PUNE, India, September 5, 2017 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, the market was valued at USD 21.11 Billion in 2016 and is projected to reach USD 25.24 Billion by 2022, at a CAGR of 3.1% during the forecast period. Concentrated nitric acid is mainly used in the production of nitrogen fertilizers, explosives pesticides, polyurethane foams, synthetic rubbers, and elastomers. Concentrated nitric acid also acts as an oxidizer in rocket propellants and dye intermediate. The growing demand for polyurethane foams in automotive, building & construction, and furniture industries is projected to boost the demand for concentrated nitric acid in the coming years.
Browse 138 Market Data Tables and 45 Figures spread through 162 Pages and in-depth TOC on "Concentrated Nitric Acid Market"
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The strong nitric acid is the largest type segment from 2017 to 2022.
Strong nitric acid includes various concentrations ranging from 50-85%, which covers almost all the applications of concentrated nitric acid. Strong nitric acid is used in manufacturing various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, Toluene Diisocyanate (TDI), and Trinitrotoluene (TNT). More than 70% of the concentrated nitric acid is used in the production of ammonium nitrate. It is used as intermediates for agrochemicals and explosives. 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, TNT), and nitroglycerin are used in explosive production.
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The ammonium nitrate segment led the Concentrated Nitric Acid Market in 2016.
Ammonium nitrate was the largest application segment of the Concentrated Nitric Acid Market in 2016. Ammonium nitrate is sold in two forms, namely, liquid, and solid depending on the concentration of ammonium nitrate in the solution. Ammonium nitrate can be directly used as fertilizer or as an intermediate for other fertilizers such as urea ammonium nitrate and calcium ammonium nitrate. Ammonium nitrate explosives are largely manufactured in Europe and Asia Pacific countries such as Russia, China, and Australia. The increasing demand for Ammonium Nitrate, Fuel Oil (ANFO) to manufacture civil explosives is estimated to drive the market in the ammonium nitrate application in the coming years.
The rising demand for polyurethane foams, synthetic rubbers, and elastomers in the automotive industry is expected to be the key factor driving the Concentrated Nitric Acid Market between 2017 and 2022.
In the automotive industry, the trend of replacing metal parts by light weight and strong materials, such as synthetic rubbers, nylon 6,6, and elastomers drives the demand for nitrobenzene & and adipic acid. Adipic acid is also used in the coatings used for vehicle exteriors. The increasing use of flexible PU foams in automotive interiors and cushions drives the demand for TDI. These factors are estimated to fuel the demand for concentrated nitric acid during the forecast period.
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The growing economies of Asia Pacific countries are estimated to boost the demand for concentrated nitric acid and its applications in fertilizers, explosives, automotive, building & construction, and textile industries.
Asia Pacific is projected to be the fastest-growing market for concentrated nitric acid. China is estimated to be the largest market for concentrated nitric acid in the Asia Pacific region and is projected to grow at the highest CAGR during the forecast period. The increasing demand for concentrated nitric acid and its applications from various end-use industries, such as agrochemicals, explosives, and automotive is expected to drive the growth of the Concentrated Nitric Acid Market in this region during the forecast period.
The key companies operating in the Concentrated Nitric Acid Market are Agrium Inc. (Canada), CF Industries (US), Deepak Fertilisers and Petrochemicals Corp. Ltd. (India), Hanwha Corporation (South Korea), Koch Fertilizers LLC (US), LSB Industries Inc. (US), National Chemical Group (Russia), OCI N.V. (Netherlands), Shandong Fengyuan Chemical Stock Co. Ltd. (China), Ube Industries (Japan), and Yara International (Norway).
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