern Europe Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2 Western Europe
8.3.2.1 Trends Analysis
8.3.2.2 Western Europe Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.3.2.3 Western Europe Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.4 Germany
8.3.2.4.1 Germany Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.5 France
8.3.2.5.1 France Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.6 UK
8.3.2.6.1 UK Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.7 Italy
8.3.2.7.1 Italy Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.8 Spain
8.3.2.8.1 Spain Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.9 Netherlands
8.3.2.9.1 Netherlands Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.10 Switzerland
8.3.2.10.1 Switzerland Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.11 Austria
8.3.2.11.1 Austria Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.3.2.12 Rest of Western Europe
8.3.2.12.1 Rest of Western Europe Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4 Asia-Pacific
8.4.1 Trends Analysis
8.4.2 Asia-Pacific Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.4.3 Asia-Pacific Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.4 China
8.4.4.1 China Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.5 India
8.4.5.1 India Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.6 Japan
8.4.6.1 Japan Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.7 South Korea
8.4.7.1 South Korea Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.8 Vietnam
8.4.8.1 Vietnam Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.9 Singapore
8.4.9.1 Singapore Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.10 Australia
8.4.10.1 Australia Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.4.11 Rest of Asia-Pacific
8.4.11.1 Rest of Asia-Pacific Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5 Middle East and Africa
8.5.1 Middle East
8.5.1.1 Trends Analysis
8.5.1.2 Middle East Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
10.5.1.3 Middle East Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.1.4 UAE
8.5.1.4.1 UAE Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.1.5 Egypt
8.5.1.5.1 Egypt Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.1.6 Saudi Arabia
8.5.1.6.1 Saudi Arabia Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.1.7 Qatar
8.5.1.7.1 Qatar Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.1.8 Rest of Middle East
8.5.1.8.1 Rest of Middle East Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.2 Africa
8.5.2.1 Trends Analysis
8.5.2.2 Africa Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.5.2.3 Africa Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.2.4 South Africa
8.5.2.4.1 South Africa Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.2.5 Nigeria
8.5.2.5.1 Nigeria Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.5.2.6 Rest of Africa
8.5.2.6.1 Rest of Africa Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.6 Latin America
8.6.1 Trends Analysis
8.6.2 Latin America Nitric Acid Market Estimates and Forecasts, by Country (2020-2032) (USD Million)
8.6.3 Latin America Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.6.4 Brazil
8.6.4.1 Brazil Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.6.5 Argentina
8.6.5.1 Argentina Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.6.6 Colombia
8.6.6.1 Colombia Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
8.6.7 Rest of Latin America
8.6.7.1 Rest of Latin America Nitric Acid Market Estimates and Forecasts, by Application (2020-2032) (USD Million)
9. Company Profiles
9.1 BASF SE
9.1.1 Company Overview
9.1.2 Financial
9.1.3 Products/ Services Offered
9.1.4 SWOT Analysis
9.2 Dupont
9.2.1 Company Overview
9.2.2 Financial
9.2.3 Products/ Services Offered
9.2.4 SWOT Analysis
9.3 Nutrien Ltd.
9.3.1 Company Overview
9.3.2 Financial
9.3.3 Products/ Services Offered
9.3.4 SWOT Analysis
9.4 Omnia Holdings Limited
9.4.1 Company Overview
9.4.2 Financial
9.4.3 Products/ Services Offered
9.4.4 SWOT Analysis
9.5 Apache Nitrogen Applications Inc.
9.5.1 Company Overview
9.5.2 Financial
9.5.3 Products/ Services Offered
9.5.4 SWOT Analysis
9.6 CF Industries Holdings, Inc.
9.6.1 Company Overview
9.6.2 Financial
9.6.3 Products/ Services Offered
9.6.4 SWOT Analysis
9.7 Rashtriya Chemicals & Fertilizers Ltd.
9.7.1 Company Overview
9.7.2 Financial
9.7.3 Products/ Services Offered
9.7.4 SWOT Analysis
9.8 Dyno Nobel
9.8.1 Company Overview
9.8.2 Financial
9.8.3 Products/ Services Offered
9.8.4 SWOT Analysis
9.9 Sasol
9.9.1 Company Overview
9.9.2 Financial
9.9.3 Products/ Services Offered
9.9.4 SWOT Analysis
9.10 Angus Chemical Company
9.10.1 Company Overview
9.10.2 Financial
9.10.3 Products/ Services Offered
9.10.4 SWOT Analysis
10. Use Cases and Best Practices
11. Conclusion
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By Application
Fertilizers
Ammonium Nitrate
Calcium Ammonium Nitrate
Others
Nitrobenzene
Adipic Acid
Toluene di-isocyanate
Nitrochlorobenzene
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Regional Coverage
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
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Company Information
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