Concentrated Nitric Acid Market size is poised to reach USD 53 Billion by the end of 2035, growing at a CAGR of 6.10% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of concentrated nitric acid was over USD 26 Billion. The reason behind the growth is impelled by the rising demand for concentrated nitric acid from the agrochemicals industry.
Nitric Acid 65% is employed as fertilizer in farming which is also used as a water treatment chemical to decrease the pH and helps to promote healthy plant growth and fuller yields. According to the U.S. Environmental Protection Agency (EPA), the production of ammonium nitrate, NH4N3 is 70 % nitric acid which has a large role to play in fertilizers.
The growing demand in household cleaning products are believed to fuel the market growth. Concentrated nitric acid is used in the cleaning procedure for the home as it is present in the dishwashing liquids.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6.10% |
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Base Year Market Size (2022) |
~ USD 26 Billion |
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Forecast Year Market Size (2035) |
~ USD 53 Billion |
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Regional Scope |
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Application (Adipic Acid, Nitrobenzene, Toluene Diisocyanate, Ammonium Nitrate)
The ammonia nitrate segment in the concentrated nitric acid market is estimated to gain a robust revenue share of 38% in the coming years owing to the growing usage of ammonia nitrate to make explosives. Ammonium nitrate is used in the manufacture of explosives, which require a large amount of nitric corrosives to be extracted as an antecedent and has legitimate implications for interest in nitric corrosives. This as a result would significantly increase the demand for concentrated nitric acid since it is used in the production of ammonium nitrate.
End-User (Agrochemicals, Explosives, Automobiles, Electronics)
The agrochemicals segment is set to garner a notable share shortly. Increasing awareness of fertilizers used in agricultural practices has led to increased consumption of nitric acid in agriculture, which subsequently leads to higher yields. Nitrogen fertilizers calcium and urea ammonium nitrate are used to produce more yield whereas nitrobenzene is used for crop production of pesticides. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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Application |
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End-User |
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APAC Market Forecast
Concentrated nitric acid market in Asia Pacific is predicted to account for the largest share of 38% by 2035 impelled by the growing construction sector. This has led to an increase in demand for concentrated nitric acid in the region since it is crucial for the construction industries, as a crucial ingredient in the production of explosives which are widely employed in the construction sector for the creation of new roads, the excavation of land for building foundations or basement spaces, and demolition operations. By 2025, it is anticipated that India's construction market will be worth more than USD 1 trillion.
North American Market Statistics
North America concentrated nitric acid market is estimated to hold the second largest share of 28% during the forecast timeframe led by increased demand for ammonia nitrate and fuel oil ANFO, which acts as an oxidizer and fuel absorbent during the production of explosives. According to the US Geographical Survey, in the North America, United States, approximately 80% of explosives are mixed with ANFO.
Author Credits: Smruti Ranjan, Rajrani Baghel
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