Nitric Acid Market Demand Analysis by Forecast period 2027; Fortune Business Insights™s
The global nitric acid market size is
expected to reach USD 27,536.9 million
by 2027, exhibiting a CAGR of 3.5% during the forecast period. The booming
automotive industry in developing nations has led to high consumption of this
acid, which, in turn, will bode well for the market, states Fortune Business
Insights, in a report, titled “Nitric Acid Market Size, Share &COVID-19
Impact Analysis, By Application (Fertilizers, Nitrobenzene, Adipic Acid,
Toluene Di-isocyanate, and others), and Regional Forecast, 2020-2027.” The
market size stood at USD
22,268.1 million in 2019.
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coronavirus incident has brought the world to an unexpected halt. We understand
that this health disaster has negatively impacted various sectors across the
globe. Rising support from governments and several companies can help in the
fight against this highly infectious virus. There are some industries that are
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estimated to be impacted by this pandemic.
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The report on the nitric acid marketincludes:
·
More
significant insights into the market
·
In-depth
analysis of the market
·
Market
drivers and restraints
·
Comprehensive information about key players
·
Leading regions in the market
Market
Driver:
Surging
Construction Activities to Enable Speedy Expansion
The increasing
application of the HNO3 agriculture industry for the manufacturing of
fertilizers such as ammonium nitrate, potassium nitrate, calcium ammonium
nitrate, and nitro phosphate will foster the healthy growth of the market. The
utilization of fertilizers to increase crop yield and serve the rising
population's needs will spur opportunities for the nitric acid industry.
Furthermore, the growing disposable income of consumershas subsequently boosted
the demand for organic and quality food, thereby aiding the market growth. The
surging construction activities will consequently accelerate the development of
the market in the forthcoming years. For instance, Toluene di-isocyanate (TDI),
a HNO3 intermediate,is used to manufacture polyurethane
foams, wood and floor coatings, and insulation materials. The improving
lifestyle of consumers and increasing renovation activities will contribute
significantly to the market growth. Besides, new governmental infrastructure
projects will bolster the nitric acid market growth.
Disturbed Supply Chain to Affect HNO3 Production Amid Coronavirus
The coronavirus
pandemic had a drastic impact on industries, causing temporary shutdown of
manufacturing and trade activities. The declined demand and production have
disrupted the supply chain. Moreover, the momentary halt on automotive
production has led to reduced demand for this type of acid, thus hampering this
market. However, the rising application of plastic in the medical industry will
favor development of the market. The growing demand for PPE kits has led to
high production of plastics, propelling market growth for nitric acid.
Regional
Analysis:
Thriving
Agriculture Industry to Drive Market in Asia Pacific
Asia Pacific is
expected to hold the largest nitric acid market share during the forecast
period. The growth is attributed to the increasing demand for HNO3 from various
end-use industries, including automobile, agriculture, and construction. The
growing population coupled with increasing crop production in countries such as
India, China, and Japan,will incite the market's development. China dominated
the market due to rapidly growing population, rising infrastructure projects,
along with an increase in middle-class income. Europe is expected to expand
radically during the forecast period due to the growing demand for fuel
efficient and environmentally-friendly lightweight automobiles from consumers.
Key
Development:
October
2019: LSB Industries, Inc., signed a new long term nitric
acid supply contract with customers. The agreement will include the supply of 70
KT to 100 KT nitric acid annually.
The
Report Lists the Key Players in the Global Market:
·
BASF SE (Ludwigshafen, Germany)
·
Nutrien (Saskatoon, Canada)
·
DuPont (Delaware, U.S.)
·
CF Industries Holdings, Inc. (Illinois, U.S.)
·
Omnia Holdings Limited (Gauteng, South Africa)
·
Dyno Nobel (Brisbane, Australia)
·
Enaex S.A. (Santiago, Chile)
·
Sasol (Johannesburg, South Africa)
·
LSB Industries (Oklahoma, U.S.)
·
Ixom (Victoria Australia)
·
Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/nitric-acid-market-104566
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