Nitric Acid Market to Grow at a CAGR of 4.12% by 2030

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Nitric Acid Market Size, Share Global Industry
Analysis and Forecast 2030
According to ChemAnalyst report, Global Nitric
Acid Market Analysis Plant Capacity,
Production, Operating Efficiency, Technology,
Demand Supply, End- User Industries,
Distribution Channel, Regional Demand,
2015-2030. Global Nitric Acid market witnessed
a steady growth in the historic years and is
estimated to achieve a CAGR of 4.12 in the
forecast period owing to its never-ending demand
in Fertilizers sector. Nitric acid (HNO3) is an
acidic, highly corrosive, and colorless liquid,
produced through a two-step process oxidation of
ammonia and then absorption of produced nitrogen
oxides. It is used in the synthesis of organic
and inorganic nitrates and nitro compounds for
fertilizers, dyes, plastics, explosives such as
TNT and other organic chemicals. Read Full Report
Here https//www.chemanalyst.com/industry-report/
nitric- acid-market-615 The key applications for
Nitric Acid include Adipic acid (ADA), Ammonium
nitrate (AN), Toluene di-isocyanate (TDI),
Nitrobenzene, Nitro chlorobenzene, Metal
nitrates, and Others. Majority of Ammonium
Nitrate is used as fertilizer or in the
production of fertilizer solutions such as Urea
Ammonium Nitrate (UAN) and the remaining being
consumed in the manufacturing of various types of
explosives.
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Adipic Acid is utilized as a precursor in the
manufacturing of Nylon 6,6 which has high end
use in automotive industries. Toluene
di-isocyanate is mainly employed in the
manufacture of flexible polyurethane foams,
elastomers, Flooring, coatings, plastics thus
have strong demand from transportation,
furniture, and construction industries. Aniline,
a derivative of Nitrobenzene having many
applications including making pharmaceutical
products, aramid fiber, and polyurethane foams
etc. Escalating demand of fertilizer industry
coupled with the huge demand of Adipic acid to
manufacture Nylon 6,6 which is an alternative to
heavy metals for Automobile industry drive the
demand of nitric acid during the forecast
period. Request Sample https//www.chemanalyst.co
m/ChemAnalyst/RequestForm Due to COVID-19
pandemic, the demand of Nitric Acid and its
derivates has adversely affected in the market,
as industries went non-operational during the
lockdown, in the major global economies. However,
an improvement is witnessed after the relaxation
in lockdowns, as industries start operating their
manufacturing units at maximum efficiencies to
meet the demands from end- user industries which
majorly includes fertilizer, automobile, dyes,
chemical manufacturing, explosives, and others.
All these applications seem to propel the Nitric
Acid market globally during the forecast period.
Moreover, the growing demand for green
fertilizers and organic farming is expected to
hinder the demand growth during the forecast
period. Region wise, Asia Pacific region holds
the maximum share of global demand for Nitric
Acid owing to the surging demand for fertilizer
from the agriculture industry as well as
expanding automotive industry in Asia-Pacific
countries, including China, India, etc.
Moreover, increasing government efforts like make
in India which are projected towards fulfilling
domestic demand by domestic supply have raised
the production capacities in the Asia Pacific.
North America and Europe are also expected to
show a significant growth during the forecast
period because of the presence of the largest
end use industries including, Chemical and
Automobile specially.
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According to ChemAnalyst report, Global Market
By Global Nitric Acid Market Analysis Plant
Capacity, Production, Operating Efficiency,
Technology, Demand Supply, End-User
Industries, Distribution Channel, Regional
Demand, 2015- 2030, Agrium Inc, BASF Group, CF
Industries, Du Pont Inc., Apache Nitrogen
Products, Dyno Nobel, Deepak Fertilisers and
Petrochemicals Corp. Ltd., Hanwha Corporation,
Sasol limited, Koch Fertilizers LLC, LSB
Industries Inc., National Chemical Group, OCI
N.V., Shandong Fengyuan Chemical Stock Co. Ltd.,
Ube Industries, and Yara International, and
others. Nitric Acid is one of the worlds
largest commodity chemicals, predominantly used
in the production of Fertilizers especially
ammonium nitrate and calcium ammonium nitrate
and for several other organic intermediates and
chemicals. The versatility of Nitric Acid and
its products and the rapid growth of industries
such as agriculture, automobile and construction
derive the global market for Nitric Acid. It is
also used in the processes like metal treatment
and uranium processing. Moreover, High demand
for nylon products for automobile interiors and
component manufacturing is also the key factor
that impels the growth of Nitric Acid market
across the globe in the forecast period. said
Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management
consulting firm promoting ChemAnalyst.
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