Nitric Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Plant Type (Mono Pressure & Dual Pressure), By Sales Channel (Direct & Indirect), By End Use (AN & CAN, Nitrobenzene, TDI, TNT, Adipic Acid, Others), By Region, and Competition 2018-2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationNitric Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Plant Type (Mono Pressure & Dual Pressure), By Sales Channel (Direct & Indirect), By End Use (AN & CAN, Nitrobenzene, TDI, TNT, Adipic Acid, Others), By Region, and Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 25.18 billion |
| CAGR (2023-2028) | 3.74% |
| Fastest Growing Segment | Adipic Acid |
| Largest Market | Asia Pacific |
Market Overview
Global Nitric Acid Market has valued at USD 25.18 billion in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 3.74% through 2028. Nitric acid is a crucial chemical compound with diverse applications, plays a significant role in various industries worldwide. The global nitric acid market has witnessed steady growth over the years, driven by increasing demand from sectors such as agriculture, chemical manufacturing, electronics, and explosives. Nitric acid is a strong mineral acid primarily produced through the Ostwald process, where ammonia is oxidized to form nitric oxide, which is further oxidized to form nitrogen dioxide. The nitrogen dioxide is then dissolved in water to yield nitric acid. The resulting nitric acid can vary in concentration, ranging from highly concentrated fuming nitric acid to diluted solutions used for various applications.
Key Market Drivers
Growing Demand of Nitric acid in Fertilizers
Nitric acid is a strong mineral acid which plays a crucial role in modern agriculture by serving as a key component in the production of nitrogen-based fertilizers. The demand for fertilizers is rising globally due to population growth, expanding agricultural practices, and the need to enhance food production. Nitrogen is an essential nutrient for plant growth, and its availability in the soil directly impacts crop productivity. Nitric acid-based fertilizers, such as ammonium nitrate, provide an efficient and effective means of supplying crops with nitrogen, thus improving agricultural yields and supporting food security. The need to expand agricultural land to accommodate the growing population has become evident. As new lands are brought under cultivation, the demand for fertilizers increases. Nitric acid-based fertilizers play a critical role in enhancing soil fertility and productivity in these newly cultivated areas, supporting the growth of the global nitric acid market. Moreover, the changing dietary preferences and increasing demand for high-value crops, such as fruits, vegetables, and cash crops, have stimulated the adoption of intensive farming practices. These high-value crops often require precise and continuous nutrient supply to achieve premium quality and high yields. Nitric acid-based fertilizers enable farmers to meet these crop demands efficiently, driving the demand for nitric acid in fertilizers.
Growing Use of Nitric Acid in Construction Industry
Nitric acid, a highly versatile and essential chemical compound, has found a growing application in the construction industry. Its unique properties and diverse functionalities have made it an indispensable component in various construction processes. From concrete production to corrosion protection, nitric acid plays a significant role in enhancing the durability, strength, and performance of construction materials. Concrete, the most widely used construction material globally, owes its durability and strength to the chemical reactions that occur during its production. Nitric acid is often used in the manufacturing of high-performance concrete, where it acts as a chemical accelerator. The addition of nitric acid accelerates the hydration process of cement, leading to faster setting times and increased early-age strength. The rising demand for nitric acid in construction applications is expected to drive market growth. As the construction industry continues to expand globally, the need for nitric acid for concrete production, corrosion protection, and surface treatment is likely to increase. The trend of utilizing nitric acid in construction applications is likely to spur research and development efforts to further optimize its usage and develop new technologies that enhance its effectiveness in construction processes.
Growing Demand of Nitric Acid in Chemical Manufacturing Industry
Nitric acid, a highly versatile and essential chemical compound, finds extensive applications in various industries. Among these, the chemical manufacturing industry stands out as a major consumer of nitric acid. Nitric acid is utilized in the production of various chemical compounds, including nitrobenzene and nitrocellulose. Nitrobenzene is an essential precursor in the manufacturing of aniline, which, in turn, is used in the production of rubber chemicals, dyes, and pharmaceuticals. Nitrocellulose is a vital component in the production of lacquers, coatings, and celluloid, further increasing the demand for nitric acid. Nitric acid can act as a catalyst in certain chemical reactions, promoting the reaction rates and increasing overall efficiency in various industrial processes. Moreover, nitric acid is used as a corrosion inhibitor to protect metals and equipment from corrosion and rust. It finds applications in industries dealing with acids, alkalis, and other corrosive substances.
Increasing Use of Nitric Acid in Electronics Industry
Nitric acid, a highly reactive and versatile chemical compound, has witnessed a significant increase in demand in recent years, largely fueled by its growing use in the electronic industry. The electronic industry heavily relies on nitric acid for various critical processes, including etching, cleaning, and passivation of electronic components. One of the primary applications of nitric acid in the electronic industry is in the etching of printed circuit boards (PCBs). PCBs are essential components in electronic devices, acting as a platform to connect and support various electronic components. Nitric acid is used to selectively remove the unwanted copper from the PCB surface during the etching process, creating the desired circuit patterns. Moreover, nitric acid is widely used as a cleaning agent to remove organic residues, particles, and metallic contaminants from the wafer surface. Clean wafers are critical for ensuring high-quality semiconductor devices with enhanced performance, making nitric acid a crucial element in semiconductor manufacturing. Nitric acid serves as a key raw material in the production of various chemicals used in the electronic industry. These chemicals include nitric acid derivatives, which are used in specialty processes like metal plating, circuitry fabrication, and the synthesis of organic compounds used in electronic devices.
