Market Segmentation
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.
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.
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.
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.
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
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance