The Nitric Acid Market size was USD 30.53 billion in 2023 and is expected to Reach USD 36.62 billion by 2031 and grow at a CAGR of 2.3% over the forecast period of 2024-2031.
Nitric acid, having the formula HNO3, is an inorganic chemical. Nitric acid (HNO3) is a colourless liquid with unpleasant odours of yellow or red. Nitric acid can range in colour from bright yellow to dark brown. Its emissions are characterized by a crimson colour. The gases are extremely poisonous and have an unpleasant, suffocating odour. Tissue, metals, and even some polymers are corroded by the liquid form. When working with nitric acid, use extreme caution and wear appropriate PPE.
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Nitric acid production begins with two primary materials that are ambient air and ammonia (NH). The Ostwald process is primarily responsible for the production of nitric acid. The treatment of sodium nitrate with sulfuric acid yields a trace quantity. Naturally nitric acid is present in Acid rain.
Nitric acid is used as Fertilisers, adhesives in food packaging and paperboard, explosives, purifying metals, Medicinal, engraving, dye intermediate, furniture coating, drug detection, and laboratory. It is also used as a component in liquid rocket fuel, a key chemical in the production of polymers, and a cleaning agent in food processing plants.
Aside from the benefits, exposure to nitric acid can induce eye, skin, and mucous membrane irritation, as well as delayed pulmonary edoema, pneumonitis, bronchitis, and tooth erosion. Nitric acid is extremely caustic.
KEY DRIVERS
Nitric acid is used in the manufacture of chemicals e.g. in making dyes, in metallurgy
Increasing demand for lightweight automobiles boosts market growth
The fastest growing segment of the nitric acid market is the adipic acid segment. It is a critical component of adipic acid, which further is used as raw materials in the manufacturing of nylon 6,6. The growing demand for nylon 6,6 directly increases adipic acid demand. The nylon polymer is used for vehicle weight reduction and improving fuel capacity. high consumer demand for vehicles and increasing population have contributed to boosting the nitric acid market.
RESTRAIN
• Unfavourable weather conditions could reduce demand for our fertiliser goods
Adverse weather conditions during or after harvest may cause opportunities to apply fertiliser in the autumn to be delayed or eliminated. Weather can also have a negative impact on crop yields, reducing growers' income and limiting their ability to purchase fertiliser from our clients. Adverse weather conditions may also influence fertiliser shipping, affecting our capacity to supply supplies to customers on time.
OPPORTUNITY
Other uses for the product include rocket propellant, cleaning agents, and woodworking applications
The rising demand from various end users such as agriculture and construction
The principal industrial application of nitric acid is fertiliser production. Nitric acid, when mixed with ammonia, produces an excellent fertiliser known as ammonium nitrate, nitro phosphate, and Calcium ammonia nitrate. These fertilisers are widely utilised on farms around the country. The increasing need for food has resulted in the global development of fertiliser units. Farmers are using fertilisers to maximise crop output in the shortest amount of time possible.
Toluene di-isocyanate (TDI) and HNO3 intermediates are used in the construction industry to make wood and floor coatings, polyurethane foams, and insulation materials.
CHALLENGES
Strict governmental regulations for products have led to their corrosive nature and may hinder growth
The operational risks in manufacturing fertilizer can hamper business
Our operations rely on raw materials supplied by third parties, and any delay or interruption in raw material delivery may have a negative impact on our operations. Third-party suppliers provide us with natural gas and other raw materials through facilities owned by third parties by pipeline. Extreme weather-related conditions delay or interruptions in the delivery of natural gas or other raw materials may impede the market growth.
Ukraine is one of the small producers of fertiliser. The Russian invasion of Ukraine has led to a halt in Ukrainian fertiliser manufacturing and reduced quantity of fertilisers produced. Russia's invasion of Ukraine has caused widespread devastation in all sectors involving nitric acid usage. A tank storing nitric acid was hit by Russian forces at a chemical facility in Ukraine's eastern city of Severodonetsk. This has brought delays and scarcity in the production sector. Again, Ukraine is a key grain and oilseed exporter, fertiliser shortages might further reduce Ukrainian export of agricultural products, affecting global food security.
