Middle East & Africa Nitric Acid Market Size & Outlook
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MEA nitric acid market highlights
- The MEA nitric acid market generated a revenue of USD 1,463.3 million in 2023.
- The market is expected to grow at a CAGR of 3.4% from 2024 to 2030.
- In terms of segment, fertilizer was the largest revenue generating application in 2023.
- Nitrobenzene is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, Egypt is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,463.3 million |
| Market revenue in 2030 | USD 1,847.1 million |
| Growth rate | 3.4% (CAGR from 2023 to 2030) |
| Largest segment | Fertilizer |
| Fastest growing segment | Nitrobenzene |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fertilizer, Nitrobenzene, Adipic Acid, Toluene di-isocyanate, Nitrochlorobenzene, Other Applications |
| Key market players worldwide | Basf SE, DuPont de Nemours Inc, Nutrien Ltd, APA Corp, CF Industries Holdings Inc, Incitec Pivot Ltd, Sasol, Eastman Chemical Co, LSB Industries Inc, Thyssenkrupp AG, Yara International ASA |
Other key industry trends
- In terms of revenue, MEA region accounted for 4.8% of the global nitric acid market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- MEA is the fastest growing regional market and is projected to reach USD 1,847.1 million by 2030.
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Nitric Acid Market Scope
Nitric Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| LSB Industries Inc | View profile | 586 | 3503 North West 63rd Street, Suite 500, Oklahoma City, OK, United States, 73116 | https://www.lsbindustries.com |
| APA Corp | View profile | 2271 | 2000 Post Oak Boulevard, Suite 100, One Post Oak Central, Houston, TX, United States, 77056-4400 | https://www.apacorp.com |
| Sasol | View profile | 10001+ | Johannesburg, NA - South Africa, South Africa, Africa | http://www.sasol.com |
| Incitec Pivot Ltd | View profile | 5814 | 28 Freshwater Place, Level 8, Southbank, Melbourne, VIC, Australia, 3006 | https://www.incitecpivot.com.au |
| CF Industries Holdings Inc | View profile | 2700 | 2375 Waterview Drive, Northbrook, IL, United States, 60062 | https://www.cfindustries.com |
| Yara International ASA | View profile | 18000 | Drammensveien 131, Oslo, Norway, 0277 | https://www.yara.com |
| Nutrien Ltd | View profile | 25900 | 211 19th Street East, Suite 1700, Saskatoon, SK, Canada, S7K 5R6 | https://www.nutrien.com |
| Thyssenkrupp AG | View profile | 100202 | ThyssenKrupp Allee 1, Essen, NW, Germany, 45143 | https://www.thyssenkrupp.com |
| Eastman Chemical Co | View profile | 14000 | 200 South Wilcox Drive, Kingsport, TN, United States, 37662 | https://www.eastman.com |
| DuPont de Nemours Inc | View profile | 24000 | 974 Centre Road, Building 730, Wilmington, DE, United States, 19805 | https://www.dupont.com |
| Basf SE | View profile | 111855 | Carl-Bosch-Strasse 38, Ludwigshafen am Rhein, Germany, 67056 | https://www.basf.com |
Middle East & Africa nitric acid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to nitric acid market will help companies and investors design strategic landscapes.
Fertilizer was the largest segment with a revenue share of 83.47% in 2023. Horizon Databook has segmented the Middle East & Africa nitric acid market based on fertilizer, nitrobenzene, adipic acid, toluene di-isocyanate, nitrochlorobenzene, other applications covering the revenue growth of each sub-segment from 2018 to 2030.
The agriculture industry plays a significant role in the economy of most of the countries in the Middle East & Africa region. Agriculture industry contribution to the overall economy varies exponentially across countries; for instance, in Saudi Arabia, it is 3.2%, and in Egypt, it is 13.4%. Barley and wheat are the major staple crops grown in the Middle East & Africa region.
Crops and seeds, such as chickpeas, fruits, vegetables, lentils, maize, and rice, are produced majorly in countries such as Tunisia, Morocco, Jordan, Egypt, and Saudi Arabia. The construction industry in the Middle East & Africa region is facing a downturn in 2020, owing to soaring COVID-19 cases and a slump in crude oil prices.
Although, Saudi Arabia is expected to continue its renewable energy program impetus. Also, Saudi Aramco is issuing tenders for offshore construction works, other parts of the GCC, including Oman, Kuwait, and Qatar, are revising their spending on their construction pipelines.
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Target buyers of Middle East & Africa nitric acid market databook
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Our clientele includes a mix of nitric acid market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa nitric acid market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa nitric acid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Partial client list
MEA nitric acid market size, by country, 2018-2030 (US$M)
Middle East & Africa Nitric Acid Market Outlook Share, 2023 & 2030 (US$M)
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