Majorly driven by its application in agrochemicals and automotive industry, nitric acid will represent a modestly growing market at 3% CAGR during 2019 – 2029. Moreover, metallurgical and pharmaceutical industries will generate upward growth trend for nitric acid market through 2029, as per the projections of a new Future Market Insights (FMI) study. Nitrogenous fertilizers continue to accentuate the demand, particularly in developing countries, opines the FMI report.
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Key Takeaways of Nitric Acid Market Study
- Role of nitric acid in formulating automotive composites using adipic acid continues to push market growth.
- Agrochemical industry continues to thrive in developing countries, thereby contributing to overall market growth.
- Agglomeration of leading manufacturers in developed countries such as Germany continues to supplement the growth of nitric acid market.
- Growth of nitric acid market is fuelled by prevailing applications in photoengraving and etching of steel.
- Nitric acid is gaining increasing significance in preparation of acids, drugs, perfumes and dyes, thereby propelling the market growth.
- Environmental hazards associated with the usage of ammonium nitrate continues to stagnate the demand of nitric acid.
Key stakeholders in global nitric acid market must redesign and optimize their distribution and manufacturing networks while expanding operational footprint in developing regions to fortify their strategic advantage.
Europe Captures over 50% Revenue Share in Nitric Acid Market
Presence of esteemed players such as Bayer AG in Europe (Germany) is the growth engine of regional nitric acid market. Moreover, the end-use industries are well-established in this region. Adipic acid, formulated from nitric acid, is witnessing soaring demand in automotive industry as a preferred substitute for metal. Furthermore, nitric acid market in North America continues to pick pace in terms of consumption.
On the other hand, India, Japan and China remain growth cynosures of nitric acid market in Asia Pacific owing to perpetual demand in explosives and agriculture industries.
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Leading Players to Capitalize on Lucrative End-use Industries in Developing Countries
Key manufacturers in global nitric acid market continue to operate in fragmented competitive landscape. Major players profiled in this study include, but are not limited to, The Dow Chemical Company, Bayer AG, National Chemical Group, CF Industries, Eurochem Group, Agrium Inc., Potash Corp, The Chemours Company, and PVS Chemicals.
Greater proximity of production facilities to high-growth regions remains the key agenda of leading players. They intend to leverage the low labour cost without disrupting the logistics network. Emerging economies in Asia Pacific region offer profitable opportunities in variegated end-use industries of nitric acid. Moreover, relaxed regulatory requirements regarding the usage of ammonium nitrate fertilizer continue to stir up the regional demand.