Nitric Acid Market Gain Huge Growth between 2023 to 2030.

Nitric Acid Market

The global nitric acid market size was valued at USD 29.8 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030.

The growth for the product is expected to be driven by increasing demand for the product from fertilizers formulators and by rising consumption of fertilizers in agrarian economies of the world. Growing demand for food has propelled the expansion of various fertilizers and agricultural units globally to optimize crop yield, lower cultivation time, attain healthy crop growth, and more. Nitric acid is one of the key components of producing nitrogen fertilizers which are highly demanded by the agricultural world.

Gather more insights about the market drivers, restrains and growth of the Nitric Acid Market

The global product market is highly competitive, especially in the presence of multinationals that are constantly innovating to capture a broader share of the market. Companies like BASF SE, Dow Chemicals, Nutrient, CF Industries are the major players and dominate the market with a wide range of products for each application and a strong global presence.

Development of the cutting-edge technologies such as the mono-medium pressure process, mono-high pressure process, and dual pressure process for producing the product moreefficiently are poised to increase awareness and enhance market growth over the coming years. Increasing demand of the product from nylon production sector is poised to pave new avenues in the global marketspace

The product is consumed in the production of TDI and adipic acid, which are widely used in the development of Nylon 6, 6. Nylon 6, 6 is further used across multiple applications such as the manufacturing of plastics and industrial carpeting. Nitric acid is a vital raw material in the making of Nitrobenzene which is excessively utilized in the construction industry. The growth in the construction industry is anticipated to trigger the demand for Nitrobenzene in the forecast period.

Moreover, ammonia and nitric acid are the two crucial components of producing nitrogen fertilizers which are widely demanded by the agricultural sector. Rapid innovations in the farming ecosystem have further boosted demand for various innovative solutions in the global market space which is projected to pave way for increased consumption of nitrogen fertilizers worldwide. Further, a growing number of industry participants in the global competitive market is poised to provide further opportunities for nitric acid development in terms of product development, market positioning, and process innovations among others.

Browse through Grand View Research's Agrochemicals Fertilizers Industry Research Reports.

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Nitric Acid Market Segmentation

Grand View Research has segmented the global nitric acid market report based on application and region:

Nitric Acid Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)