- Dilute Nitric Acid
- Concentrated Nitric Acid
The nitric acid market size was valued at USD 23.81 billion in 2023 and is poised to grow at a CAGR of 3.2% from 2024 to 2030. The nitric acid is a crucial component in various industries, which creates a demand from end-use industries including fertilizers, explosives, dyes & pigments, and stringent government regulations on air and water pollution. advancements in production technologies, such as the adoption of high-efficiency processes and improved catalyst systems, can help reduce production costs, improve product quality, and minimize environmental impact.
Additionally growing populations and increasing industrialization in emerging economies like China and India are creating a significant demand for nitric acid in various industries, presenting substantial growth opportunities. however, the market is restricted by the challenges that hinder its growth of the market, stringent environmental regulations, fluctuations in raw material prices, and safety concerns, significantly impacting the production cost of nitric acid and affecting the profitability of market participants.
Nitric Acid Market Key Developments:
- October 2023: BASF launched a new high-purity nitric acid grade specifically designed for the production of lithium-ion battery cathodes. This new product caters to the growing demand for battery materials in the electric vehicle industry.
- July 2023: SABIC and Yara signed a memorandum of understanding (MoU) to explore collaboration opportunities in the development and production of sustainable fertilizers, including exploring the use of green hydrogen in nitric acid production.
Nitric Acid Market Summary
Study Period
2024 - 2030
Base Year
2023
CAGR
3.2%
Largest Market
Europe
Fastest Growing Market
Asia Pacific
Nitric Acid Market Dynamics
Nitric Acid is a key ingredient in the production of ammonium nitrate, a widely used fertilizer. The rising global population and increasing demand for food security are driving the fertilizer market, consequently propelling the demand for nitric acid, also used as explosives, in blasting agents, and explosives used in mining, construction, and demolition activities. Nitric acid is used in the manufacturing of several dyes and pigments used in various applications, like textiles, paints, and plastics. The expanding paints & coatings industry is positively impacting the demand for nitric acid. There is increasing demand for the sustainable development of eco-friendly nitric acid production processes, which presents opportunities for manufacturers to cater to the evolving needs of environmentally conscious consumers and industries, with this governments worldwide are enacting stricter regulations to curb air and water pollution. This has led to the development of cleaner nitric acid production technologies, and the adoption of automation and digitalization solutions in nitric acid production processes is gaining traction. This helps improve process efficiency, optimize resource utilization, and enhance safety standards, which are expected to drive market growth.
Asia-Pacific Got Significant Share of
Nitric Acid Market Regional Analysis
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Europe holds the top spot, accounting for a considerable share of the global market, and the strong presence of industries like fertilizers and construction fuels demand for nitric acid. Asia-Pacific is the second-largest consumer & fastest growing due to their large agricultural sectors and growing populations which creates a growing fertilizer demand, in emerging economies like India and China. However, the Asia Pacific region also leads in nitric acid production, with China being a significant player. The North American region accounted for the second-largest growing segment due to the demand for lightweight and fuel-efficient vehicles, which rely on nylon production using nitric acid, and other sectors like agriculture & construction. Other regions such as Latin America, and the Middle East regions also contribute to the global market, but their share is smaller compared to Europe and Asia Pacific, these regions have growth potential due to factors like increasing industrialization and growing agricultural activities
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.
Nitric Acid Market Segmentation
By Type
By End-Users
- Fertilizers
- Aerospace
- Inks, Pigments & Dyes Chemical Manufacturing
- Explosives
- Other End-User Industries
By Grade
- Industrial Grade
- Reagent Grade
- Electronic Grade
Frequently Asked Questions
The nitric acid Market size was valued at USD 23.81 billion in 2023 and is poised to grow at a CAGR of 3.2% from 2024 to 2030
Yara International ASA, CF Industries Holdings, Inc., LSB Industries, Inc, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot (PJSC), Deepak Fertilizers and Petrochemicals Corporation Limited, Navoiyazot, OCI Nitrogen B.V, Sasol Nitro, JSC "Minudobreniya", Fertiberia, Abu Qir Fertilizer Egypt Co., and Nutrien Ltd.
