To know the impact of COVID-19 On Concentrated Nitric Acid Market By Type (Strong Nitric Acid, Fuming Nitric Acid), By Application(Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate, Others), By End-User (Agrochemicals, Explosives, Automotive, Electronics, Others), Industry Analysis, Trends, And Forecast, 2021-2027 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
“Global Concentrated Nitric Acid Market is valued at USD 20.7 Billion in 2019 and expected to reach USD 24.6 Billion by 2026 with the CAGR of 2.5% over the forecast period”
Global Concentrated Nitric Acid Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027– Rising demand for concentrated nitric acid in various industries such as; agrochemicals, explosives, automotive, and electronics are expected to drive the growth of global concentrated nitric acid market over the forecast period.
Scope of Global Concentrated Nitric Acid Market Report:
Concentrated nitric acid is a transparent colorless or yellowish fuming suffocating, hygroscopic, corrosive liquid Attacks almost all metals. The miscible with water and decomposes in alcohol are dangerous fire risk in contact with organic materials. These highly toxic by inhalation corrosive to skin and mucous membranes, strong oxidizer. The Nitric acid is a strong oxidizing agent and is toxic liquid that shows off choking red or yellow fumes in moist air. It has applications in various end-user industries such as metallurgical industries, metal processing industries, chemical and others which are anticipated to flourish the global nitric acid market. The concentrated nitric acid is used in the manufacturing of ammonium nitrate, adipic acid, nitrobenzene, toluene diisocyanate, trinitrotoluene, and nitroglycerine. Strong nitric acids, a class-2 oxidizer, moderately increase the burning rate of materials that they are in contact. This property is used in developing secondary explosives. This is widely used in fertilizers and explosives in fertilizers and ammonium nitrate can be used directly and also it can be used as an intermediate for other nitrogen fertilizers, such as calcium ammonium nitrate and urea ammonium nitrate. Chronic exposure to high concentrations of nitric acid vapour may cause pneumonitis and pulmonary oedema which may be fatal.
Global Concentrated Nitric Acid Market report is segmented on the basis of type, application, and region & country level. Based on type, global concentrated nitric acid market is classified as the strong nitric acid and fuming nitric acid. Based upon application, global concentrated nitric acid is classified into ammonium nitrate, adipic acid, nitrobenzene, toluene diisocyanate and others. Based upon end-use, global concentrated nitric acid is classified into agrochemicals, explosives, automotive, electronics and others.
The regions covered in this concentrated nitric acid market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of concentrated nitric acid is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Concentrated Nitric Acid Market Report:
Some major key players for Global Concentrated Nitric Acid Market are Yara International, CF Industries Holdings, Potash Corp, Nutrien, OCI, BASF, Hanwha Corporation, Linde Group, UBE Industries, LSB Industries Inc. and others.
News: KBR Awarded Contract for Concentrated Nitric Acid Plant in India
April 30th, 2019; KBR Inc. announced that its subsidiary Plinke GmbH is awarded a contract by Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) of India to build a concentrated nitric acid plant (CNA) at Bharuch, Gujarat. The terms of contract Plinke will provide the license and engineering as well as supply the proprietary equipment for the new plant that will produce 98.5% CNA mainly for the Indian market. Hence, the concentrated nitric acid plant (CNA) is processed by the chemical industry into essential intermediate products used in the production of polyurethane, fibers, lacquers and other base and specialty chemicals. Therefore, the plant, which is designed for a throughput capacity of 150 metric tons per day of concentrated Nitric Acid, is due to come on. Conversely, the CNA plant will be based on Plinke's MAGNAC process in which a high concentration of nitric acid is achieved by extractive rectification using a magnesium nitrate solution. In addition to achieving purities of more than 98.5 wt% the MAGNAC process is also outstanding in its high yield and availability, low CAPEX and OPEX and no effluent design.
Global Concentrated Nitric Acid Market Dynamics:
One of the major factors driving the growth of global concentrated nitric acid is its application in various industries such as for manufacturing of fertilizers, explosives, nylon, a variety of technologically useful organic and inorganic compounds and etching steel, purification of metals and photoengraving in metal processing industry. In addition, the rising demand for aniline from rubber and other industries have surged the demand for concentrated nitric acid in the market. According to the Environmental Agency (EA), The global production of ammonia by the chemical industry emitted a total of 25.5 million tonnes of CO2 equivalent from about 33.4 million in 2017. In addition, increasing demand for polyurethane foam in building & construction and automotive industries is also supplementing the growth of global concentrated nitric acid market within the forecast period. Furthermore, growing demand for nylon 6-6 as an alternate for metals in the automotive industry is also anticipated to foster the demand for concentrated nitric acid. However, the various governments have some rules and the regulations on the use of ammonium nitrate fertilizers due its hazardous effect on the environment that is expected to act as a restrain for the growth of nitric acid market. In spite of that, the increasing growth of chemical and fertilizer industries may create huge demand of concentrated nitric acid market which in turn could create several opportunities for the nitric acid market in the upcoming years.
Global Concentrated Nitric Acid Market Regional Analysis:
Geographically, North America is expected to show a steady growth in concentrated nitric acid market over the forecast period owing to the increasing demand for ammonium nitrate and fuel oil, which acts as oxidizing agent and fuel absorbent in manufacturing of civil explosives. According to World Health Organization (WHO); in U.S, there were approximately 65 nitric acid manufacturing plants in the U. S. with a three total capacity of 11 million, the plants range in size from 6,000 to 700,000 tons per 3 year, about 70 percent of the nitric acid produced is consumed as an intermediate in the manufacture of ammonium nitrate because of the high demand for fertilizer in these region.
The Asia Pacific is expected to be one of the largest markets for concentrated nitric acid during the forecast period followed by Europe. According to the European Environmental Agency (EEA), the production of, Caprolactam, Glyoxal and Glyoxylic Acid by the chemical industry emitted a total of 2.2 million tonnes of CO2 equivalent in 2017, from about of 4.1 million. The total GHG emissions from CGGA production went down by an average of 2.3% per annum in 2017. The increasing demand for concentrated nitric acid and its applications from various end-use industries, such as agrochemicals, explosives, and automotive is expected to drive the growth of the concentrated nitric acid market in this region during the forecast period. In addition, presence of large agricultural countries such as India, china, and Brazil are likely to boost the growth of nitric acid market in this region.
Key Benefits for Global Concentrated Nitric Acid Market Report:
- Global Concentrated Nitric Acid Market report covers in depth historical and forecast analysis.
- Global Concentrated Nitric Acid Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Concentrated Nitric Acid Market report helps to identify opportunities in market place.
- Global Concentrated Nitric Acid Market report covers extensive analysis of emerging trends and competitive landscape.
Global Concentrated Nitric Acid Market Segmentation:
- Strong Nitric Acid
- Fuming Nitric Acid
- Ammonium Nitrate
- Adipic Acid
- Toluene Diisocyanate
By Regional & Country Analysis:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
Frequently Asked Questions (FAQ) :
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Concentrated Nitric Acid Market Size, Share, Growth And Forecast By 2027
Concentrated Nitric Acid Market By Type (Strong Nitric Acid, Fuming Nitric Acid), By Application(Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate, Others), By End-User (Agrochemicals, Explosives, Automotive, Electronics, Others), Industry Analysis, Trends, And Forecast, 2021-2027
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