Global nitric acid market is expected to reach USD
14.00 billion by 2022, according to a new study by Grand View Research, Inc.
Nitric acid is used in the manufacturing of various chemicals including adipic
acid, ammonium nitrate, toluene di-isocynate and nitrobenzene. Increasing demand
from end-use industries including polyurethane foams, elastomers, coatings
along with floor and wood finishes, lacquers, foam plastics, polyurethane foam
coated fabrics, and insulation materials is expected to propel nitric acid
market growth over the forecast period.
 |
| Global nitric acid market volume, by application 2012 - 2022 (kilo tons) |
Adipic
acid was a key application of nitric acid accounting for 2,274.0 kilo tons of
global demand in 2014. Over 80% of adipic acid produced globally is used in the
manufacturing of nylon fiber and resin. Nylon 6,6 finds application in the
automotive industry as a substitute to heavy metals in order to reduce the
overall weight of vehicles, thus reducing carbon emissions. Increasing use of
nylon 6,6 in automobiles is expected to augment adipic acid production, thus
influencing nitric acid market demand over the forecast period.
Browse full
research report on Nitric Acid Market: www.grandviewresearch.com/industry-analysis/nitric-acid-market
Further
key findings from the report suggest:
- Fertilizer application of nitric acid was the
largest in 2014 accounting for over 75% of the global market. Nitric acid
is captivity consumed for ammonium nitrate production, around 80% of which
is used as a fertilizer or as an intermediate for fertilizer manufacturing.
Increasing concerns regarding use of ammonium nitrate as a fertilizer
resulting in rising soil salinity has led to a number of regulations by
authorities including EPA and REACH, restricting market demand.
- Central & Eastern Europe dominated the
global nitric acid market with demand exceeding 21.0 million tons in 2014.
However, North America and Europe are expected to witness a significant
loss of share by over 2.0% over the forecast period in light of adverse
environmental effects relating to use of nitric acid fertilizers.
Stringent regulations in Europe and North America on the use of ammonium
nitrate based fertilizers are expected to shift demand to Asian countries.
- Asia Pacific is anticipated to witness high
growth at a CAGR of 2.9% from 2015 to 2022 on account of increasing nitric
acid consumption in emerging economies including China and India. China
witnessed the fastest growth in rate of production and consumption among
all regions over the past five years. Agriculture based economies of Asia
Pacific and Latin America are expected to generate nitric acid demand for
ammonium nitrate production due to less regulations in these regions.
- Global nitric acid market is highly
concentrated with major players including BASF SE and Dow Chemical Company
holding a lion’s share. BASF SE, a chemical giant has forward integrated
through the entire value chain to produce ammonia, nitric acid and
compounds such as adipic acid and isocynate along with fertilizers. Agrium
and Koch Nitrogen Company are engaged in manufacturing of nitrogen-based
fertilizers such as ammonium nitrate and ammonia. Companies including
Angus and Bayer Material Science are key manufacturers and suppliers of
nitric acid on a global scale.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/agrochemicals-and-fertilizers
Grand View Research has segmented the global nitric acid market on the
basis of application and region:
Nitric Acid
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Fertilizers
- Adipic
Acid
- Nitrobenzene
- Toulene
di-isocynate (TDI)
- Nitrochlorobenzene
- Others
Nitric Acid
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North
America
- U.S.
- Western
Europe
- Germany
- Central
& Eastern Europe
- Russia
- Asia
Pacific
- China
- Japan
- India
- South
Korea
- Taiwan
- Oceania
- Latin
America
- Brazil
- MEA
- Saudi
Arabia
- Qatar
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-nitric-acid-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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