BURNABY, Canada, April 13, 2016 /PRNewswire/ --
Nitric Acid is a strong mineral acid and manufactured commercially by the catalytic combustion of ammonia. It is an eroding acid that turns colorless in its pure form and pale yellow due to decomposition of oxides. The nitric acid is prepared in different concentrations for different applications, for instance, the acid with more than 85% concentration is termed as fuming nitric acid, while the commercial form has a concentration of approximately 70%. The product is a reagent in nitration reactions. Unstable nature of several nitric acid-based compounds lets their usage in explosives, while pigments, dyes, and paints utilize stable compounds of nitric acid. Nitric acid is commercially produced through Ostwald's process, which includes catalytic oxidation of ammonia (anhydrous) to generate nitric oxide.
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Nitric Acid Market: Drivers and Restraints
Globally, the market for nitric acid is majorly driven by the fertilizer industry as the products finds major application in manufacturing of ammonium nitrate and calcium ammonium nitrate which finds application in fertilizers. Mounting need for high crop yield in order to meet increasing demand of food by growing population has prompted the consumption of synthetic fertilizers over the past few years which are predicted to have a positive impact on the nitric acid market globally. Growth in chemical processing industry, particularly in developing economies including China and India, is further expected to propel nitric acid demand over the next seven years. Although, strict environmental regulations concerning the usage of ammonium nitrate fertilizers in Europe and North America are foreseen to inhibit market growth and pose a big challenge to the market of the product globally. The Ammonium nitrate fertilizers contaminate ground water through leaching and nitrification which has drawn the attention of the states' governments and has directed the introduction and implementation of directives by EPA to limit the consumption of nitrate-based fertilizers.
Nitric Acid Market: Segmentation
The global nitric acid market is classified on the basis of application and region.
Based on application, the nitric acid market is segmented into the following:
o Nitrobenzene Production
o TDI Production
o Adipic Acid Production
o Nitrochlorobenzene Production
Nitric Acid Market: Overview
The Global Nitric Acid Market to grow at the CAGR of about 10% during 2015-2022 and it estimated to reach approximately US$15 billion by 2022. Demand for crops and vegetables has risen remarkably in recent years, as a consequence of various macroeconomic factors such as high population growth. Increasing demand for food produce is promoting the adoption of more and better fertilizers by the farmers to meet the need and take the explore the rising opportunities. The ammonium nitrate based fertilizers are extensively preferred by the farmers, thus creating demand for the nitric acid. Also, Adipic acid, used in manufacturing of nylon 6,6 which is used in various end-user industries such as automotive, textiles and tire among others, is one of the applications which use nitric acid during manufacturing process. These factors are altogether projecting a brighter and even better future for the product across the globe.
Nitric Acid Market: Region-wise Outlook
At present, Europe was the leading region in nitric acid market, followed by the Asia-Pacific. Asia Pacific is one of the fastest growing regions for the nitric acid market, with China as the major shareholder. North America is currently exhibiting the third-largest demand for nitric acid. Increasing demand for nitric acid from fertilizer industry together with other industries like explosives, polyurethane foams, elastomers, coatings along with floor and wood finishes, lacquers, foam plastics, polyurethane foam coated fabrics, and insulation materials is expected to propel nitric acid market growth in both developed and developing regions
Nitric Acid Market: Key Players
Key players in the Global Nitric Acid Market include Agrium Inc, Apache Nitrogen Products Inc, BASF, CF Industries, Angus Chemical Company, Cherokee Nitrogen L.L.C, and Dyno Nobel, among others.
The report covers exhaustive analysis on:
Regional analysis includes
"Global Nitric Acid Market Forecast & Opportunities, 2021" has analyzed the potential of the global nitric acid market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
Report Highlights:
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