Nitric Acid Market Size and Share Growth Analysis and Forecast 2023-2030

1. Nitric Acid Market Size and Share: Growth Nitric Acid Market Size and Share: Growth Analysis Analysis and Forecast 2023 and Forecast 2023- -2030 2030 Nitric acid, a versatile chemical compound, is experiencing a surge in demand due to its wide-ranging applications across multiple industries. With its solubility in water, strong oxidizing properties, and excellent conductivity, nitric acid plays a pivotal role in various processes. Continual development of patents is unlocking new uses for this compound, and its applications in fertilizers, explosives, adhesives, medicinal products, metal purification, dye intermediates, engraving, drug detection, furniture coating, and laboratory use are driving the promising growth of the nitric acid market. Furthermore, it serves as a component of liquid rocket fuel, a vital ingredient in plastics manufacturing, and a cleaning product in food processing facilities. Read More: https://www.fairfieldmarketresearch.com/report/nitric-acid-market The increased demand from fertilizer formulators, along with the rising utilization of fertilizers in rural economies worldwide, is predicted to fuel the growth of the nitric acid market. The US Food and Agriculture Organization (FAO) forecasts that global fertilizer demand will reach 197.93 million tonnes in 2021 and 200.92 million tonnes in 2022, with nitrogen-based fertilizers growing by 1.4% year over year in 2021. The growing global food demand has led to the widespread adoption of various fertilizers and agricultural practices aimed at improving crop output, reducing cultivation time, and ensuring healthy crop growth. Nitric acid plays a significant role in the production of nitrogen fertilizers, further suggesting a promising growth outlook for the nitric acid market. While annual nitrogen fertilizer use in the European Union is expected to decline over the next decade, the increasing use of HNO3 in agriculture to produce fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium nitrate, and nitro phosphate will support the healthy expansion of the nitric acid market. Fertilizer consumption is projected to decline for the fourth consecutive year during the next ten years, as reported by Fertilizers Europe. However, the use of fertilizers to enhance crop productivity and meet the needs of a growing population will create opportunities for the nitric acid sector. Improving Food Quality due to Fertilizer to Drive Nitric Acid Market Growth Fertilizers are expected to be the fastest-growing segment of the nitric acid market over the forecast period. This growth is primarily driven by rising food demand, which has resulted in the global expansion of fertilizer units. Farmers are increasingly relying on fertilizers to maximize crop yield in the shortest possible time. Over 80% of nitric acid is utilized in the production of fertilizers, particularly ammonium nitrate and calcium ammonium nitrate. The cultivation of additional arable land is necessary to meet the needs of the growing global food demand. Consequently, fertilizer demand is on the rise, and the worldwide fertilizer industry

2. is projected to grow at a compound annual growth rate (CAGR) of around 5% over the projection period. Ammonium nitrate, an effective nitrogen-based fertilizer containing approximately 35% total nitrogen by mass, and calcium ammonium nitrate (CAN) fertilizer with 25-28% nitrogen content, are key drivers of the nitric acid market. CAN fertilizer provides nitrogen to promote faster plant development. The combination of molten ammonium nitrate and calcium carbonate at a temperature of around 170°C produces calcium ammonium nitrate. Its hygroscopic nature allows it to collect moisture from the air, making it suitable for soil application even in low-water conditions. Rising Production of Wheat, Maize, Cotton, and Potatoes to Drive Nitric Acid Market Growth in Asia Pacific Asia Pacific is poised to become the leading nitric acid market in terms of manufacturing. The increasing population and growing affluence in the region are driving the demand for agricultural commodities. Nitric acid is primarily used in fertilizers due to the increased production of wheat, maize, cotton, and potatoes in countries like India, China, and Pakistan. These factors will contribute to the growing demand for nitric acid in the region. China, India, and South Korea are among the largest producers and consumers of fertilizers in Asia Pacific. According to the ITC trade map, South Korea emerged as the largest exporter of nitric acid in 2021, with 534.2 thousand tonnes exported, while China stood as the second- largest importer in 2020, with 152.8 thousand tonnes imported for various end-user industries such as fertilizers, inks, pigments and dyes, and chemical manufacturing. In India, the Fertilizer Association of India reported a total fertilizer product production of 43.49 million MT in 2020-21, representing a 1.7% increase over the previous year. The production of nitrogen-based fertilizers also experienced a slight increase of 0.2%, reaching 13.74 million MT in 2020-21. The National Bureau of Statistics revealed a 2% rise in grain production in China in 2021, reaching 682.9 million tonnes, with a 5% increase in corn acreage and a 4.6% increase in output compared to the previous year. The use of fertilizers to boost productivity and keep up with shrinking cultivated land is expected to drive the market in these countries. Additionally, nitric acid serves as a raw material for inks, pigments, and dyes, with the textile industry being its primary application. The Ministry of Sector and Information Technology reported a rapid increase in China's textile industry during the first nine months of 2021, with earnings of 171.1 billion yuan (about USD 26.80 billion), representing a 31.7% year-on-year rise (MIIT). Global Nitric Acid Market: Competitive Landscape The global nitric acid market features several key players striving to capture market share and enhance their operations. LSB Industries, Inc., for instance, signed a new long-term nitric acid supply contract in October 2020, aiming to improve profits through focused marketing and adjustments to the product mix. In July 2020, KBR collaborated with Haifa Group, utilizing patented technology to enhance the production capacity of two nitric acid factories in Israel. This collaboration is expected to increase production capacity while reducing plant emissions and operational costs.

3. Among the notable players in the nitric acid market are The Chemours Company, Dyno Nobel, National Chemical Group, KBR, Koch Fertilizers, OCI Nitrogen, Potash Corp, Eurochem Group, CF Industries, LSB Industries, and Agrium Inc. Conclusion The rapid growth of the global population is driving the demand for nitric acid, a versatile chemical compound with diverse applications. Its significance in various industries and processes, along with the continuous development of new uses, ensures a promising future for the nitric acid market. The increasing demand for fertilizers, fueled by the growing need for enhanced crop productivity and food security, is a key driver of the market's growth. Additionally, the rising production of wheat, maize, cotton, and potatoes in the Asia Pacific region further supports the demand for nitric acid in the fertilizer industry. As the world's population continues to expand, the nitric acid market is poised for significant growth. Trending Reports: https://issuu.com/fairfieldmarket/docs/japan_gas_insulated_transformer_market_to_be nefit_/s/26828790 For further details, please visit www.fairfieldmarketresearch.com. Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746 Email: sales@fairfieldmarketresearch.com