NEW YORK, September 19, 2016 /PRNewswire/ --
Stringent government regulations, expansion in plant capacities and increasing demand for ammonium nitrate fertilizers to drive global nitric acid market through 2025
According to TechSci Research report "Global Nitric Acid Market By Plant Type, By Sales Channel, By End Use, By Region, Competition Forecast & Opportunities, 2011 - 2025", global nitric acid market is projected to grow at a CAGR of over 6% during 2016-2025 due to increasing demand for production of inorganic and organic nitrates and nitro compounds for fertilizers, dye intermediates, explosives, etc. Europe is the largest consumer of nitric acid in the world, owing to high ammonium nitrate production in the region. Additionally, rapid urbanization and industrialization in European countries is generating increased demand for nitric acid.
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"Global Nitric Acid Market"
According to the FAO, demand for fertilizers in Europe grew from 23,035 thousand tons in 2011 to 24,858 thousand tons by 2016, at a CAGR of 1.5% during 2011-2016. Moreover, Asia-Pacific is projected to emerge as the fastest growing global nitric acid market over the next five years, on account rising demand from emerging economies such as India and China.
Leading global nitric acid manufacturers are expanding their production base in different countries through mergers and acquisitions in order to capture the growing demand in different regions. Fertilizer production is the major end user sector for nitric acid across the globe and this is increasing ammonium nitrate production for manufacturing fertilizers. Rising demand for fertilizers across the globe is anticipated to boost production of ammonium nitrate and calcium ammonium nitrate. This is anticipated to drive global nitric acid market in the coming years. Other major applications of nitric acid include adipic acid, TNT, TDI, nitrobenzene and others. Few of the leading players operating in global nitric acid market include LSB Industries, Yara International, CF Industries, Deepak Fertilisers, Petrochemicals Corporation Limited, Agrium Inc., Potash Corp, Eurochem AG and others.
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"Non fertilizer applications are projected to drive robust growth in global nitric acid market. Rising penetration of nitric acid in niche applications such as explosives and pharmaceuticals is catalyzing demand for nitric acid from the non fertilizer segment. Burgeoning demand for industrial explosives and blasting agents is projected to generate high demand for ammonium nitrate and nitric acid across the globe. Further, increasing mining activities across the globe is also projected to augur well for global nitric acid demand.", said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"Global Nitric Acid Market By Plant Type, By Sales Channel, By End Use, By Region, Competition Forecast & Opportunities, 2011 - 2025" has analyzed the potential of global nitric acid market and provides statistics and information on market sizes, shares, forecast and trends. The report will suffice in providing 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.
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