According to the research study by Hexa research, Global Nitric Acid Industry is estimated to
see significant growth in the forecast period. Due to large scale use of
chemicals and fertilizers this industry is expected to boom rapidly in the
global market. With the growing demand of Ammonium nitrate fertilizers for
agricultural use, it has become the key factor for industrial growth. Growth of
chemical making industries, especially in emerging regions like China and
India, it is further expected to increase more demand of nitric acid market in
next five years. Asia Pacific was the largest market for nitric acid in
2012-2013 with strong and impactful presence of fertilizers industries in that
region. North America and
Europe are estimated to witness loss
of market share by over 2.1% in the forecast period. Asia Pacific is likely
to experience high growth with CAGR of
2.8% from 2015 to 2022. Ammonium nitrate contributes being the largest
application segment over the years and also in upcoming years owing the
increasing demand in agricultural field and lack of rule and regulations of the
use of nitrate fertilizer in India and China. Central and Eastern Europe has
dominated the Nitric acid industry globally with market demand over 20 million
tons in 2014.
Browse Details of Report @ https://www.hexaresearch.com/research-report/nitric-acid-industry
Hexa Research also stated that, Adipic acid, key application of Nitric
acid is contributing for 2,280 Kilo tons in global market. Nitric acid consumed
for ammonium nitrate production is used as a intermediate for manufacturing of
fertilizers or 80% of it is used a fertilizer. Nitric acid industry is stated
by its major Players including Dow Chemical Company and BASF SE. Koch Nitrogen
Company and Agrium are involved in manufacturing ammonium nitrate and ammonia
which is nitrogen based fertilizers. Automobile, construction, furniture and
chemical industries being the key factor involving nitric acid Market growth.
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