Global Nitric Acid Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Nitric Acid Market Overview:

“The global Nitric Acid Market size is expected to be worth around US$ 25 Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of 4.5% during the forecast period 2021 to 2031.”

The Nitric Acid Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.

The Nitric Acid Market report offers insightful and detailed information regarding the various key players operating in the nitric acid market, their financials, supply chain trends, products, and related technological innovations, key developments, apart from current and future strategies, acquisitions & mergers, and market footprint.

The global nitric acid market report has been segmented on the basis of product type, end-use industry, and region.

This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various reliable sources.

Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make more accurate and informed forecasts about the market scenario in future.

Nitric acid (HNO₃) is a highly corrosive mineral acid and a strong oxidizing agent, having a colorless appearance, but acquiring yellow color with time due to the decomposition of nitrogen into nitrogen oxides.

It is a primary reagent used for nitration, but some nitro-compounds can be used as explosives and others can be used as dyes and pigments.

A major factor driving the growth of the global market is increasing demand from agricultural and chemical industries.

The increasing adoption of nitric acid in automotive and explosive industries is another major factor expected to propel the growth of the global market in the next coming years.

In addition, rising demand from electronics industries is expected to support the growth of the global market. However, stringent government regulations are a major factor restraining the growth of the target market.

Rising demand from footwear, and the automobile industry is a trend for the target market.

The North American nitric acid market accounts for a major share in terms of revenue in the global market and is expected to maintain its dominance in the next few years, owing to increasing demand from end-use industries in countries in the region.

Europe market is expected to grow at a significant rate during the forecast period, owing to increasing demand from the explosives and fertilizer industries.

The market in the Asia Pacific is expected to register a significant CAGR in the next 10 years.

China is expected to be a major contributor to the Asia Pacific region, owing to its growing agricultural and industrial sectors.

Moreover, the market in Latin America is projected to register a CAGR of X.X% over the forecast period, followed by the market in Middle East & Africa.

Global Nitric Acid Market Segmentation:

Segmentation on the basis of product type:

• Strong nitric acid
• Fuming nitric acid

Segmentation on the basis of end-use industry:

• Fertilizers
• Explosives
• Chemicals
• Agrochemicals
• Others (automotive and electronics)

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa