The global nitric acid market size is projected to reach USD 31.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 3.3% over the forecast period. Rising demand for nylon products from the automotive, construction, and textile industries is projected to be the key factor boosting market growth.
Adipic acid formulation is one of the key applications of nitric acid; it is widely used to formulate nylon resins and fibers in the automotive industry. The developing automotive sector demands constant innovation such as high-end component designing and lightweight materials to effectively enhance performance and fuel efficiency. These factors create a positive impact on nitric acid production globally. Government regulations to curb carbon emission have paved the way for the use of nylon to produce plastics and fabrics as a replacement to heavy alternatives, thereby reducing fuel consumption and simultaneously decreasing emission levels.
Furthermore, one of the most important applications of nitric acid is fertilizer composition. Calcium ammonium nitrate and ammonium nitrate are the two key fertilizers derived from nitric acid which are extensively utilized in the agricultural sector. Moreover, urea ammonium nitrate is derived from the chemical and finds application in formulating explosives and fertilizers. Major countries of the Asia Pacific region are agrarian economies, which subsequently leads to a high product demand for fertilizer manufacturing across countries such as India, Indonesia, and Thailand.
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However, stringent regulations against excessive use of ammonium nitrate fertilizers owing to environmental degradation are likely to create a negative impact on the nitric acid market in developed economies of North America and Western Europe. In the past decade, excessive use of these agrochemicals has resulted in the depletion of nitrogen levels in groundwater reserves and has also resulted in lower nutrient content of the soil. Therefore, the implementation of strict laws against the usage of synthetic chemical products for farming is likely to decrease the demand for nitric acid in the agricultural sector.
Nitric acid is widely used in the manufacturing of organic chemicals such as the production of nitrate salts, coal tars, catalyst, dyes, and reprocessing of used nuclear fuels. It is also used in the purification of precious metals such as gold, platinum, and silver.
Further key findings from the report suggest:
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Grand View Research has segmented the global nitric acid market on the basis of application and region:
Nitric Acid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Nitric Acid Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Key Topics Covered
Table of Content
Chapter 1 Research Methodology 1.1 Market definition & segment scope 1.2 Research methodology 1.2.1 Information procurement 1.2.2 Information or data analysis 1.2.3 Market formulation & validation 1.2.4 Data validation & publishing 1.3 Research scope and assumptions 1.4 List of data sources Chapter 2 Executive Summary 2.1 Market outlook 2.2 Competitive insights Chapter 3 Nitric Acid Market Variables, Trends & Scope 3.1 Nitric acid market segmentation 3.2 Nitric acid market size and growth prospects 3.3 Nitric acid value chain analysis 3.3.1 Raw material trends 3.3.2 Manufacturing trends 3.3.3 Distribution channel analysis 3.3.4 Price trend analysis 3.4 Regulatory framework 3.5 Nitric acid market dynamics
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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