Nitric Acid Market Insights: Identifying Growth Factors and Challenges 2023-2030

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Nitric Acid Market Insights Identifying Growth
Factors and Challenges 2023-2030 Nitric acid, a
versatile and indispensable chemical compound, is
experiencing robust growth in the global market.
With its strong presence in various industries
and processes, nitric acid continues to find new
applications through ongoing patent developments.
The market is driven by the diverse uses of
nitric acid, including fertilizers, explosives,
adhesives, medicinal products, metal
purification, dye intermediates, engraving, drug
detection, furniture coatings, laboratory use,
and even as a component of liquid rocket fuel and
plastics manufacturing. Its significance as a
cleaning product in food processing facilities
further contributes to its growing demand. Read
More https//www.fairfieldmarketresearch.com/repo
rt/nitric-acid-market The increasing demand for
nitric acid from fertilizer formulators and the
rising usage of fertilizers in rural economies
worldwide are key factors fueling the market's
growth. According to the US Food and Agriculture
Organization (FAO), the global fertilizer demand
is projected to reach 197.93 million tonnes in
2021 and 200.92 million tonnes in 2022, with
nitrogen-based fertilizers growing at an annual
rate of 1.4 in 2021. The need to meet
the growing food demand has led to the widespread
adoption of various fertilizers and agricultural
units worldwide, aimed at improving crop output,
reducing cultivation time, and ensuring healthy
crop growth. Nitric acid plays a vital role in
the production of nitrogen fertilizers,
indicating a promising outlook for the nitric
acid market. However, the Fertilizers Europe
report predicts a decline in annual nitrogen
fertilizer use in the European Union, from the
current season's 11.2 million tonnes to 10.6
million tonnes by the 2029/2030 season. This
expected decline in annual fertilizer consumption
for the fourth consecutive year in the next
decade may limit industry growth. Nonetheless,
the increasing use of nitric acid in agriculture
to produce fertilizers such as ammonium nitrate,
potassium nitrate, calcium ammonium nitrate, and
nitro phosphate will support the healthy
expansion of the nitric acid market. The use of
fertilizers to enhance crop productivity and meet
the needs of a growing population presents
significant opportunities for the nitric acid
sector. The segment expected to witness the
fastest growth in the nitric acid market is
fertilizers. Rising food demand globally has
resulted in the proliferation of fertilizer
units, with farmers seeking to maximize crop
yield in the shortest possible time. Fertilizers
account for over 80 of nitric acid utilization,
with ammonium nitrate and calcium ammonium
nitrate being the primary fertilizers produced
using nitric acid. To meet the growing global
food demand, an increase in arable land is
necessary, leading to a rise in fertilizer
demand. As a result, the worldwide fertilizer
industry is projected to grow at a compound
annual growth rate (CAGR)
of approximately 5 during the forecast period.
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Ammonium nitrate, a popular and effective
nitrogen-based fertilizer containing around 35
total nitrogen by mass, and calcium ammonium
nitrate (CAN) fertilizer, which contains 25- 28
nitrogen, are driving the growth of the nitric
acid market. CAN fertilizer provides nitrogen to
help plants develop faster and can be used in
soil even with limited water availability due to
its hygroscopic nature. These factors further
contribute to the increasing demand for nitric
acid in the fertilizers segment. Asia Pacific is
poised to lead the nitric acid market in terms of
manufacturing. The region's growing population
and affluence are driving the demand for
agricultural commodities. The increased
production of wheat, maize, cotton, and potatoes
in countries like India, China, and Pakistan is
primarily driving the use of nitric acid in
fertilizers. These factors will continue to drive
the demand for nitric acid in theregion. China,
India, and South Korea are the leading consumers
and producers of fertilizers in the Asia Pacific
region. South Korea, in particular, stands as the
largest exporter of nitric acid in 2021, while
China remains a significant importer for various
industries such as fertilizers, inks, pigments
and dyes, and chemical manufacturing, according
to the ITC trade map. In India, the total
fertilizer production reached 43.49 million MT in
2020-21, marking a 1.7 increase over the
previous year. Nitrogen-based fertilizer
production also experienced a slight increase of
0.2 to 13.74 million MT in the same period,
according to the Fertilizer Association of India.
Moreover, grain production in China witnessed a
2 rise in 2021, reaching 682.9 million tonnes,
with corn acreage and output also showing
significant growth. The increasing use of
fertilizers to boost productivity and address the
challenges of shrinking cultivated land is
expected to drive the nitric acid market in these
regions. Additionally, nitric acid serves as a
raw material for inks, pigments, and dyes, with
the textile industry being its primary
application. The rapid growth of China's textile
industry in the first nine months of 2021 further
contributes to the demand for nitric acid. The
global nitric acid market presents a competitive
landscape with key players striving to enhance
their market share and operations. For instance,
LSB Industries, Inc. recently signed a new
long-term nitric acid supply contract, focusing
on marketing and adjusting their product mix to
improve profitability. Collaborations like the
one between KBR and Haifa Group, aimed at
enhancing production capacity, lowering plant
emissions, and reducing operational costs through
patented technology, demonstrate ongoing efforts
within the industry. Prominent players in the
nitric acid market include The Chemours Company,
Dyno Nobel, National Chemical Group, KBR, Koch
Fertilizers, OCI Nitrogen, Potash Corp, Eurochem
Group, CF Industries, LSB Industries, and Agrium
Inc. With the rapidly increasing global
population and the need for enhanced agricultural
productivity, the nitric acid market is poised
for significant growth. Its diverse applications
and pivotal role in the production of
fertilizers, along with the thriving fertilizer
industry, drive the demand for nitric acid. The
Asia Pacific region, driven by its agricultural
production and demand, stands as a key market for
nitric acid manufacturing and consumption. Trendin
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