Nitric Acid Market to Grow at a CAGR of over 6% through 2025
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.
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.
Browse 15 market data Tables and 144 Figures spread through 207 Pages and an in-depth TOC on "Global Nitric Acid Market"
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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