Research Nester assesses the growth of the global concentrated nitric acid market which is anticipated to be on account of the growing demand for fertilizers.
Research Nester’s recent market research analysis on “Concentrated Nitric Acid Market: Global Demand Analysis Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global concentrated nitric acid market in terms of market segmentation by type, end-user, application, and by region.
Growing Demand for Plastics in the Medical Industry to Drive Growth of Global Concentrated Nitric Acid Market
The global concentrated nitric acid market is anticipated to grow majorly on account of the high application of plastics in the medical sector. The market is expected to stabilize gradually owing to the increasing use of plastics in the medical industry. Rising demand for personal protective equipment (PPE) kits is boosting plastic production and boosting the concentrated nitric acid market. For instance, as per the analysis of a US healthcare company Premier Inc., in 2021, N95 and KN95 mask purchases grew by 715% from 2020 to 2021, the sale of surgical masks grew by 93% between 2020 and 2021, and the other side, the purchase of exam gloves also grew by 225% in the same period.
Additionally, nitric oxide, a compound formed by the reduction of nitrate by copper, is used to treat pulmonary hypertension and acute respiratory distress syndrome which is further expected to contribute to the market expansion. Its potential to treat COVID-19 patients has increased its usage, leading to increased market demand. Technological advances in single-pressure and double-pressure nitric acid production technologies that comply with the latest environmental regulations and increase the amount of steam exported may create opportunities in the concentrated nitric acid market.
Some of the major growth factors and challenges that are associated with the growth of the global concentrated nitric acid market are:
Growth Drivers:
- Increasing Demand from Chemical Industries
- Technological Advancement and Product Launches
Challenges:
Strict government regulation is one of the biggest obstacles to growth. As per U.S. Government Publications, Title 49 CFR 173.158, nitric acid in concentrations greater than 40% must not be shipped with other materials and must not contain contaminants such as hydrochloric acid or sulfuric acid (SOH) during road transportation. Moreover, factors such as environmental concerns regarding it and the harmful effects of nitric acid are some of the major factors anticipated to hamper the growth of the global concentrated nitric acid market.
By type, the global concentrated nitric acid market is segmented into strong and fuming. The strong segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Strong nitric acid is the fastest-growing segment of the global concentrated nitric acid market. It is used to produce a wide range of products such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, toluene diisocyanate (TDI), and trinitrotoluene (TNT). Strong nitric acid, a secondary oxidant, tends to increase the burning rate of materials it contacts. This property is used to form secondary explosives.
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However, based on application, the ammonia nitrate segment is projected to witness the largest share between 2023 – 2035.The increasing demand for concentrated nitric acid in ammonium nitrate production is projected to expand the growth of the sector. Ammonium nitrate, which is also used as a fertilizer and explosive, is made from ammonium nitrate. In terms of end users, the agrochemical segment is predicted to experience the highest value in the projected timeframe. Growing awareness of fertilizers in agriculture has led to an increase in the use of nitric acid in agriculture, which in turn leads to higher yields.
By region, the Middle East and Africa concentrated nitric acid market is to generate significant revenue by the end of 2035. The growth of the market in this region is attributed to the high utilization of concentrated nitric acid in multiple sectors such as explosives, fertilizers, chemicals, and the pharmaceutical industry in this region. Factors such as technological advancement, population growth, growing agricultural activities, industrial development, and more infrastructural projects in the region are also estimated to boost the market growth in these regions. Major countries from the Middle East and African region such as Saudi Arabia, Egypt, South Africa, and Nigeria have majorly contributed to the concentrated nitric acid sector in this region. This was possible owing to the prevalence of industries that highly demand concentrated nitric acid.
This report also provides the existing competitive scenario of some of the key players of the global concentrated nitric acid market which includes company profiling of Yara, Nutrien Ltd., BASF SE, 3M, Dow, DuPont, Sika AG, C.F. Fertilisers U.K., Innospec Dorf Ketal Chemicals (I) Pvt. Ltd., PMC Specialties Group, Clariant
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