Russia and its ally, the nation of Belarus, are both important worldwide for fertiliser suppliers. Many countries have recently implemented restrictions on Russian imports. These has led to shortage of nitric acid products but demand is still intact. Russia responded by imposing initial limitations on nitrogen and complex nitrogen fertiliser shipments until June 2022. Although fertiliser costs began to rise in 2021, many US companies were able to dodge the subsequent price increase induced by Russia's invasion of Ukraine. However, as the Russia-Ukraine conflict continues, these may influence the costs of fertiliser which may have led to inflation. Hence, the prices of agricultural products have raised in 2023, both locally and internationally.
By Application
Fertilizers
Nitrobenzene
Toluene Di-isocynate
Adipic Acid
Nitro Chlorobenzene
Others
By End User
Agrochemical
Aerospace
Explosives
Chemicals
Mining
Others
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Europe dominated the majority of the nitric acid market. This is due to the demand for eco-friendly and fuel-efficient automobiles. Growing awareness regarding environmental protection drives the market for fuel-efficient and lighter parts made of automobiles. However, the majority of demand comes from Eastern Europe, which has enormous growth potential. The automobile and chemical industry are the region's key pillars and driving forces.
France, with its highly specialised chemical sector, has ample prospects for the expansion of the nitric acid market. Because of the existence of speciality chemical producers such as Solvay, SEQENS, Arkema, Air Liquide DowDuPont, L'Oréal, Henkel, BASF, and Bayer, nitric acid demand is predicted to skyrocket. With the government's initiative to create a sustainable economy for the chemical industry, demand is predicted to rise steadily.
North America will be the world's second-greatest revenue contributor. The US is a major exporter of agricultural products hence demand for fertilizers is high. This constitutes the region's most important application segment, owing to the high demand for nitrogenous fertilisers and the presence of a good industrial environment. Growing population and increased construction activities are predicted to drive up demand for agricultural commodities.
Asia Pacific region is attributed to rising demand for nitric acid from end-user segment which includes automobile, agriculture, defence, and construction. The growing population and increase in middle class disposable income cause nitric acid consumption.
Latin America and Middle East & Africa are predicted to grow in the forecast period. Brazil is a major consumer due to rising food demand. Rapid technological advancement in construction activities has led to a boost in t the market. Middle East & Africa is a center for mining hubs, raw materials are easily available at low cost thereby producing low-cost production cost.
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
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, and other key players mentioned in the final report.
CF Industries Holdings, Inc- In 2023 CF Industries is collaborating with CHS Inc., the nation's leading agribusiness cooperative, to reduce quantifiable and certifiable greenhouse gas (GHG) emissions in the agriculture and food systems through the manufacturing and distribution of low-carbon nitrogen fertiliser.
Grupa Azoty- In 2023 Grupa Azoty opened a new plant for the application of concentrated nitric acid with a design output of 40 000 tpy, more than tripling its current capacity. Tarnow presently has a second production unit producing above 98% concentrated nitric acid.
Dorogobuzh (a member of Acron Group) installed a new 135-ktpa UKL nitric acid unit at its Smolensk production facility in 2023. The general designer of this USD17 million project is Acron Engineering Research and Design Centre.
| Report Attributes | Details |
| Market Size in 2023 | US$ 30.53 Bn |
| Market Size by 2031 | US$ 36.62 Bn |
| CAGR | CAGR of 2.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| 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, Nitro Chlorobenzene, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, Others) • By End User (Agrochemical, Aerospace, Explosives, Chemicals, Mining, and Others) |
| 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 |
| Key Drivers | • Nitric acid is used in the manufacture of chemicals, e.g., in making dyes, in metallurgy. • Increasing demand for lightweight automobiles boosts market growth. |
| Market Restraints | • Unfavourable weather conditions could reduce demand for our fertiliser goods. |
Ans. The Compound Annual Growth rate for Nitric Acid Market over the forecast period is 2.3%.
