Concentrated Nitric Acid Market - Expected to Reach $25.2 Billion by 2022
DUBLIN, Dec. 8, 2017 /PRNewswire/ --
The "Concentrated Nitric Acid Market by Type (Strong, Fuming), Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate), End-use Industry (Agrochemicals, Explosives, Automotive, Electronics), and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The concentrated nitric acid market is projected to reach USD 25.24 Billion by 2022, at a CAGR of 3.1% from 2017 to 2022. Concentrated nitric acid is used in the manufacturing of ammonium nitrate, adipic acid, nitrobenzene, toluene diisocyanate, trinitrotoluene, and nitroglycerine. These applications are used across various end-use industries such as agrochemicals, explosives, automotive, electronics, and others. The growth of these end-use industries is expected to drive the growth of the concentrated nitric acid market during the forecast period.
Based on type, the concentrated nitric acid market has been segmented into strong nitric acid (concentration 50-85%) and fuming nitric acid (concentration equal to or more than 86%). Strong nitric acid is estimated to be the fastest-growing type of the concentrated nitric acid market during the forecast period. It is used in manufacturing various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, toluene diisocyanate (TDI), and trinitrotoluene (TNT). Strong nitric acid, a class-2 oxidizer, moderately increase the burning rate of materials that they are in contact. This property is used in developing secondary explosives.
Ammonium nitrate is estimated to be the largest segment among the applications. It is widely used in fertilizers and explosives. In fertilizers, ammonium nitrate can be used directly, or it can be used as an intermediate for other nitrogen fertilizers, such as calcium ammonium nitrate and urea ammonium nitrate.
Among end-use industries of concentrated nitric acid, agrochemicals is estimated to remain the largest segment during the forecast period. The increasing demand for nitrogen fertilizers from the emerging countries such as China, India, and Brazil is estimated to fuel the demand for ammonium nitrate in the fertilizers segment. Increased awareness about impacts of ammonium nitrate on soil fertilizer and water resources have reduced the demand from developed countries in Europe and North America. However, the demand for other nitrogen fertilizers such as calcium ammonium nitrate and urea ammonium nitrate is rising. Nitrobenzene is used in crop protection products such as pesticides. The rising demand for nitrogen fertilizer and crop protection products in the global agrochemical industry is estimated to fuel the demand for concentrated nitric acid during the forecast period.
Rising demand for concentrated nitric acid from the agrochemicals, explosives, automotive, and electronics industries is driving the concentrated nitric acid market, globally. Asia Pacific is projected to be the fastest-growing market for concentrated nitric acid during the forecast period, followed by Europe and North America.
Companies Mentioned
- Agrium Inc
- BASF
- CF Industries
- Chemours Company
- Deepak Fertilisers and Petrochemicals Corp. Ltd.
- Dyno Nobel
- Grupa Azoty S.A.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd
- Hanwha Corporation
- Ineos Enterprises
- Others
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Concentrated Nitric Acid Market, By Type
7 Concentrated Nitric Acid Market, By Application
8 Concentrated Nitric Acid Market, By End-Use Industry
9 Concentrated Nitric Acid Market, By Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/research/cp35l9/concentrated
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