Allied Market Research

2024

Concentrated Nitric Acid Market

Concentrated Nitric Acid Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by End Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Eswara Prasad
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Concentrated nitric acid is a highly corrosive, smoke-like liquid, colorless to yellow, with a boiling point of 83 degrees Celsius and a freezing point of 2 degrees Celsius. This acid is the most common reagent used in the laboratory to produce inorganic and organic nitrates. Concentrated nitric acid can be produced by dissolving additional nitrogen dioxide in 68% nitric acid. Contact with concentrated nitric acid on the skin is toxic and can cause severe burns. It is widely used in agriculture to make fertilizers. This acid is used in the production of elastomers, polyurethane foams and neoprene. Concentrated nitric acid is also used in rocket propellants as an oxidizer. It's also used in dye intermediates. During the forecast period, the demand for concentrated nitric acid is expected to be driven by an increase in demand for polyurethane foam in the building and construction and automotive industries. Concentrated nitric acid is used to make nitroglycerine, trinitrotoluene, toluene diisocyanate, nitrobenzene, adipic acid, and ammonium nitrate. These products are used in a variety of end-use industries, including electronics, automotive, explosives, and agrochemicals.

COVID-19 Impact analysis

  • The COVID-19 pandemic had a significant impact on many end-use industries, causing a temporary halt in manufacturing activities and trade actions. Similarly, the pandemic has caused an economic downturn due to decreased demand and decreased manufacturing, causing a disruption in supply and demand.
  • The global trade embargo had a significant impact on trading activities, resulting in a further drop in raw material availability and an increase in the price of finished goods. The temporary shutdown of end-use industry manufacturing units, such as automobiles, resulted in lower demand for nitric acid.
  • This decreased demand had an impact on the market's overall growth. However, due to the increasing use of plastic in the medical industry, the market is expected to gradually stabilize. The rising demand for PPE kits has resulted in increased plastics production, propelling the nitric acid market forward.

Top Impacting factor

Rising population combined with shrinking arable land, increased usages in elastomers, synthetic rubbers, polyurethane foams in the automotive industry, and rising applications in the aerospace and chemical industries are some of the factors expected to drive the concentrated nitric acid market during the forecast period. On the other hand, rising demand for technical ammonium nitrate will boost various opportunities, leading to the growth of the concentrated nitric acid market during the forecast period. Ammonium nitrate is used to make Ammonium Nitrate Fuel Oil (ANFO), which is widely used in the manufacture of bulk industrial explosives. During the forecast period, rising demand for ANFO in the manufacture of civil explosives is expected to drive the ammonium nitrate application segment. However, the toxicity of concentrated nitric acid is expected to hamper the market.

Market Trends

Expansion

  • Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL) announced in April 2019 the commercial launch of a new nitric acid production complex in Dahej, Gujarat, India, with an annual capacity of 92 kilotons of concentrated nitric acid, thereby expanding the nitric acid business.
  • KBR Inc. announced in April 2019 that its subsidiary Plinke GmbH had been awarded a contract by Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) of India to build a concentrated nitric acid plant in Bharuch, Gujarat, India, to increase plant capacity.
  • Adipic acid is produced by oxidizing a mixture of cyclohexanone and cyclohexanol with nitric acid, also known as ketone-alcohol oil (KA oil). Adipic acid is used in small amounts as a flavoring agent in food and can also be used in the production of nylons and polymers. The increased use of nylon and polyurethane is expected to drive adipic acid demand. As a result, the concentrated nitric acid market is expected to grow during the forecast period.
  • The trend of replacing metal parts with lightweight and strong materials such as synthetic rubbers, nylon, and elastomers in the automotive industry drives demand for nitrobenzene and adipic acid. Product demand is expected to be driven by rising demand for synthetic rubbers, elastomers, and polyurethane foams in the automotive industry.
  • The Asia-Pacific region is expected to be the largest and fastest-growing concentrated nitric acid market. With well-established manufacturing facilities for agrochemicals, fertilizers, explosives, polyurethane foams, and other products, the region serves as an industrial base.

Key Benefits of the Report

  • This study presents the analytical depiction of the concentrated nitric acid industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the concentrated nitric acid market share.
  • The current market is quantitatively analyzed to highlight the concentrated nitric acid market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed concentrated nitric acid market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the concentrated nitric acid Report

  • Who are the leading market players active in the concentrated nitric acid market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
    • Upcoming Report specific FAQs
      • Who are the leading global players in the "concentrated nitric acid" Market?
      • What are the current trends and predicted trends?
      • What are the challenges faced in the "concentrated nitric acid" Market?
      • Which will be the niches at which players profiling with recent advancements should set a presence?
      • What are the driving factors and opportunities in the market?

Concentrated Nitric Acid Market Report Highlights

Aspects Details
Concentrated Nitric Acid Market By Type
By Type
  • Strong
  • Fuming
Concentrated Nitric Acid Market By Application
By Application
  • Ammonium Nitrate
  • Adipic Acid
  • Nitrobenzene
  • Toluene Diisocyanate
  • Trinitrotoluene
Concentrated Nitric Acid Market By End Use Industry
By End Use Industry
  • Agrochemical
  • Explosives
  • Automotive
  • Electronics
Concentrated Nitric Acid Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players
Key Market Players

Hanwha Corporation, Linde, Sasol Limited, UBE INDUSTRIES Ltd., LSB Industries, GNFC Limited, CF Industries Holdings Inc., The Dow Chemical Company, Yara, BASF SE

Key Market Players

INEOS Capital Limited., The Chemours Company, Rashtriya Chemicals and Fertilizers Limited, DFPCL, Koch Fertilizer LLC

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Concentrated Nitric Acid Market

Global Opportunity Analysis and Industry Forecast, 2023-2032