Concentrated Nitric Acid Market (Size, Volume and Value) and Growth to 2030 Shared in Latest AnlysisPosted by Rajkumar on March 14th, 2023 Market Overview: Commercially available nitric acid is an azeotrope with water at a concentration of 68% HNO 3. This solution has a boiling temperature of 120.5 °C (249 °F) at 1 atm. Ordinary nitric acid is about 68% with a density of 1.4., (with boiling point of 120°C). Whereas, concentrated nitric acid is about 98% and has a density 1.51. These compounds are used in a variety of products, such as fertilizers, explosives, dyes, synthetic rubber, elastomers, and others. Moreover, it has applications in a variety of industries, including chemicals, metallurgy, steel, and others that are anticipated to grow in the global market. Competitive Landscape: Major players operating in the global concentrated nitric acid market are Yara International, Ube Industries, DowDuPont Inc., LSB Industries Inc., Bayer A.G., CF Industries Holdings, BASF S.E., Nutrien Ltd., and Shandong Fengyuan Chemical Stock Co., Ltd., among others. Key Market Drivers: Increasing use/consumption of concentrated nitric acid across the world is expected to augment the growth of the concentrated nitric acid market over the forecast period. For instance, in June 2022, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), a company promoted by the Government of Gujarat and Gujarat State Fertilizers & Chemicals (GSFC), planned to become the largest producer of concentrated nitric acid by the end of the current calendar year. With this, GNFC’s production will escalate to 165,000 MT by the end of year 2022. Moreover, increasing demand from numerous automotive applications is expected to boost the growth of the concentrated nitric acid market. Thus, with the rapid growth of the automotive industry, the demand for concentrated nitric acid is also increasing rapidly. For instance, the Automotive Mission Plan 2016-26 is a mutual initiative by the Government of India and the Indian automotive industry to lay down the roadmap for the development of the industry. The Government of India expects the automobile sector to attract US$ 8 to 10 billion in local and foreign investments by 2023. COVID-19 Impact Analysis: The outbreak of COVID-19 has had a severe impact on the growth of the concentrated nitric acid market growth. The manufacturing activities were on temporary halt due to government-imposed lockdown (to curb the spread of the novel coronavirus), thus leading to a decrease in consumption or use of concentrated nitric acid. However, the concentrated nitric acid market is expected to witness robust growth during the forecast period. Key Takeaways:
For instance, in April 2019, Narmada Valley Fertilizers & Chemicals Limited (GNFC) of India awarded a contract to Plinke GmbH to build concentrated nitric acid plant at Bharuch, Gujarat (India), to enhance its plant capacity. Moreover, in April 2019, Deepak Fertilizers and Petrochemicals Corp. Ltd. announced the commercial start of the nitric acid production complex, with an annual production capacity of 92-kiloton of concentrated nitric acid in Dahej, Gujarat, India. Like it? Share it!More by this author |