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

Research Methodology

A three-pronged approach was followed for deducing the nitric acid market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for nitric acid market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of nitric acid market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Nitric Acid Market Categorization:

The nitric acid market was categorized into two segments, namely applications (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, Nitrochlorobenzene)
 and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The nitric acid market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The nitric acid market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirteen countries, namely, the U.S.; Canada; Mexico; Russia; Poland; Ukraine; France; China; Uzbekistan; Kazakhstan; Thailand; Brazil; Egypt.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Nitric acid market companies & financials:

The nitric acid market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• BASF SE - BASF SE operates through five business segments that include chemicals, performance products, functional materials & solutions, agricultural solutions, and others (oil & gas). BASF has operational presence in over 80 countries through six Verbund sites & 353 production sites across the globe. Nitric acid is one of the major chemical intermediates produced by the company and is used internally as well as sold commercially across the globe. The company supplies chemical and industrial grade nitric acid with the required quality standards. The company supplies nitric acid through its monomers division and caters to the demand from industries including plastics, woodworking, furniture, packaging, textile, construction, and automotive. This division of the company offers broad range of products including MDI, TDI, caprolactam, adipic acid, polyamide 6, polyamide 66, ammonia, nitric acid, sulfur, chlorine, inorganic salts, urea, melamine, glues, etc. The company has an operational presence in all the major regions including North America, Europe, Asia Pacific, South America, and Africa. In North America, the company has over 100 production and development sites, thus, making it one of the major regional markets.

• Dupont - Dupont is engaged in production of numerous products including dietary supplement ingredients, packaging materials & solutions, fabrics, fibers & nonwovens, construction materials, specialty chemicals and among others. It caters to the demand for electronics, transportation, building & construction, health & wellness industries. The company has subsidiaries in more than 70 countries with manufacturing operations in over 40 economies worldwide. Dupont offers MECS Technology for nitric acid production, with two plant options, namely, dual & single pressure plants.

• Nutrien Ltd. - Nutrien Ltd. is a Canada based company, involved in production of potash, nitrogen, and phosphate products. The company caters to the demand from agriculture, industrial, and animal feed sectors. Company has its retail division named Nutrien Ag Solutions for providing crop inputs and services across the globe. The company has 7.1 million tons of ammonia production capacity with 9 facilities across North America and Trinidad. It has the capability to sell 11 million tons of finished nitrogen products. Company has its operation in South America, Australia, Europe, Asia, Africa, and North America.

• Omnia Holdings Limited - Omnia Holdings Limited is involved in production of fertilizers, explosives, chemicals, base oil, additives, & lubricants. The company operates through three divisions, namely, Mining, Agriculture, Chemicals. The company has backward integrated operations in production of nitric acid and explosive emulsions. Its manufacturers nitric acid under its agriculture business division. Its manufacturing facility is situated in Sasolburg and includes two nitric acid/ammonium nitrate plants, one ammonium nitrate/calcium nitrate plant, one porous ammonium nitrate plant, granulation plants, and nitrophosphate plant. Omnia has its operation in more than 31 countries such as North America, South East Asia, Europe, Australia, Brazil and in many countries.

• Apache Nitrogen Products Inc. - Apache Nitrogen Products, Inc., is a manufacturer of ammonium nitrate-based products and caters to several end-use industries including agriculture and mining industries, among others. The company has its manufacturing facility located at St. David, Arizona.

• CF Industries Holdings, Inc. - CF Industries Holdings, Inc. is involved in production of UAN, ammonia, granular urea, ammonium nitrate, diesel exhaust fluid, nitric acid, nitrogen sulphur, NPL compound fertilizers, and urea liquor for industrial and agricultural sectors. The company has nine manufacturing plants located in Canada, the U.S., and the UK. Its 5 nitrogen manufacturing facilities are located in Port Neal, Iowa; Yazoo City, Mississippi; Verdigris, Oklahoma; and Woodward, Oklahoma (U.S.), 2 facilities in Medicine Hat, Alberta and Courtright, Ontario (Canada), and 2 in Billingham and Ince (UK). It has major sales in North America and Europe.

• Rashtriya Chemicals & Fertilizers Ltd. - Rashtriya Chemicals & Fertilizers Ltd (RCF) is the chemicals and fertilizer manufacturing company. The Government of India owns 75% of equity in the company. It has two operating units located at Trombay in Mumbai and Thal in Raigad district, India. The product portfolio of the company comprises of biofertilizers, 100 per cent water soluble fertilizers, complex fertilizers, urea, and industrial chemicals. It produces about 25 lakh MT urea, 4.75 lakh MR complex fertilizers, and 4.5 lakh MT of industrial chemicals every year. Its product brands include Ujjwala (Urea) and Suphala (complex fertilizers). RCF also manufactures basic chemicals including methanol, ammonia, ammonium nitrate, sodium nitrate, sodium nitrite, ammonium bicarbonate, methyl amines, dimethyl formamide, dimethyl acetamide, formic acid, and argon.

• Dyno Nobel - Dyno Nobel is organized into two groups, namely Dyno Americas and Dyno Nobel Asia Pacific. Manufacturing explosives is one of the main business operations of the company. It manufactures over 54 million pounds of packaged explosives and serves various end-use industries including agriculture, construction, and mining among others. It also produces ammonium nitrate with an annual production capacity of 1.2 million tons. Dyno Nobel has 31 manufacturing sites across the world. The company has a well-developed supply chain in North America, Asia Pacific, and Latin America. It supplies a wide range of products including bulk chemicals, electronic & non-electronic detonators, detonation cables, dynamites, etc.

• Sasol - Sasol is South Africa-based integrated energy and chemical manufacturing company. The product portfolio of the company comprises of liquid fuels, chemicals, and low- carbon electricity. The company has two operating business units comprised of production and exploration & mining of oil and gas activities. It has three regional operating hubs each in North America, Eurasia, and Southern Africa. The company also has two strategic business units divided into two parts; Energy business and Chemical business, along with sales in 31 countries globally.

• Angus Chemical Company - Angus Chemical Company operates as a subsidiary of The Dow Chemical Company and manufactures and sells nitroalkanes and its derivatives. It is one of the very few companies operating solely in the production of nitroalkanes. The company majorly sells its products through regional distributors situated in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. It serves a wide range of end-use industries including paints & coatings, metalworking fluids, electronics, and water treatment, among others.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Nitric Acid Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Nitric Acid Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.