Key Market Challenges
Volatility in Prices of Raw Materials
Many regions heavily rely on imported ammonia to meet their nitric acid production requirements. This dependency exposes manufacturers to geopolitical risks, currency exchange rate fluctuations, and supply chain disruptions, all of which can lead to unstable raw material costs. Volatility in raw material prices can pose challenges for nitric acid manufacturers in maintaining stable profit margins. Sudden increases in raw material costs can erode profit margins, affecting the financial health of companies in the industry.
Rise in Environmental Concerns
Nitric acid production involves the oxidation of ammonia, resulting in the release of nitrogen oxides (NOx) as by-products. Nitrogen oxides are potent greenhouse gases that contribute to air pollution and the formation of acid rain. These emissions can have detrimental effects on both human health and the environment. Additionally, the production process itself consumes significant amounts of energy, which can further contribute to carbon emissions and global warming. Nitric acid plants often require large amounts of electricity for ammonia synthesis and the energy-intensive oxidation process.
Key Market Trends
Technological Advancements
Technological advancements are opening new horizons for nitric acid applications, particularly in the field of nanotechnology. Nitric acid plays a vital role in the synthesis and functionalization of nanoparticles, which find applications in electronics, medicine, catalysis, and environmental remediation. The integration of digital technologies, such as data analytics and the Internet of Things (IoT), are driving process optimization and enhancing operational efficiency in nitric acid production plants. It improves operational efficiency, reduces downtime, and enables data-driven decision-making. In 2020, Stamicarbon has unveiled its dual and mono nitric acid method known for its exceptional energy recuperation. This is accomplished through careful placement of the heat exchanger further down the ammonia burner. The key characteristic that sets this process apart from traditional nitric acid production is the ability to reach high tail gas temperatures, reaching up to 480°C. This is achieved by positioning the final tail gas heater in closer proximity to the Pt/Rh gauzes within the ammonia burner vessel, where elevated process temperatures are encountered. Moreover, technological advancements in safety systems and equipment have significantly improved workplace safety. Automation and remote monitoring systems reduce the need for manual intervention and exposure to hazardous environments.
Growing Utilization of Nitric Acids in Environmental Applications
Nitric acid plays a crucial role in air pollution control. It is used in processes such as the selective catalytic reduction (SCR) of nitrogen oxides (NOx) in industrial emissions. NOx is a major air pollutant, contributing to smog, acid rain, and adverse health effects. By utilizing nitric acid in SCR systems, nitrogen oxides are converted into harmless nitrogen and water vapor, reducing harmful emissions. In environmental monitoring, nitric acid is used as a reagent in water quality analysis. It is employed to preserve water samples for laboratory testing, ensuring accurate and reliable measurements of various parameters such as pH, nutrients, and trace metals. The increasing demand for nitric acid in environmental applications is expected to drive market growth. As governments and industries focus on sustainable practices and environmental regulations become more stringent, the need for nitric acid for pollution control and remediation is likely to rise.
Segmental Insights
Sales Channel
In 2022, the organic acid market was dominated by the direct sales segment and is predicted to continue expanding over the coming years.
End Use Insights
In 2022, the organic acid market was dominated by the adipic acid segment and is predicted to continue expanding over the coming years.
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Regional Insights
The Asia Pacific region has established itself as the leader in the Global Organic Acid market.
Recent Developments
- On 27 September 2021, KuibyshevAzot and Casale are announced the signingof an agreement for the construction of a 1575 MTD nitric acid (NA) and 2000MTD Ammonium Nitrate Solution (ANS) facility in Togliatti (Russia). Thefacility, scheduled to be finished in the fourth quarter of 2024, will includeCasale's advanced NA2000â„¢ Dual Pressure techniques for nitric acid productionand AN2000â„¢ for ANS manufacturing, guaranteeing minimal consumption anddecreased emissions.
- In 2022, Aarti Industries Limited (AIL) finalized a legally binding20-year agreement with Deepak Fertilizers valued at over Rs. 8,000 crores,guaranteeing a steady and ample provision of Nitric acid, an essential primaryingredient utilized in production procedures. This collaboration commenced onApril 1, 2023 and will obviate the necessity for capital expenditure inconcentrated Nitric acid backward integration. Additionally, the corporationseparated its Pharmaceutical division into an independent publicly tradedentity named Aarti Pharmalabs Limited, allowing both firms to focus on theirindividual enterprises and prospects for expansion autonomously.
- In 2020, VDM Metals Group, a German producer of nickel alloys andspecialized stainless steels, implemented Henkel's advanced nitric acid (HNO3)free Bonderite C-CP ("Cleanox") pickling method for specific wireproducts. The Bonderite C-CP range of products addresses the market demand inthe metals sector to greatly enhance the environmental friendliness of their manufacturingprocedures.
Key Market Players
- Celanese Corporation
- Jiangsusopo chemical co. ltd.
- Eastman Chemicals Company
- Archer Daniels Midland
- Tate and Lyle Plc.
- BASF SE
- Dow Chemical
- BioAmber Inc.
- Henan Jindan Lactic AcidTechnology Co., Ltd.
- Nature Works LLC
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