Market Size of Concentrated Nitric Acid Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 44.15 Million tons |
| Market Volume (2029) | 52.03 Million tons |
| CAGR (2024 - 2029) | > 3.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Concentrated Nitric Acid Market Analysis
The Concentrated Nitric Acid Market size is estimated at 44.15 Million tons in 2024, and is expected to reach 52.03 Million tons by 2029, growing at a CAGR of greater than 3.30% during the forecast period (2024-2029).
- Over the short term, the growing demand for concentrated nitric acid from the ammonium nitrate application segment and increasing demand from automotive applications are expected to drive the market's growth.
- However, environmental concerns associated with the use of concentrated nitric acid are likely to hinder the growth of the market studied.
- Technological and scientific advancements in mono- and dual-pressure technology for the production of nitric acid designed to cope with the latest environmental regulations are likely to provide opportunities for the concentrated nitric acid market over the forecast period.
- Asia-Pacific dominated the global market, with the largest consumption from countries such as China and India.
Concentrated Nitric Acid Industry Segmentation
Concentrated nitric acid, a colorless to yellow, fuming, and highly corrosive liquid, boasts a boiling point of 83 °C and a freezing point of -42 °C. Widely recognized as a staple in laboratories, this acid is primarily employed in the synthesis of both inorganic and organic nitrates. The manufacturing process involves dissolving additional nitrogen dioxide in 68% nitric acid.
The concentrated nitric acid market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into strong and fuming. By application, the market is segmented into ammonium nitrate, adipic acid, nitrobenzene, toluene diisocyanate, trinitrotoluene, and other applications. By end-user industry, the market is segmented into agrochemical, explosives, automotive, electronics, and other end-user industries. The report also covers the market size and forecasts for the concentrated nitric acid market in 27 countries across major regions. For each segment, the market sizing and forecasts were made on the basis of volume (tons).
| By Type | |
| Strong | |
| Fuming |
| By Application | |
| Ammonium Nitrate | |
| Adipic Acid | |
| Nitrobenzene | |
| Toluene Diisocyanate | |
| Trinitrotoluene | |
| Other Applications |
| By End-user Industry | |
| Agrochemical | |
| Explosives | |
| Automotive | |
| Electronics | |
| Other End-user Industries |
| By Geography | |||||||||||
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Concentrated Nitric Acid Market Size Summary
The concentrated nitric acid market is poised for growth, driven by its critical applications in various industries such as fertilizers, explosives, and agrochemicals. The demand for ammonium nitrate, a key segment, is particularly strong due to its extensive use in agricultural fertilizers and explosives, which are essential for mining operations. Despite the initial setbacks caused by the COVID-19 pandemic, which temporarily halted activities in sectors like mining and automotive manufacturing, the market has shown resilience. The increasing need for fertilizers to meet global food demands and the recovery of the mining sector have been pivotal in propelling the market forward. However, the inherent toxicity of concentrated nitric acid poses challenges to market expansion.
The Asia-Pacific region emerges as the largest and fastest-growing market for concentrated nitric acid, with significant consumption in countries like China and India. This growth is attributed to the region's robust industrial base, which includes manufacturing facilities for agrochemicals, fertilizers, and explosives. The automotive industry's shift towards lightweight materials and the rising demand for synthetic rubbers and polyurethane foams further bolster the market. Additionally, advancements in production technologies aimed at meeting environmental regulations present new opportunities for market players. The market remains partially consolidated, with major companies like The Chemical Company and UBE INDUSTRIES LTD playing a significant role in shaping its landscape.
Concentrated Nitric Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from Ammoniumm Nitrate
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1.1.2 Increasing Demand in Automotive Applications
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Environmental Concerns Associated with the Use of Concentrated Nitric Acid
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size In Volume)
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2.1 By Type
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2.1.1 Strong
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2.1.2 Fuming
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2.2 By Application
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2.2.1 Ammonium Nitrate
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2.2.2 Adipic Acid
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2.2.3 Nitrobenzene
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2.2.4 Toluene Diisocyanate
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2.2.5 Trinitrotoluene
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2.2.6 Other Applications
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2.3 By End-user Industry
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2.3.1 Agrochemical
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2.3.2 Explosives
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2.3.3 Automotive
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2.3.4 Electronics
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2.3.5 Other End-user Industries
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2.4 By Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Malaysia
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2.4.1.6 Thailand
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2.4.1.7 Indonesia
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2.4.1.8 Vietnam
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2.4.1.9 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Spain
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2.4.3.6 Turkey
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2.4.3.7 Russia
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2.4.3.8 Nordic Countries
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2.4.3.9 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Colombia
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2.4.4.4 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 Nigeria
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2.4.5.3 Qatar
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2.4.5.4 Egypt
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2.4.5.5 United Arab Emirates
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2.4.5.6 South Africa
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2.4.5.7 Rest of Middle East and Africa
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Concentrated Nitric Acid Market Size FAQs
How big is the Concentrated Nitric Acid Market?
The Concentrated Nitric Acid Market size is expected to reach 44.15 million tons in 2024 and grow at a CAGR of greater than 3.30% to reach 52.03 million tons by 2029.
What is the current Concentrated Nitric Acid Market size?
In 2024, the Concentrated Nitric Acid Market size is expected to reach 44.15 million tons.
