Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth.
Concentrated Nitric Acid Market Size – USD 23.64 billion in 2019, Growth - CAGR of 3.1%, Trends – Growing demand for adipic acid from the automotive industry
The global Concentrated Nitric Acid Market is expected to reach USD 30.29 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to easily absorb the essential macro and micronutrient. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019. Of the three major fertilizer types, the U.S imports over 50.0% of U.S. nitrogen-based fertilizer supplies, making it particularly important for U.S. crop production. The growing global population trend indicates a growing demand for food, which is likely to increase in the range of 59.0% to 98.0% by 2050, and in turn, would drive the demand for Concentrated Nitric acid for the production of fertilizers.
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Top Companies: BASF SE, Linde Group, Yara International, Potash Corp., CF Industries Holdings, Inc., OCI NV, LSB Industries, UBE Industries, Agrium Inc., and Dow Chemical Company, among others.
Further Key Finding from the Report Suggestion:
- By type, concentrated Concentrated Nitric held a larger market share in 2019 and is estimated to grow at a rate of 2.9% in the forecast period. Concentrated Concentrated Nitric acid is used to produce ammonium nitrate for plastic production, fertilizers, and in the making of dyes. Also, it finds usage in the production of explosives, including TNT and nitroglycerin. It is used in the formulation of aquaregia that can dissolve gold and platinum.
- By application, nitrobenzene contributed to the second-largest market share in 2019 and is expected to grow at a rate of 2.8% in the forecast period. A significant amount of nitrobenzene produced in the U.S. is deployed in the production of aniline. Also, nitrobenzene finds usage in the production of lubricating oils, including those applied in motors and machinery. Besides, a smaller portion of nitrobenzene finds application to make drugs, pesticides, dyes, and synthetic rubber.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 4.2% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- Europe, led by the Eastern European region, contributed to the largest market share in 2019 and is likely to grow at a rate of 2.7% in the forecast period. Increasing demand for fertilizers and explosives in countries such as Germany, Slovakia, Poland, and the Netherlands, among others, is causative of the growth of the market in the region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Concentrated Nitric Acid market is segmented into:
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Dilute Concentrated Nitric Acid
- Concentrated Concentrated Nitric Acid
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Adipic Acid
- Toluene Di-Isocyanate
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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