The analysts forecast the global concentrated nitric acid market to grow at a CAGR of 3.09% during the period 2018-2022.
The report covers the present scenario and the growth prospects of the global concentrated nitric acid market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
One trend in the market is the growing economy in APAC. The economies of APAC countries such as China, India, and others have been growing as per the latest World Bank Group (WBG) data. Their GDP growth rate is improving. These countries have vast geographical areas and a spiking population rate, due to which there has been an increase in disposable income per capita. For instance, according to the WBG data, the annual GDP growth rate for India was 7.107% in 2016.
According to the report, one driver in the market is growing demand from major end-user industries. The growing demand for concentrated nitric acid from automotive, explosives, agrochemicals, and electrical and electronics industries is driving the market. The automotive sector is one of the major consumers of polyurethanes and nylon 66. The use of nylon 6,6 has reduced the load-carrying capacity and stiffness in automotive vehicles.
Polyurethane, on the other hand, is an elastomer used in flexible foam seating, foam insulation panels, elastomeric wheels and tires, and hard plastic parts. It is tough, flexible, and resistant to weather, ozone, and radiation. Both nylon 66 and polyurethanes are manufactured by using adipic acid as a raw material, which is, essentially derived from nitric acid.