Ans. USD 36.62 billion is the projected Nitric Acid market size of the market by 2031.
Ans. Agriculture and automobile industries is the key factor driving the growth of the Nitric Acid Market.
Ans. USD 30.53 billion is the Nitric Acid market size of the market in 2023.
Ans. Other uses for the product include rocket propellant, cleaning agents, and woodworking applications. The rising demand from various end users such as agriculture and construction.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Nitric Acid Market, By Application
8.1 Fertilizers
8.2 Nitrobenzene
8.3 Toluene Di-isocynate
8.4 Adipic Acid
8.5 Nitro Chlorobenzene
8.6 Others
9. Nitric Acid Market, by End User
9.1 Agrochemical
9.2 Aerospace
9.3 Explosives
9.4 Chemicals
9.5 Mining
9.6 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Nitric Acid Market by Country
10.2.2North America Nitric Acid Market by Application
10.2.3 North America Nitric Acid Market by End User
10.2.4 USA
10.2.4.1 USA Nitric Acid Market by Application
10.2.4.2 USA Nitric Acid Market by End User
10.2.5 Canada
10.2.5.1 Canada Nitric Acid Market by Application
10.2.5.2 Canada Nitric Acid Market by End User
10.2.6 Mexico
10.2.6.1 Mexico Nitric Acid Market by Application
10.2.6.2 Mexico Nitric Acid Market by End User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Nitric Acid Market by Country
10.3.1.2 Eastern Europe Nitric Acid Market by Application
10.3.1.3 Eastern Europe Nitric Acid Market by End User
10.3.1.4 Poland
10.3.1.4.1 Poland Nitric Acid Market by Application
10.3.1.4.2 Poland Nitric Acid Market by End User
10.3.1.5 Romania
10.3.1.5.1 Romania Nitric Acid Market by Application
10.3.1.5.2 Romania Nitric Acid Market by End User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Nitric Acid Market by Application
10.3.1.6.2 Hungary Nitric Acid Market by End User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Nitric Acid Market by Application
10.3.1.7.2 Turkey Nitric Acid Market by End User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Nitric Acid Market by Application
10.3.1.8.2 Rest of Eastern Europe Nitric Acid Market by End User
10.3.2 Western Europe
10.3.2.1 Western Europe Nitric Acid Market by Country
10.3.2.2 Western Europe Nitric Acid Market by Application
10.3.2.3 Western Europe Nitric Acid Market by End User
10.3.2.4 Germany
10.3.2.4.1 Germany Nitric Acid Market by Application
10.3.2.4.2 Germany Nitric Acid Market by End User
10.3.2.5 France
10.3.2.5.1 France Nitric Acid Market by Application
10.3.2.5.2 France Nitric Acid Market by End User
10.3.2.6 UK
10.3.2.6.1 UK Nitric Acid Market by Application
10.3.2.6.2 UK Nitric Acid Market by End User
10.3.2.7 Italy
10.3.2.7.1 Italy Nitric Acid Market by Application
10.3.2.7.2 Italy Nitric Acid Market by End User
10.3.2.8 Spain
10.3.2.8.1 Spain Nitric Acid Market by Application
10.3.2.8.2 Spain Nitric Acid Market by End User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Nitric Acid Market by Application
10.3.2.9.2 Netherlands Nitric Acid Market by End User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Nitric Acid Market by Application
10.3.2.10.2 Switzerland Nitric Acid Market by End User
10.3.2.11 Austria
10.3.2.11.1 Austria Nitric Acid Market by Application
10.3.2.11.2 Austria Nitric Acid Market by End User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Nitric Acid Market by Application
10.3.2.12.2 Rest of Western Europe Nitric Acid Market by End User
10.4 Asia-Pacific
10.4.1 Asia Pacific Nitric Acid Market by Country
10.4.2 Asia Pacific Nitric Acid Market by Application
10.4.3 Asia Pacific Nitric Acid Market by End User
10.4.4 China
10.4.4.1 China Nitric Acid Market by Application
10.4.4.2 China Nitric Acid Market by End User
10.4.5 India