Europe is the dominant market in the nitric acid market.
| 1.Executive Summary |
| 2.Global Nitric Acid Market Introduction |
| 2.1.Global Nitric Acid Market - Taxonomy |
| 2.2.Global Nitric Acid Market - Definitions |
| 2.2.1.Type |
| 2.2.2.End-Users |
| 2.2.3.Grade |
| 2.2.4.Region |
| 3.Global Nitric Acid Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Nitric Acid Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Nitric Acid Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Dilute Nitric Acid |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Concentrated Nitric Acid |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Nitric Acid Market By End-Users, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Fertilizers |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Aerospace |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Inks, Pigments & Dyes Chemical Manufacturing |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Explosives |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Other End-User Industries |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.Global Nitric Acid Market By Grade, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Industrial Grade |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Reagent Grade |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Electronic Grade |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8.Global Nitric Acid Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Nitric Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Dilute Nitric Acid |
| 9.1.2.Concentrated Nitric Acid |
| 9.2. End-Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Fertilizers |
| 9.2.2.Aerospace |
| 9.2.3.Inks, Pigments & Dyes Chemical Manufacturing |
| 9.2.4.Explosives |
| 9.2.5.Other End-User Industries |
| 9.3. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Industrial Grade |
| 9.3.2.Reagent Grade |
| 9.3.3.Electronic Grade |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Nitric Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Dilute Nitric Acid |
| 10.1.2.Concentrated Nitric Acid |
| 10.2. End-Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Fertilizers |
| 10.2.2.Aerospace |
| 10.2.3.Inks, Pigments & Dyes Chemical Manufacturing |
| 10.2.4.Explosives |
| 10.2.5.Other End-User Industries |
| 10.3. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Industrial Grade |
| 10.3.2.Reagent Grade |
| 10.3.3.Electronic Grade |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Nitric Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Dilute Nitric Acid |
| 11.1.2.Concentrated Nitric Acid |
| 11.2. End-Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Fertilizers |
| 11.2.2.Aerospace |
| 11.2.3.Inks, Pigments & Dyes Chemical Manufacturing |
| 11.2.4.Explosives |
| 11.2.5.Other End-User Industries |
| 11.3. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Industrial Grade |
| 11.3.2.Reagent Grade |
| 11.3.3.Electronic Grade |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Nitric Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Dilute Nitric Acid |
| 12.1.2.Concentrated Nitric Acid |
| 12.2. End-Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Fertilizers |
| 12.2.2.Aerospace |
| 12.2.3.Inks, Pigments & Dyes Chemical Manufacturing |
| 12.2.4.Explosives |
| 12.2.5.Other End-User Industries |
| 12.3. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Industrial Grade |
| 12.3.2.Reagent Grade |
| 12.3.3.Electronic Grade |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Nitric Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Dilute Nitric Acid |
| 13.1.2.Concentrated Nitric Acid |
| 13.2. End-Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Fertilizers |
| 13.2.2.Aerospace |
| 13.2.3.Inks, Pigments & Dyes Chemical Manufacturing |
| 13.2.4.Explosives |
| 13.2.5.Other End-User Industries |
| 13.3. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Industrial Grade |
| 13.3.2.Reagent Grade |
| 13.3.3.Electronic Grade |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Yara International ASA |
| 14.2.2.CF Industries Holdings, Inc. |
| 14.2.3.LSB Industries, Inc |
| 14.2.4.Grupa Azoty S.A |
| 14.2.5.BASF SE |
| 14.2.6.TKG Huchems |
| 14.2.7.Azot (PJSC) |
| 14.2.8.Deepak Fertilizers and Petrochemicals Corporation Limited |
| 14.2.9.Navoiyazot |
| 14.2.10.OCI Nitrogen B.V |
| 14.2.11.Sasol Nitro |
| 14.2.12.JSC "Minudobreniya" |
| 14.2.13.Fertiberia |
| 14.2.14.Abu Qir Fertilizer Egypt Co. |
| 14.2.15.Nutrien Ltd |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
- Yara International ASA
- CF Industries Holdings, Inc.
- LSB Industries, Inc
- Grupa Azoty S.A
- BASF SE
- TKG Huchems
- Azot (PJSC)
- Deepak Fertilizers and Petrochemicals Corporation Limited
- Navoiyazot
- OCI Nitrogen B.V
- Sasol Nitro
- JSC "Minudobreniya"
- Fertiberia
- Abu Qir Fertilizer Egypt Co.
- Nutrien Ltd