The global nitric acid market is slated to experience an
increased demand from several end-use industries across the globe. The market
is characterized by the presence of players who are constantly on the lookout
for a greater market share. The production of nitric acid is an important
component for market players within the industry, and hence, these players are
concentrating on making their production process efficient and swift. This is
expected to optimize their profit margins and offer growth opportunities.
Moreover, the market players are also expected to enhance their distribution
facilities in order to establish their relevance for the consumers. A nimble
and swift distribution strategy is anticipated to ensure that the market
players retain their consumer base. The multiple end-industries for nitric acid
also offer growth opportunities for market players because the growth of these
industries would directly push market growth. The leading market players
include Yara, The Chemours Company, Potash Corp, BASF SE, Eurochem Group, OCI
Nitrogen, Dyno Nobel, CF Industries, and Sumitomo Chemical Co., Ltd.
A
report by Transparency Market Research (TMR) gives a holistic view on the
fettle of the market and forecasts its growth trajectory over the period from
2017 to 2022. The CAGR for the period is expected to register a moderate figure
of 3.90%. The market was valued at US$16,839.5 Mn in 2017 and is expected to
touch a figure of US$20,420.8 Mn by the end of 2022. Based on end-user,
the usage of nitric acid was the highest in manufacturing fertilizers, and this
segment is expected to keep grossing in commendable value for the market. The
fertilizer segment under the end-use category is expected to reach a value of
US$16,105.9 Mn by the end of 2022. Amongst the regional markets, the European region
is expected to garner an opportunity worth US$11,636.1 Mn in the market by
the end of 2022.
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Popularity of Dyes and Perfumes Propels Growth
The
usage of nitric acid in the manufacture of explosives, organic and inorganic
compounds, nylons, adipic acid, nitrobenzene, and toluene diisocyanate has
spurred the popularity of the chemical. This has been the primary factor that
attracted demand within the market so far. Nitrogenous fertilizers such as
ammonium nitrate and urea has also propelled demand within the global market.
Dyes and perfumes have also gained tremendous popularity, thus, pronouncing
their usage. This in turn elevates the growth prospects of the global market
for nitric acid. The manufacture of drugs and the process of purifying metals
requires nitric acid. Besides this, photoengraving and etching of steel cannot
be carried out without the presence of nitric acid. Laboratories are also
ardent consumers of nitric acid which is used for making nitrate salts and
several reagents. Aniline, which forms the basis for the production of several
industrial chemicals, is manufactured through nitric acid. Hence, the growth of
aniline production is anticipated to create growth opportunities within the
market. Fuel-efficient vehicles require elastomers and synthetic rubbers, which
further enunciates demand within the market.
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Asia Pacific to Remain Leading Market Segment
Asia
Pacific has shown a propensity towards the extensive production of
agrochemicals and explosives. Nitric acid is an important agent used for the
production of both of these products. Hence, the demand for nitric acid in Asia
Pacific is expected to witness a tremendous upsurge. The rise of other end-use
industries across the regions is also anticipated to play a key role in
propelling demand across the region.
The
review is based on a report titled ‘Nitric
Acid Market - (End Use - Fertilizers, Nitrobenzene, Toluene Di Isocyanate
(TDI), Adipic Acid, and Metal Processing; Application - Chemicals & Allied
Industries and Metallurgical Industries) - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2017 – 2022’
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