The global nitric acid market size is expected to reach USD 14.0 billion by 2022, according to a new report by Grand View Research, Inc., progressing at a CAGR of 1.8% during the forecast period. Flourishing agriculture industry and surging demand for fertilizers are among the key trends escalating market growth.
Growing need for high yield in order to meet demands of ever-rising population is creating an upswing in the use of synthetic fertilizers, which is anticipated to have a positive impact on the market. Growth in chemical processing industry, particularly in developing countries including China and India, is likely to further fuel the demand for nitric acid.
Ammonium nitrate fertilizer is estimated to be the largest application segment throughout the forecast period due to increasing demand from the agriculture sector coupled with lack of regulations regarding use of nitrate-based fertilizers in some developing countries.
Asia Pacific was the leading market for nitric acid in 2013 on account of strong presence of the chemical and fertilizer industries in the region. Stringent regulations in Europe and North America pertaining to the use of synthetic fertilizers have resulted in shift of demand to emerging economies such as China and India. Central & South American countries, including Mexico and Brazil, are also projected to have strong growth prospects in light of increasing number of chemical companies.
Spiraling demand for food and favorable government initiatives are leading to rapid expansion in the agriculture industry in India, China, and Brazil, which in turn is poised to stoke the growth of the market. Rising demand for bio-based fertilizers owing to increasing environmental concerns is projected to have a negative impact on the market. However, high demand for ammonium nitrate as a fertilizer will continue to keep the growth of the nitric acid market strong.
View summary of this report @ www.grandviewresearch.com/industry-analysis/nitric-acid-market
Further Key Findings from the Report Suggest:
- In terms of revenue, the fertilizers application is anticipated to reach USD 11,257.7 million by 2022, at a CAGR of 1.8% from 2015 to 2022
- In terms of revenue, Toulene di-isocynate application is projected to grow at a CAGR of 2.6% over the forecast period
- Adipic acid held 3.7% of the global market in 2015 and is expected to reach 3.9% by 2022
- The North America nitric acid market is anticipated to reach USD 1,811.7 million by 2022
- Asia Pacific is projected to witness a CAGR of 2.8% over the forecast period, owing to rapid developments in the agriculture sector
- Some of the key companies present in the market are DuPont; BASF; The Dow Chemical Company; Agrium Inc.; Omnia Holdings; Apache Nitrogen Products Inc.; and CF.
Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/agrochemicals-and-fertilizers
Grand View Research has segmented the global nitric acid market report on the basis of application and region:
Nitric Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)
- Adipic Acid
- Toulene di-isocynate
Nitric Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)
- North America
- Western Europe
- Central & Eastern Europe
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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