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Newark, New Jersey, June 16, 2021 (Global News Service)-According to a report issued by Fior Markets, Global Nitric Acid Market It is expected to grow from USD 24 billion in 2020 to USD 31.6 billion in 2028, with a compound annual growth rate of 3.4% during the forecast period of 2021-2028.
The growing automobile industry in developing countries has led to high HNO3 intake, which may be related to population growth and increased customer demand, leading to market expansion. In addition, the growing demand for plastics in industrial and consumer applications is driving the growth of the market. A major market factor has been described as the growing demand for adipic acid in nylon resin and fiber formulations used in automotive interior manufacturing. It is commonly used as a precursor for the manufacture of nylon 6,6 and is widely used in the global automotive industry.
Nitric acid (HNO3), also known as aqua fortis, is a colorless compound that will turn yellow over time as nitrogen and water decompose into oxides. The compound is highly corrosive and is used in the manufacture of ammonium nitrate and other chemicals used in fertilizer formulations. Other uses of the compound include the manufacture of chemicals such as nitrobenzene, adipic acid and chloronitrobenzene. These chemicals are used in various fields, including plastics, automobiles, and manufacturing. The preparation of adipic acid is one of the most important uses of nitric acid. Automakers also use nylon derived from adipic acid. In the automotive industry, nylon materials are used to replace heavy metal elements. Due to the low quality of the vehicle, the reduction in vehicle weight helps to improve fuel economy, thereby reducing carbon emissions.
The growing demand from various end-use industries, such as the demand for fertilizers and textile dyes in agriculture, the rapid adoption of lightweight materials by automobile manufacturers, the increasing application of polyurethane foam, the growing demand for adipic acid formulated nylon resins, and Customer demand for lightweight vehicles is a factor that promotes the development of the industry. The government’s policies to manage environmental safety and reduce industrial waste are inhibiting market expansion. Chemical processing facilities, automobile exhaust and untreated wastewater from agricultural areas all emit HNO3. When these wastes are inhaled, they can cause breathing problems. In addition, raising the issue of carbon dioxide pollution from vehicles is hampering industry growth.
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Major players operating in the global nitric acid market include BASF SE (Ludwigshafen, Germany), Nutrien (Saskatoon, Canada), Yara International, DuPont (Delaware, USA), CF Industries Holdings, Inc., Omnia Holdings Limited (Gauteng, South Africa), LSB Industries (Oklahoma, USA), Dyno Nobel (Brisbane, Australia), JR Simplot, Enaex SA (Santiago, Chile), Sasol (Johannesburg, South Africa) and Ixom (Victoria, Australia). In order to gain a considerable market share in the global nitric acid market, major players are now focusing on adopting strategies such as mergers and acquisitions, cooperation, latest development, product innovation, joint ventures and cooperation. ITrammo Inc. and Keppel Infrastructure Fund Management (KIFM) are some of the major manufacturers operating in the nitric acid market.
- For example, in 2018, ITrammo Inc. purchased Agrium’s HNO3 manufacturing and distribution plant in North Bend. The company specializes in the production and sales of nitrogen-based agricultural and industrial products. The plant occupies an area of 88 acres and has an annual processing potential of 75 thousand tons.
- In February 2019, Keppel Infrastructure Fund Management (KIFM), through a wholly-owned subsidiary, announced the acquisition of a 100% stake in Ixom HoldCo.
Strong Market segments dominate the market and account for the largest market share of 55.9% in 2020
According to the type, the global nitric acid market is divided into strong and smoking. Strog Acid dominates the market and will occupy the largest market share in 2020 at 55.9%. In the forecast era, strong nitric acid is expected to become the fastest growing form of concentrated nitric acid. It is used to manufacture ammonium nitrate, adipic acid, nitrobenzene, nitrochlorobenzene, toluene diisocyanate (TDI) and trinitrotoluene (TNT).
The ammonium nitrate food sector dominates the market, with the largest market share in 2020, at 29.15%
According to application, the global nitric acid market is divided into ammonium nitrate, adipic acid, nitrobenzene and toluene diisocyanate. Ammonium nitrate partially dominates the market and will occupy the largest market share in 2020 at 29.15%. This growth is attributed to it being a common ingredient in fertilizers and explosives. Ammonium nitrate is a nitrogen fertilizer that can be used directly or as a precursor of other nitrogen fertilizers, including calcium ammonium nitrate and urea ammonium nitrate.
The agrochemical sector dominates the market, with the largest market share in 2020, at 30.9%
According to end users, the global nitric acid market is segmented into agrochemicals, explosives, automobiles, and electronic products. Agrochemicals dominate the market, with the largest market share in 2020, at 30.9%. Due to the increasing demand for nitrogen fertilizers in developing countries such as China, India and Brazil, the demand for ammonium nitrate in the fertilizer market is expected to increase. Some nitrogen fertilizers, including calcium ammonium nitrate and urea ammonium nitrate, are in great demand.
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Regional segmentation of the nitric acid market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, other parts of Europe)
- Asia Pacific (China, Japan, India, other Asia Pacific regions)
- South America (Brazil and other parts of South America)
- Middle East and Africa (UAE, South Africa, other areas of MEA)
According to geography, the global nitric acid market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Due to the presence of a large number of foreign chemical manufacturers in the United States, North American industry is expected to expand significantly during the forecast period. Due to the rapid development of manufacturing, automotive, agriculture, furniture and other industries, the nitric acid industry is expected to continue to expand rapidly. Central and Eastern Europe contain large amounts of nitric acid, which drives regional demand. In addition, European industry is expected to be driven by the growing chemical markets in Poland and Russia. As a major arms exporter, Russia has a strong demand for ammonium nitrate, which has had a favorable impact on consumption development.
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About the report:
Analyze the global nitric acid market based on value (billions of US dollars). All market segments are analyzed on a global, regional and national basis. The research includes analysis of more than 30 countries in each market segment. The report provides an in-depth analysis of drivers, opportunities, constraints and challenges to gain key insights into the market. The research includes Porter’s five forces model, attractiveness analysis, raw material analysis, and competitor’s location grid analysis.
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About Fior Market
Fior Markets is a futuristic market intelligence company that helps clients develop their business strategies and use actionable intelligence to make better decisions. With a transparent database of information, we meet the goals of our customers, our commitment to high standards, and the possible prospects of SWOT analysis and market research reports. Fior Markets has deployed a wide range of regional and global market intelligence research reports, including industries such as technology, pharmaceuticals, consumer products, food and beverages, chemicals, media, and materials. Our strategic intelligence capabilities are designed to facilitate your business expansion and clarify the vitality of a diverse industry. We have outstanding expert-level analysts and advisory units according to their respective fields. The global market research report we provide involves qualitative and quantitative analysis of current market scenarios, using a global approach based on the division of geographic regions and the overall performance of different regions. In addition, our joint research report provides a packaged guide to keep companies informed about upcoming major adjustments in their field. Fior Markets provides customers with research and analysis tailored to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, a combination of multiple methods, detailed interviews or competitive intelligence. Our research experts are experienced in matching the exact people and methods to your business needs.
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