The size of the nitric acid market will reach $ 27,536.9 million by 2027; The booming automotive industry is accelerating business, according to Fortune Business Insights ™

Pune, India, February 16, 2021 (GLOBE NEWSWIRE) – Global nitric acid market size it is expected to reach $ 27,536.9 million by 2027, showing a CAGR of 3.5% over the forecast period. The booming automotive industry in developing countries has led to high consumption of this acid, which in turn will bring good to the market, according to Fortune Business Insights in a report titled “Nitric acid market size, share and impact analysis of COVID-19, by application (fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate and others), and regional forecast, 2020-2027. ” The market size was $ 22,268.1 million in 2019.

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List of leading companies profiled globally Nitric acid market are:

  • BASF SE (Ludwigshafen, Germany)
  • Nutrien (Saskatoon, Canada)
  • DuPont (Delaware, USA)
  • CF Industries Holdings, Inc. (Illinois, USA)
  • Omnia Holdings Limited (Gauteng, South Africa)
  • Dyno Nobel (Brisbane, Australia)
  • Enaex SA (Santiago, Chile)
  • Sasol (Johannesburg, South Africa)
  • LSB Industries (Oklahoma, USA)
  • Ixom (Victoria Australia)
  • Other key players

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A key market driver:

Turbulent construction activities allow for rapid expansion

The increasing application of the HNO3 agricultural industry to the production of fertilizers such as ammonium nitrate, potassium nitrate, calcium-ammonium nitrate and nitro-phosphate will encourage healthy market growth. The use of fertilizers to increase crop yields and meet the growing needs of the population will boost opportunities for the nitric acid industry. Furthermore, increasing consumer disposable income has increased demand for organic and quality food, thus helping market growth. Increased construction activities will consequently accelerate market development in the coming years. For example, toluene di-isocyanate (TDI), an intermediate of HNO3, is used for the production of polyurethane foams, wood and floor coverings and insulation materials. Improving consumer lifestyles and increasing renewal activities will significantly contribute to market growth. In addition, new government infrastructure projects will boost the growth of the nitric acid market.

Report on the nitric acid market includes:

  • Significant market insights
  • In-depth market analysis
  • Market drivers and constraints
  • Comprehensive information on key players
  • Market leading regions

A disrupted supply chain is affected Production of HNO3 in the midst of coronavirus

The coronavirus pandemic has had a drastic impact on the industry, causing a temporary halt to production and trade activities. Reduced demand and production disrupted the supply chain. Moreover, the current stalemate in automotive production has led to reduced demand for this type of acid, which has hampered this market. However, the increasing use of plastics in the medical industry will favor market developments. Growing demand for PPE kits has led to high plastic production, which has spurred the growth of the nitric acid market.

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Regional analysis:

An advanced agricultural industry is driving the market in the Asia-Pacific region

The Asia-Pacific region is expected to hold the largest share of the nitric acid market during the forecast period. The growth is attributed to the growing demand for HNO3 from various end-use industries, including automotive, agriculture and construction. The growing population, along with increasing agricultural production in countries like India, China and Japan, will spur market development. China has dominated the market due to rapid population growth, growing infrastructure projects, along with rising middle-class incomes. Europe is expected to expand radically over the forecast period due to growing consumer demand for fuel-efficient and environmentally friendly cars.

Key development:

October 2019: LSB Industries, Inc., has signed a new long-term nitric acid supply contract with customers. The agreement will include the delivery of 70 KT to 100 KT of nitric acid per year.

Review a detailed summary of the TOC research report:

https://www.fortunebusinessinsights.com/nitric-acid-market-104566

Detailed content:

  • Introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market drivers
    • Market restrictions
    • Market opportunities
  • Key insights
    • Key emerging trends – for large countries
    • Key achievements: mergers, acquisitions, partnerships, etc.
    • The latest technological advancement
    • Insight into the regulatory scenario
    • Five-force carrier analysis
  • Qualitative Insights – The Impact of COVID-19 on the Global Nitric Acid Market
    • Challenges in the supply chain
    • Steps taken by the government / companies to overcome this impact
    • Potential opportunities due to the outbreak of COVID-19
  • Global nitric acid market analysis, insight and forecast, 2016-2027
    • Key Findings / Summary
    • Market size estimates and predictions
      • According to the application (volume / value)
        • Fertilizers
        • Nitrobenzene
        • Adipic acid
        • Toluene di-isocyanate
        • The others
      • By regions (volume / value)
        • North America
        • Europe
        • Asia Pacific
        • Latin America
        • Middle East and Africa

TOC Continued…!

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