Press release
Concentrated Nitric Acid Global Market Set to Skyrocket to $21.59 Billion By 2028 with an Impressive CAGR 2.5% | Nutrien Ltd., BASF SE, LSB Industries Inc., SRF Limited, Dow Inc.
Concentrated Nitric Acid Global Market
The concentrated nitric acid market size is expected to see steady growth in the next few years. It will grow to $21.59 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to industrial safety emphasis, continuous innovations in chemical processes, automotive sector needs, water treatment requirements, semiconductor industry demand. Major trends in the forecast period include renewed use in explosives manufacturing, pharmaceutical sector advancements, dyes, pigments, and colorants demand, market competition and innovation.
Market Overview -
Concentrated nitric acid is a concentrated form of nitric acid and a water-based solution with around 70% HNO3. This acid contains less water than its solutes.
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Personal Protective Equipment (PPE) Surge Fuels Concentrated Nitric Acid Market Growth
Rising demand for personal protective equipment is expected to propel the growth of the concentrated nitric acid market going forward. Personal protective equipment (PPE) refers to wearable safety gear that includes protective clothes, helmets, gloves, face shields, goggles, facemasks, respirators, and other accessories. Personal protective equipment, which prefers to be face masks and gloves, is made of plastic polymers, which require concentrated nitric acid for their manufacturing. For instance, in 2021, according to the analysis by Premier Inc., a US-based healthcare improvement company, the purchases of N95 and KN95 masks increased by 715% from 2020 to 2021, those of surgical masks increased by 93% from 2020 to 2021, and those of exam gloves increased by 225% from 2020 to 2021. Therefore, the rising demand for personal protective equipment drives the concentrated nitric acid market.
Competitive Landscape -
Major companies operating in the concentrated nitric acid market report are Nutrien Ltd., BASF SE, Dupont de Nemours Inc., LSB Industries Inc., CF Industries Holdings Inc., Deepak Fertilisers and Petrochemicals Corporation Ltd., Koch Fertilizers LLC, National Chemical Group Co. Ltd., OCI N.V., Shandong Fengyuan Chemical Stock Co. Ltd., Ube Industries Ltd., Yara International ASA, The Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, EuroChem Group AG, Grupa Azoty S.A., FCI Aravali Gypsum and Minerals India Ltd., Abu Qir Fertilizers and Chemicals Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., Shandong Haili Chemical Industry Co. Ltd., Shandong Dacheng Pesticide Co. Ltd., Nitro Química S.A., GACL-NALCO Alkalies & Chemicals Pvt. Ltd., Grasim Industries Limited, Rashtriya Chemicals & Fertilizers Ltd., SRF Limited, Taiwan Corporation, Dow Inc., Eastman Chemical Company, Mitsui Chemicals Inc.
Technological Advancements Drive Sustainable Production Of Concentrated Nitric Acid
Technological advancement is the key trend in the concentrated nitric acid market. Major companies operating in the concentrated nitric acid market are focusing on including new technology to reduce greenhouse gas emissions during the process of producing concentrated nitric acid to meet climate regulation standards. For instance, in November 2021, Orica, an Australia-based commercial explosives company that produced concentrated nitric acid for use in its explosives manufacturing, installed EnviNOx, a proven nitrous oxide greenhouse gas (GHG) emissions tertiary abatement technology, at its Kooragang Island plant. The technology, which will be implemented at all three of the nitric acid production facilities used to make ammonium nitrate on Kooragang Island, is intended to reduce the site's carbon footprint by at least 567,000 tCO2e annually. Based on projected production, it is anticipated to cut the site's emissions by 48% and produce a cumulative emissions reduction of at least 4.7 MtCO2e by 2030.
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Key Segments -
The concentrated nitric acid market covered in this report is segmented -
1) By Type: Strong Nitric Acid, Fuming Nitric Acid
2) By Application: Agrochemicals, Explosives, Automotive, Rubber, Other Application
3) By Distribution Channel: Direct Or Institutional Sales, Retail Sales, Other Distribution Channels
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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