Nitric Acid Market Size, Share & Trends Report

Nitric Acid Market (2023 - 2030) Size, Share & Trends Analysis Report By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, Nitoroclorobenzene), By Region, And Segment Forecasts

Market Segmentation

Nitric Acid Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018 - 2030)
- Fertilizers
  - Ammonium Nitrate
  - Calcium Ammonium Nitrate
  - Others
- Nitrobenzene
- Adipic Acid
- Toluene di-isocyanate
- Nitrochlorobenzene
Nitric Acid Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018 - 2030)
- North America
  - North America Nitric Acid Market, By Application
    - Fertilizers
      - Ammonium Nitrate
      - Calcium Ammonium Nitrate
      - Others
    - Nitrobenzene
    - Adipic Acid
    - Toluene di-isocyanate
    - Nitrochlorobenzene
  - U.S.
    - U.S. Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Canada
    - Canada Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Mexico
    - Mexico Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
- Europe
  - Europe Nitric Acid Market, By Application
    - Fertilizers
      - Ammonium Nitrate
      - Calcium Ammonium Nitrate
      - Others
    - Nitrobenzene
    - Adipic Acid
    - Toluene di-isocyanate
    - Nitrochlorobenzene
  - Russia
    - Russia Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - France
    - France Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Poland
    - Poland Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Ukraine
    - Ukraine Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
- Asia Pacific
  - Asia Pacific Nitric Acid Market, By Application
    - Fertilizers
      - Ammonium Nitrate
      - Calcium Ammonium Nitrate
      - Others
    - Nitrobenzene
    - Adipic Acid
    - Toluene di-isocyanate
    - Nitrochlorobenzene
  - China
    - China Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Uzbekistan
    - Uzbekistan Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Kazakhstan
    - Kazakhstan Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
  - Thailand
    - Thailand Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
- Central & South America
  - Central & South America Nitric Acid Market, By Application
    - Fertilizers
      - Ammonium Nitrate
      - Calcium Ammonium Nitrate
      - Others
    - Nitrobenzene
    - Adipic Acid
    - Toluene di-isocyanate
    - Nitrochlorobenzene
  - Brazil
    - Brazil Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene
- Middle East & Africa
  - Middle East & Africa Nitric Acid Market, By Application
    - Fertilizers
      - Ammonium Nitrate
      - Calcium Ammonium Nitrate
      - Others
    - Nitrobenzene
    - Adipic Acid
    - Toluene di-isocyanate
    - Nitrochlorobenzene
  - Egypt
    - Egypt Nitric Acid Market, By Application
      - Fertilizers
        
        Ammonium Nitrate
        
        Calcium Ammonium Nitrate
        
        Others
      - Nitrobenzene
      - Adipic Acid
      - Toluene di-isocyanate
      - Nitrochlorobenzene

Nitric Acid Market Dynamics

Drivers: Increasing Demand For Fertilizers

Fertilizers are used to improve the yield of soil. They can be classified into two types organic and inorganic. Manure, fish meal, granite meal, and seaweed fall under the organic type. Inorganic fertilizers include nitrogen fertilizers, potassium fertilizers, and phosphorus fertilizers. Inorganic fertilizers are more commonly used since they give quick results in comparison to organic fertilizers. Inorganic fertilizers can be divided into two broad sub-segments, namely macronutrients and micronutrients. Macronutrients are the elements that are needed in larger quantities and include nitrogen, phosphorus, potassium, and calcium. Out of these, nitrogen is the most important nutrient. Micronutrients include elements such as iron, manganese, and chlorine, which are used in minute quantities. Growing demand for food grain due to the increasing population and the positioning of subsidiary schemes to purchase fertilizers by the governments of various nations have increased the consumption of fertilizers in the agriculture sector.

Increasing Demand For Nylon

Nitric acid is majorly consumed in the production of TDI and adipic acid, which are broadly used for manufacturing Nylon 6, 6, and others. Nylon 6, 6 is used across multiple applications such as the manufacturing of plastics and industrial carpeting, among others. Around 86% of the globally produced adipic acid is used for manufacturing nylon fibers and resins. Nylon fibers are produced using high-purity adipic acid. The increasing demand for Nylon 6, 6 is expected to fuel the production of adipic acid. Further, the growing population in emerging economies coupled with rapid industrialization and urbanization have driven various federal governments to increase their construction spending to cater to the growing infrastructure needs of the population. Furthermore, increasing construction spending by governments, especially in India and China, is expected to drive the demand for plastics in construction and infrastructure applications. These factors are anticipated to pave the way for high consumption of nitric acid in nylon production globally.

Restraints: Turbulence In Automotive Industry

The automotive industry majorly drives the demand for Nylon. In the automotive industry, Nylon 6, 6 is used in the manufacturing of plastic components that are used to replace heavy metal components. This facilitates the production of lightweight and fuel-efficient vehicles with increased safety features due to the increased rigidity of the plastic components. However, the Global pandemic due to COVID-19 has crippled economies across the world, and the automobile sector is directly affected. With the Per capita national income likely to fall across nations and continents for the coming few years, the automobile sector, which has already shown signs of fallen sales figures in 2020, is unlikely to recover to its pre-COVID figures before the next 2 years. The auto sales this year in the US are the lowest since 2010, the year of global recession. The projected growth after that, however, appears modest due to increased demand in the supply chain in emerging and developed economies.

What Does This Report Include?

This section will provide insights into the contents included in this nitric acid market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Nitric acid market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments