Nitric Acid Market Analysis :
Nitric acid is a corrosive mineral acid, which becomes pale yellow due to decomposition of oxides and is colorless in its natural form. Nitric acid is known by the name of aqua fortis or spirit of niter as well.
Nitric acid can be prepared by oxidizing ammonia. Where, in the presence of a catalyst ammonia is oxidized with air in order to obtain the product along with water, which is further oxidized with excess air to get nitrogen dioxide, which is then absorbed in water to obtain nitric acid in solution form.
Nitric acid usually has concentration upto 70%. However, if its more than that then it is known as fuming nitic acid, which is further classified as red fuming nitric acid and white fuming nitric acid on the basis of its concentration. Moreover, nitric acid is a very good reagent in nitration reaction.
- The global market for nitric acid is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of nitric acid, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, and Driver
Toluene diisocyanate, ammonium nitrate, adipic acid, nitrobenzene, trinitrotoluene, and nitroglycerine are manufactured by using nitric acid. These are further used in various end-use industries such as explosives, automotive, agrochemicals, and electronics and these end-use industries are anticipated to drive the nitric acid market in the future.
Ammonium nitrate is one of the applications of nitric acid, which is highly useful in explosives as well as in fertilizers. Due to this there has been huge growing demand for fertilizers from developing countries such as, Brazil, China, and India. Thus,is expected to create great opportunities as well as bolster the market. Moreover, nitrobenzene is used in protection of crop as a pesticide and seeing the current rising demand for pesticide will directly boost the nitric acid market as well in the near future.
Nitric acid market has great opportunities, since the big companies working on this domain are continuously investing, in order to expand their capacities and enhance their distribution networks and thus enhance their positions in the market. They have started doing mergers & acquisitions to serve the different regions around the world. CF industries, for example, acquired some per cent of Grow How.
Moreover, nitric acid is used in automotive interior manufacturing as a nylon resins and fibers through adipic acid, as a replacement for heavy metal components. This directly affects fuel economy, since lesser vehicle weight leads to greater fuel economy as well as low carbon emissions due to lower fuel consumption. This factor will create great opportunities in the market and boost as well.
However, price of concentrated nitric acid is reliant on the price of natural gas and its derivatives (ammonia). Therefore, any fluctuation in the natural gas and ammonia market will hamper the nitric acid market as well and thus affect its growth.
Key benefits of the report:
- This study presents the analytical depiction of the global nitric acid market 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 global nitric acid market share.
- The current market is quantitatively analyzed to highlight the global nitric acid market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global nitric acid market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Nitric Acid Marketresearch report:
- Who are the leading market players active in the nitric acid market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the nitric acid market?
- What are the projections for the future that would help in taking further strategic steps?
Nitric Acid Market Report Highlights
By Industry Vertical
Key Market Players
Agrium Inc., Deepak Fertilisers and Petrochemicals Corp. Ltd., OCI N.V., Koch Fertilizers LLC, Hanwha Corporation, Yara International., Ube Industries, National Chemical Group, CF Industries, Shandong Fengyuan Chemical Stock Co. Ltd., LSB Industries Inc.