by The global nitric acid market is witnessing unprecedented growth, propelled by the rapidly increasing world population and the surging demand for agricultural products. Nitric acid, known for its versatility and wide range of applications, is finding increasing use in industries such as fertilizers, explosives, medicinal, metals purification, and more. Recent statistics and market trends underscore the significant impact of nitric acid on various sectors.
Rising Fertilizer Demand Boosts Nitric Acid Market
One of the key drivers of the nitric acid market is the escalating demand for fertilizers, fueled by the need to enhance crop productivity to meet the global food demand. According to the US Food and Agriculture Organization (FAO), the worldwide fertilizer demand is projected to reach 200.92 million tonnes in 2022, with nitrogen-based fertilizers growing by 1.4% year over year in 2021. Nitric acid plays a vital role in the production of nitrogen fertilizers like ammonium nitrate and calcium ammonium nitrate, supporting healthy expansion in this sector.
Improving Food Quality Through Fertilization
The use of nitric acid in fertilizer production is expected to be the fastest-growing segment in the nitric acid market due to the rising global demand for high-quality food. Farmers are increasingly relying on fertilizers to boost crop yields quickly. Over 80% of nitric acid is used in fertilizer production, contributing to the global growth of fertilizer units. As more arable land is needed for cultivation, the demand for fertilizers continues to rise, with the worldwide fertilizer industry expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 5% over the forecast period.
Asia Pacific Leads Nitric Acid Market
Asia Pacific stands out as the leading region in nitric acid production, primarily driven by the increasing agricultural output in countries such as India, China, and Pakistan. The regions growing population and affluence have led to an upsurge in agricultural activities, where nitric acid is predominantly used in fertilizer production. According to the ITC trade map, South Korea is the largest exporter of nitric acid in 2021, while China is the second-largest importer, indicating the regions significance in the nitric acid market.
Competitive Landscape
Several key players are contributing to the growth of the nitric acid market. For example, LSB Industries, Inc. entered into a long-term nitric acid supply contract in October 2020, aiming to enhance profits through strategic marketing and product mix adjustments. In July 2020, KBR partnered with Haifa Group to increase production capacity in two nitric acid factories in Israel, reducing emissions and operational costs through patented technology.
Leading companies in the nitric acid market include The Chemours Company, Dyno Nobel, National Chemical Group, KBR, Koch Fertilizers, OCI Nitrogen, Potash Corp, Eurochem Group, CF Industries, LSB Industries, and Agrium Inc.
The global nitric acid market is poised for continued growth, driven by the ever-increasing global population, rising demand for agricultural products, and innovative applications across various industries.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/nitric-acid-market
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This press release first seen on Brilad
COMTEX_442018956/2840/2023-10-17T11:38:33
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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