Dublin, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The "Nitric Acid Market - Growth, Trends and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for nitric acid, is expected to grow at a CAGR of about 5% during the forecast period. Major factor driving the market studied is increasing demand from the fertilizer industry. On the flipside, health related hazard caused by nitric acid and unfavorable conditions arising due to COVID-19 outbreak are hindering the growth of the market.
Conversion of N02 pollutants in the atmosphere into industrial grade nitric acid is expected to offer various opportunities for growth of the market.
Fertilizer is the dominant segment, in terms of demand, over the forecast period. Asia-Pacific region is expected to dominate the market across the globe with the largest consumption from countries such as China, Japan and India.
Key Market Trends
Increasing Demand from Fertilizer Industry Segment
- Almost 80% of nitric acid is used in manufacturing fertilizers. Fertilizers like ammonium nitrate and calcium nitrate are produced from nitric acid. For meeting the needs of the increasing global food demand, more arable land is required for cultivation, and hence, fertilizer demand is increasing with the global fertilizer industry expected to grow at a CAGR of about 5% during the forecast period.
- Demand for ammonium nitrate, a high nitrogenous fertilizer used as an oxidizing agent and made by combining ammonia with nitric acid, is also expected to grow at a CAGR of over 5% during the forecast period.
- Calcium nitrate, a fully water-soluble fertilizer, which contains fully soluble calcium in combination with fast acting nitrate nitrogen to give a top quality, highly marketable product, is another important fertilizer expected to grow at a CAGR of over 4.5%.
- All the aforementioned applications of nitric acid in the fertilizer industry indicates continuous demand for nitric acid worldwide, from this sector.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the dominant market in nitric acid production. This is because the largest producer and consumer of fertilizer is China. In countries like China and India the demand for nitric acid has been increasing continuously.
- Asia-Pacific is also expected to be the fastest growing market during the forecast period, with increasing demand from end users like fertilizers, inks, pigments & dyes, and the chemical processing industries.
- The fertilizer industry in Asia-Pacific region is expected to grow at a CAGR of 6.5% during the forecast period, ensuring regular demand for nitric acid to manufacture fertilizers such as ammonium nitrate and calcium nitrate to grow crops.
- Nitric acid is used as a raw material for inks, pigments & dyes. This industry in Asia is expected to grow at a CAGR of greater than 5% during the forecast period, 2020-2025. This will also ensure the demand for nitric acid in the region.
- Nitric acid also has applications such as Nylon precursors and cleaning agents in the chemical processing industry, and the industry is expected to grow at a CAGR of more than 4% at the Asian level, with China, Japan and India dominating the market region-wise.
- Thus, rising demands from the above-mentioned end-user industries are expected to drive the nitric acid market growth in the Asia-Pacific region.
Competitive Landscape
The global nitric acid market is fragmented with the presence of both international and domestic players in the market. The major companies of the market studied include BASF SE, Deepak Fertilisers and Petrochemicals Corporations Ltd., LSB Industries, Nutrien Ltd. and Yara, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 Introduction
1.1 Study Assumptions
1.2 Scope of Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing Demand from Fertilizers
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Health Hazards Caused by Nitric Acid
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Regulatory Policy Analysis
4.6 Trade Analysis
5 Market Segmentation
5.1 End-user Industry
5.1.1 Fertilizers
5.1.2 Aerospace
5.1.3 Inks, Pigments & Dyes
5.1.4 Explosives
5.1.5 Chemical Processing
5.1.6 Others
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Mexico
5.2.2.3 Canada
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East And Africa
6 Competitive Landscape
6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 CF Fertilisers
6.4.3 Colombus Chemicals
6.4.4 Deepak Fertilisers and Petrochemicals Corporation Ltd
6.4.5 Dow
6.4.6 INEOS
6.4.7 LSB Industries
6.4.8 Maxam
6.4.9 Mitsubishi Chemical Corporation
6.4.10 Nutrien Ltd.
6.4.11 Sasol Limited
6.4.12 Sinopec Nanjing Chemical Industries Co., Ltd.
6.4.13 Sumitomo Chemical Co., Ltd.
6.4.14 Vijay Gas Industry Pvt. Ltd.
6.4.15 Yara
7 Market Opportunities and Future Trends
7.1 Conversion of N02 Pollutants into Nitric Acid
7.2 Other Opportunities
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