Nitric Acid Market Report and Forecast 2025-2034

The global nitric acid market reached a value of about USD 26.99 Billion in 2024. The industry is further expected to grow at a CAGR of about 3.00% in the forecast period of 2025-2034 to reach a value of around USD 36.27 Billion by 2034.

North America to be one of the Leading Regions for the Global Market

The North America region is expected to see substantial growth in the forecast period due to the presence of a significant number of multinational chemical manufacturers in the United States. The nitric acid market is likely to further represent high growth due to the rapid development of industries including construction , automotive, agriculture and furniture . These industries demand high-quality nitric acid for the production of fertilizers and nylon. In addition, there has been a growing demand for ammonium nitrate from the mining industry to develop explosives, which, in turn, is driving overall market development. There was slight decline in the market growth due to the COVID-19 restrictions on industries, however, the demand started rising towards the end of 2020 and is likely to witness healthy growth in the coming years.

Asia Pacific to Witness Robust Growth in the Coming Years

Asia-Pacific is expected to be among the leading region in the manufacture of nitric acid. This is because China is the largest manufacturer and user of fertilizers. In countries like China and India, the market for nitric acid has steadily increased. Asia-Pacific is projected to witness the fastest growth in the coming years, with rising demand from end-users such as fertilizers, inks , and the chemical processing industries.

Nitric Acid: Market Segmentation

Nitric acid, also referred to as aqua fortis and spirit of niter, is a highly corrosive mineral acid. The pure compound is colourless, however older samples appear to be cast yellow due to decay into nitrogen oxides and water. On being combined with hydrochloric acid, an element known as aqua regia is formed.

Based on concentration, the industry can be divided into:

• Dilute Nitric Acid (68%)
• Concentrated Nitric Acid (69%-71%)

The product finds wide applications in the following:

• Fertilizers
• Adipic Acid
• Nitrobenzene
• Toluene Di-Isocyanate (TDI)
• Nitrochlorobenzene
• Ammonium Nitrate
• Others

The end-uses of the product can be segmented as follows:

• Agrochemicals
• Explosives
• Chemical
• Mining
• Others

Based on region, the industry can be divided into:

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

Rising Demand for Fertilisers the Market Growth

The growth of the nitric acid market can be attributed to the rising demand of the product in the end-use industries. The rising use of nitric acid in the manufacturing of various agrochemicals including ammonium nitrate (AN), urea ammonium nitrate, and calcium ammonium nitrate is likely to boost its demand in the market.  The demand for fertilizers due to high demand for high crop yields to reflect the increasing need for crops is expected to be a crucial driver of nitric acid market during the forecast era. Its derivative, ammonium nitrate, is mainly used in explosives, and increased demand for explosives in the military and defence industries is expected to increase the growth of the global nitric acid industry. Other factors boosting the market growth include the rising disposable incomes of the consumers and the rising adoption of modern agricultural techniques.

Key Industry Players in the Global Nitric Acid Market

The report gives a detailed analysis of the following key players in the global nitric acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BASF SE
• Columbus Chemicals
• Deepak Fertilisers and Petrochemicals Corporation Ltd
• Mitsubishi Chemical Corporation
• Nutrien Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis
Show more