The global Nitric Acid Market size is expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.3% from 2022 to 2030 as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for fertilizers by the agrarian economies of the world. The surge in the demand for fertilizers is witnessed by the excessive rise in demand for food. Fertilizer
is- the major application of nitric acid which caters
to the maximum share across the global market. Farmers are adopting new
technologies to speed up their crop yield to satisfy their excessive need. The
product is also consumed in the manufacturing of adipic acid which is
an important raw material in the development of Nylon 6, 6. Nylon 6, 6 is used
extensively in the manufacturing of plastics and industrial carpets.
Nitric acid is produced by the reaction of nitrogen
dioxide with water wherein the diluted nitric acid has distilled concentration
of over 68%. There are majorly two types of the production process of the
product which include weak nitric acid production and high-strength production.
The high strength is produced under high-temperature conditions by first
oxidizing ammonia, then is oxidation followed by absorption.
The global product market has become highly
competitive due to the presence of big players in the industry. Big companies
are constantly innovating the process through their extensive research and
development. Also, the use of technology like mono-medium pressure process,
mono-high pressure process, and dual pressure process are playing a major part
in the making of the product overall.
A substantial amount of the product is consumed in the
manufacturing of chemical fertilizers. However, these chemical fertilizers have
an adverse effect on the environment. Fertilizer production utilizes various
additives and preservatives to enhance their property and to give the optimum
result. However, these additives can cause a significant soil nutrient loss and
degradation of underground water reserves which are consumed by the general
population.
Related Press Release@ Nitric Acid Market Report
Nitric Acid Market Report
Highlights
- Nitrobenzene application witnessed the fastest growth rate with a
CAGR of nearly 5.0%. This is attributed to the wide utilization of
nitrobenzene in the construction industry. The current scenario of
construction is not favorable due to the unexpected situation of
pandemics. However, it is anticipated to grow in the coming years which
will drive the demand for nitrobenzene.
- Fertilizer application captures the major market share globally
with nearly 77.56% by 2028. This is attributed to the excessive demand for
food. Food consumption is increasing massively due to the rise in global
population which is anticipated to trigger the demand for fertilizer even
more in the forecast years.
- Europe captures the major market share for the product across the
globe due to the major players operating in the region. The demand in
Central Europe is starting to take a leap. However, Eastern Europe is
showing huge potential for expansion.
- The global product market has become highly competitive due to the
involvement of big companies in specialty chemical manufacturing. Big
companies are integrating their business across the value chain to obtain
maximum profit at the lowest investment.
- The production of chemical fertilizers involves a substantial
volume of additives and chemical-based substances which have an adverse
effect on the environment. Also, nitric acid is considered a dangerous
substance due to its ability to cause skin burn, and eye damage, It is
therefore recommended to take precautionary measures.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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