Nitric Acid Market To Rise At Modest Growth With CAGR And Revenue Till 2030|Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on December 20th, 2023 San Francisco, 20 December 2023: The ReportNitric Acid Market Size, Share & Trends Analysis Report By Application (Fertilizers, Nitrobenzene, Adipic Acid, Toluene Di-isocyanate, Nitoroclorobenzene), By Region, And Segment Forecasts, 2023 - 2030 The global nitric acid market size is expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.4% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for fertilizers by the agrarian economies of the world. The surge in the demand for fertilizers is witnessed by the excessive rise in demand for food. Fertilizer is the major application of nitric acid which caters to the maximum share across the global market. Farmers are adopting new technologies to speed up their crop yield to satisfy their excessive need. The product is also consumed in the manufacturing of adipic acid which is an important raw material in the development of Nylon 6, 6. Nylon 6, 6 is used extensively in the manufacturing of plastics and industrial carpets. Nitric acid is produced by the reaction of nitrogen dioxide with water wherein the diluted nitric acid has distilled concentration of over 68%. There are majorly two types of the production process of the product which include weak nitric acid production and high-strength production. The high strength is produced under high-temperature conditions by first oxidizing ammonia, then is oxidation followed by absorption. The global product market has become highly competitive due to the presence of big players in the industry. Big companies are constantly innovating the process through their extensive research and development. Also, the use of technology like mono-medium pressure process, mono-high pressure process, and dual pressure process are playing a major part in the making of the product overall. A substantial amount of the product is consumed in the manufacturing of chemical fertilizers. However, these chemical fertilizers have an adverse effect on the environment. Fertilizer production utilizes various additives and preservatives to enhance their property and to give the optimum result. However, these additives can cause a significant soil nutrient loss and degradation of underground water reserves which are consumed by the general population. The growth for the product is expected to be driven by increasing demand for the product from fertilizers formulators and by rising consumption of fertilizers in agrarian economies of the world. Growing demand for food has propelled the expansion of various fertilizers and agricultural units globally to optimize crop yield, lower cultivation time, attain healthy crop growth, and more. Nitric acid is one of the key components of producing nitrogen fertilizers which are highly demanded by the agricultural world. Request sample report of Nitric Acid Market@https://www.grandviewresearch.com/industry-analysis/nitric-acid-market/request/rs1 The global product market is highly competitive, especially in the presence of multinationals that are constantly innovating to capture a broader share of the market. Companies like BASF SE, Dow Chemicals, Nutrient, CF Industries are the major players and dominate the market with a wide range of products for each application and a strong global presence. Nitric Acid Market Report Highlights
Development of the cutting-edge technologies such as the mono-medium pressure process, mono-high pressure process, and dual pressure process for producing the product moreefficiently are poised to increase awareness and enhance market growth over the coming years. Increasing demand of the product from nylon production sector is poised to pave new avenues in the global marketspace The product is consumed in the production of TDI and adipic acid, which are widely used in the development of Nylon 6, 6. Nylon 6, 6 is further used across multiple applications such as the manufacturing of plastics and industrial carpeting. Nitric acid is a vital raw material in the making of Nitrobenzene which is excessively utilized in the construction industry. The growth in the construction industry is anticipated to trigger the demand for Nitrobenzene in the forecast period. Nitric Acid Market Report Scope
Moreover, ammonia and nitric acid are the two crucial components of producing nitrogen fertilizers which are widely demanded by the agricultural sector. Rapid innovations in the farming ecosystem have further boosted demand for various innovative solutions in the global market space which is projected to pave way for increased consumption of nitrogen fertilizers worldwide. Further, a growing number of industry participants in the global competitive market is poised to provide further opportunities for nitric acid development in terms of product development, market positioning, and process innovations among others. List of Key Players in Nitric Acid Market
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