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Nitric Acid Market Size, Share to Grow at a CAGR of 2.12% by 2032 | ChemAnalyst
The Global Nitric Acid market is anticipated to grow at a CAGR of 2.12% during the forecast period and reach 70 million tonnes due to major demand from the Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate & Nitrobenzene end-use industries.
Nitric acid (HNO3) is an acidic, highly corrosive, and colorless liquid, produced through a two-step process: oxidation of ammonia and then absorption of produced nitrogen oxides. It is used in the synthesis of organic and inorganic nitrates and nitro compounds for fertilizers, dyes, plastics, explosives such as TNT and other organic chemicals.
The key applications for Nitric Acid include Adipic acid (ADA), Ammonium nitrate (AN), Toluene di-isocyanate (TDI), Nitrobenzene, Nitro chlorobenzene, Metal nitrates, and Others. Majority of Ammonium Nitrate is used as fertilizer or in the production of fertilizer solutions such as Urea Ammonium Nitrate (UAN) and the remaining being consumed in the manufacturing of various types of explosives. Adipic Acid is utilized as a precursor in the manufacturing of Nylon 6,6 which has high end use in automotive industries.
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Toluene di-isocyanate is mainly employed in the manufacture of flexible polyurethane foams, elastomers, Flooring, coatings, plastics thus have strong demand from transportation, furniture, and construction industries. Aniline, a derivative of Nitrobenzene having many applications including making pharmaceutical products, aramid fiber, and polyurethane foams etc. Escalating demand of fertilizer industry coupled with the huge demand of Adipic acid to manufacture Nylon 6,6 which is an alternative to heavy metals for Automobile industry are anticipated to majorly drive the demand of nitric acid during the forecast period.
Major players for Nitric Acid globally are Yara International ASA, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot(PJSC), Deepak Fertilizers and Petrochemicals Corporation Limited, Navoiyazot , OCI Nitrogen B.V, Sasol Nitro, JSC "Minudobreniya"
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