10.4.5.1 India Nitric Acid Market by Application
10.4.5.2 India Nitric Acid Market by End User
10.4.6 Japan
10.4.6.1 Japan Nitric Acid Market by Application
10.4.6.2 Japan Nitric Acid Market by End User
10.4.7 South Korea
10.4.7.1 South Korea Nitric Acid Market by Application
10.4.7.2 South Korea Nitric Acid Market by End User
10.4.8 Vietnam
10.4.8.1 Vietnam Nitric Acid Market by Application
10.4.8.2 Vietnam Nitric Acid Market by End User
10.4.9 Singapore
10.4.9.1 Singapore Nitric Acid Market by Application
10.4.9.2 Singapore Nitric Acid Market by End User
10.4.10 Australia
10.4.10.1 Australia Nitric Acid Market by Application
10.4.10.2 Australia Nitric Acid Market by End User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Nitric Acid Market by Application
10.4.11.2 Rest of Asia-Pacific APAC Nitric Acid Market by End User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Nitric Acid Market by Country
10.5.1.2 Middle East Nitric Acid Market by Application
10.5.1.3 Middle East Nitric Acid Market by End User
10.5.1.4 UAE
10.5.1.4.1 UAE Nitric Acid Market by Application
10.5.1.4.2 UAE Nitric Acid Market by End User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Nitric Acid Market by Application
10.5.1.5.2 Egypt Nitric Acid Market by End User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Nitric Acid Market by Application
10.5.1.6.2 Saudi Arabia Nitric Acid Market by End User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Nitric Acid Market by Application
10.5.1.7.2 Qatar Nitric Acid Market by End User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Nitric Acid Market by Application
10.5.1.8.2 Rest of Middle East Nitric Acid Market by End User
10.5.2 Africa
10.5.2.1 Africa Nitric Acid Market by Country
10.5.2.2 Africa Nitric Acid Market by Application
10.5.2.3 Africa Nitric Acid Market by End User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Nitric Acid Market by Application
10.5.2.4.2 Nigeria Nitric Acid Market by End User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Nitric Acid Market by Application
10.5.2.5.2 South Africa Nitric Acid Market by End User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Nitric Acid Market by Application
10.5.2.6.2 Rest of Africa Nitric Acid Market by End User
10.6 Latin America
10.6.1 Latin America Nitric Acid Market by Country
10.6.2 Latin America Nitric Acid Market by Application
10.6.3 Latin America Nitric Acid Market by End User
10.6.4 Brazil
10.6.4.1 Brazil Nitric Acid Market by Application
10.6.4.2 Brazil Africa Nitric Acid Market by End User
10.6.5 Argentina
10.6.5.1 Argentina Nitric Acid Market by Application
10.6.5.2 Argentina Nitric Acid Market by End User
10.6.6 Colombia
10.6.6.1 Colombia Nitric Acid Market by Application
10.6.6.2 Colombia Nitric Acid Market by End User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Nitric Acid Market by Application
10.6.7.2 Rest of Latin America Nitric Acid Market by End User
11 Company Profile
11.1 CF Industries Holdings, Inc
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Sasol
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 BASF SE
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Dupont
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Nutrien Ltd.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Apache Nitrogen Applications Inc.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Dyno Nobel
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Angus Chemical Company
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Omnia Holdings Limited
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Rashtriya Chemicals & Fertilizers Ltd
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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