[Latest] Nitric Acid Market Size to Hit $ 33.59 Billion by 2032, Growing at a CAGR of 3%
According to The Brainy Insights, the global nitric acid market size is projected to reach USD 33.59 billion by 2032 from its value of USD 25 billion in 2022, at a CAGR of 3% during the forecast period. The nitric acid market will experience rapid growth due to increasing applications for nitric acids in multiple industries during the forecast period.
Newark, Sept. 07, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 25 billion in 2022 global nitric acid market will reach USD 33.59 billion in 2032. Unpredictable climate patterns and extreme weather are being brought on by climate change. Food security cannot be guaranteed if farming exclusively relies on conventional farming techniques. Additionally, the demand for the restricted amount of arable land has increased due to the growing population, meaning the abundant population must be fed with meagre resources. Consequently, modernized farming is required to assure global food security since it may boost yields, optimize resources, encourage sustainability, and improve food quality. The world’s nitric acid industry will benefit from the increased focus on creating genetically modified seeds, high-yield crops, clever irrigation techniques, and appropriate fertilizers.
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Key Insight of the Global Nitric Acid Market
Asia Pacific is expected to dominate the market during the forecast period.
China and India are the top producers of wheat, rice, cotton, and sugarcane. These crops require higher fertilisers than other grains, cereals, and cash crops. Additionally, Thailand, Laos, and other South and East Asian economies are major rice producers. The expansive and flourishing agriculture industry supports the expansion of the local nitric acid market. The development of the regional nitric acid industry is further aided by the dominance of textile production in countries like Bangladesh, China, India, and Vietnam.
In 2022, the fertilizers segment dominated the market with the largest market share of 53% and revenue of 13.25 billion.
The application segment is divided into fertilizers, adipic acid, nitrobenzene, toluene Di-isocyanate, and others. In 2022, the fertilizers segment dominated the market with the largest market share of 53% and revenue of 13.25 billion.
Advancement in market
January 2023 – The US Department of Energy (DOE) awarded Arctura a $200,000 Phase I SBIR grant for advancing technology that electrifies the synthesis of nitric acid through nitrogen fixation. The generation of nitric acid will be improved with a unique plasma-enhanced method that uses less energy and emits fewer greenhouse emissions. While the process created by Arctura would only require air, water, and power, current techniques use a lot of natural gas, which is both expensive and carbon-intensive. Nitric acid manufacturing will be more affordable and have a smaller carbon footprint if the energy used for electric nitrogen fixation comes from renewable sources. This technology with renewable resources could balance grid demand during off-peak hours or minimize asset curtailment.
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Driver: a growing need for fertilizers.
The global food shortages caused by the COVID-19 pandemic-induced limitations and the Russia-Ukraine war underscored the need for self-sufficiency in food. Additionally, the threat of climate change, shifting monsoon patterns, and extreme weather have raised the possibility of crop destruction, making food a national concern. So, the advent of fertilizer subsidies is good news for the world nitric acid market. The growing emphasis on enhancing fertilizer production capacity to suit the demands of the agricultural industry will further support market expansion.
Restraints: the negative effects of excessive use of fertilizers.
Overuse and exploitation of chemical fertilizers, pesticides, and genetically engineered crops adversely affect soil quality and food. Growing public awareness of these impacts has boosted demand for organic food, which is healthier and free of harmful toxins. The rising popularity of organic farming, which uses natural fertilizers such as dung, seaweed, and straws, results from the rising demand for organic produce. The change to organic farming would greatly impact nitric acid consumption, which will restrain the market’s expansion.
Opportunities: The expanding uses of nitric acid.
The increasing agricultural yields are linked to using the proper NPK ratios and healthy levels of fertilizers to boost soil health. This has helped the market for nitric acid grow favourably. Expanding the textile, military, construction, and packaging industries will also benefit nitric acid. One example is the adoption of beneficial programmes and greater funding for the expansion of the textile sector by governments of developing countries. Similarly, the market for buildings and construction would benefit from rising infrastructure spending by the government and private actors. The growth and development of the global nitric acid market during the forecast period will be aided by favourable growth in these categories.
Challenges: haphazard policy decisions.
The growing emphasis on sustainability, eco-friendly and organic farming practices has led to half-cooked farming policies globally. For instance, the ban on overnight ban on chemical fertilizers led to the collapse of the Sri Lankan economy. It also led to several shipments carrying fertilizers stranded on the island’s shores. While it is important to reduce chemical fertilizers, it is equally important to create policies that adopt organic farming practices staggered to avoid knee-jerk market meltdowns. Such haphazard policy decisions have negative consequences for the global nitric acid market.
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Some of the major players operating in the global nitric acid market are:
• BASF SE
• CF Industry Holdings, Inc
• Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL)
• Dyno Nobel
• Enaex S.A.
• IXOM Ltd.
• LSB Industries
• Nutrien Ltd.
• Omnia Holding Limited
Key Segments cover in the market:
• Adipic Acid
• Toluene Di-Isocyanate
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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