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The nitric acid market is estimated to grow at a CAGR of 1.98% between 2022 and 2027. The market size is forecasted to increase by 6.66 million Tons. The growth of the market depends on several factors, including the growth in the automotive industry, the increasing use of polyurethane foam, and the high demand for TNT explosives.
This HNO3 market report extensively covers market segmentation by application (fertilizers and others), grade type (commercial and noncommercial), and geography (Europe, APAC, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growth in the automotive industry is notably driving market growth, although factors such as health issues associated with fertilizers may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth in the automotive industry is notably driving market growth. The automotive sector is a key consumer of materials, technologies, and intermediates such as nylon 66 and polyurethanes that are produced from nitric acid. Nylon 66 and polyurethane are light yet strong materials. They enable better fuel consumption and improved safety and have the potential to improve the performance of existing technologies. The automotive industry is growing, with increasing sales of passenger and commercial vehicles. This, in turn, will increase the demand for nitric acid to make lightweight and strong materials.
Nylon 66 is corrosion resistance, high-temperature resistant, and chemical resistant. It also has low electrical and thermal conductivity. The introduction of nylon 66 has reduced the weight of rotating spares without compromising on load-carrying capacity and stiffness. The growth of the automobile market and the shift toward light yet durable vehicles will fuel the demand for nylon 66 and polyurethane. Therefore, the growing demand for nylon 66 and polyurethane will have a positive impact on the global HNO3 market growth during the forecast period.
The economic growth in APAC is a key trend shaping the market. This growth has improved the standard of living of people. The region has progressed from macroeconomic policies that include efforts to accelerate revenues in commodity-exporting countries. The Philippines, Vietnam, and Indonesia will experience a moderate growth rate during the forecast period. Expanding population and economic development in APAC are leading to the growth of major end-user industries such as automotive, aerospace and defense, building and construction, and electrical and electronics.
TDI is used in manufacturing polyurethane foam, which is used as a lightweight material in the automotive industry. Polyurethane products that are made from nitric acid enhance the aesthetic design of homes and buildings. Thus, the rapid growth of the automotive industry, the increasing demand for premium lightweight vehicles, and the electric and electronics industries fuel the demand for adipic acid, TDI, polyurethane, and other products made from nitric acid. These factors will accelerate the global HNO3 market during the forecast period.
Health issues associated with fertilizers may impede the market growth. Fertilizers are toxic to humans and animals if inhaled or consumed. Contact with manure can cause skin irritation, and its ingestion can be toxic. Many commercially available synthetic or chemical-based fertilizers contain ammonium nitrate. Plants absorb these toxic chemicals in fertilizers and enter the food chain through fruits and vegetables. In addition, these chemicals can leak and contaminate groundwater. The high levels of nitrates and nitrites in contaminated water can contain cause hemoglobin failure.
Ammonium nitrate is an important component of fertilizer mixtures. It is an odorless, colorless, or white crystalline salt formed by the reaction of ammonia and nitric acid. it is used in the production of explosives but is harmful to the environment and human health. Thus, the rising concern about health issues due to fertilizers may hinder market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nitric Acid Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
LSB Industries Inc - The company offers nitric acid under the brand El Dorado Chemical Co. It also manufactures and markets chemical products for the agricultural, industrial, and mining markets.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the fertilizers segment will be significant during the forecast period. Fertilizers provide essential nutrients for the healthy growth of plants and crops. Nitric acid acts as an oxidizer and increases the nitrogen content of the soil by providing essential nutrients required for the growth of plants.
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The fertilizers segment was valued at USD 50.62 million t in 2017 and continued to grow by 2021. Nitric acid is produced from ammonia, which is the main chemical used for manufacturing fertilizers. Ammonium nitrate is the most important chemical produced from nitric acid, the majority of which is used for manufacturing fertilizers. Ammonium nitrate is also used in alloy fertilizer blends, including UAN. The rising use of fertilizers is leading to groundwater contamination, which is increasing its adoption. Urea is becoming the main nitrogen fertilizer, as it has no safety-related issues, is economical, and contains more nitrogen. The demand for nitrates in the preparation of explosives is also increasing. The rising demand for nitric acid in the preparation of fertilizers used extensively in APAC is anticipated to drive market growth.
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APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe is another key region in the global market. The demand for nitric acid in this region is mainly fueled by its increasing use of fertilizers and explosives. There is a high demand for lightweight vehicles in Europe from major manufacturers such as Volkswagen, Mercedes, Ferrari, BMW, and Audi. Nylon 66, which is produced from adipic acid, is increasingly being used in car parts for fuel efficiency.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, COVID-19 negatively affected the growth of the HNO3 market in Europe. However, with the initiation of vaccination drives, the number of COVID-19 cases declined in the region in 2021. This has led to the lifting of lockdown restrictions and the resumption of various business operations, such as automotive, fertilizers, dyes, and paints production. In addition, the use of nitric acid in the automotive industry will propel the growth of the regional market during the forecast period.
The HNO3 market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Grade Type Outlook (Million t, 2017 - 2027)
Technavio categorizes the HNO3 market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Nitric Acid Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.98% |
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Market growth 2023-2027 |
6.66 mn t |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
1.55 |
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Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ANPI, BASF SE, CF Industries Holdings Inc., Dyno Nobel, ENAEX S.A., Hanwha Solutions Corp., IXOM Ltd., J.R. Simplot Co., Koch Industries Inc., LSB Industries Inc, Nutrien Ltd., OCI N.V., Qingdao Hisea Chem Co. Ltd., Rashtriya Chemicals and Fertilizers Ltd., Sasol Ltd., Shandong Fengyuan Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., thyssenkrupp AG, Ube Corp., and Yara International ASA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Grade Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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