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Indonesia Nitric Acid Market Size (2024 - 2029)

The market size of nitric acid in Indonesia is experiencing growth, driven by its increasing use in fertilizers and its application in the chemical industry for producing various chemicals. Despite the challenges posed by the COVID-19 pandemic, which disrupted manufacturing and supply chains, the demand for nitric acid has rebounded. However, concerns regarding the adverse health effects associated with nitric acid continue to pose challenges to market expansion.

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Market Size of Indonesia Nitric Acid Industry

Indonesia Nitric Acid Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 4.00 %
Market Concentration Low

Major Players

Indonesia Nitric Acid Market Major Players

*Disclaimer: Major Players sorted in no particular order

Indonesia Nitric Acid Market Analysis

The nitric acid market in Indonesia is projected to register a CAGR of over 4% during the forecast period.

The COVID-19 outbreak caused worldwide lockdowns, disruptions in manufacturing activities and supply chains, and production halts, all of which harmed the nitric acid market in 2020. However, after the pandemic, the demand for nitric acid recovered in Indonesia.

  • The growing adoption of nitric acid in fertilizer is driving market growth.
  • The use of nitric acid in the chemical industry for manufacturing adipic acid, nitrobenzene, and other chemical manufacturing is also a blooming opportunity for the market studied.
  • The adverse effects of nitric acid on human health are hindering market growth.

Indonesia Nitric Acid Industry Segmentation

Nitric Acid is a strong, colorless acid with yellow or red fumes and an acrid odor manufactured by the catalytic oxidation of ammonia. It makes explosive substances, fertilizers, and other chemical products. The end-user industry segments the Indonesian nitric acid market. The market is segmented by end-user industry into fertilizers, inks, pigments, dyes, chemical manufacturing, explosives, and other end-user industries. For each segment, the market sizing and forecasts have been done based on volume (kilotons).

End-User Industry
Fertilizers
Inks, Pigments, and Dyes
Chemical Manufacturing
Explosives
Other End-user Industries (Pharmaceuticals, Food Processing, etc.)
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Indonesia Nitric Acid Market Size Summary

The nitric acid market in Indonesia is experiencing a positive trajectory, driven by its essential role in the fertilizer industry. The recovery from the COVID-19 pandemic has spurred demand, particularly due to the use of nitric acid in producing urea ammonium nitrate, a key fertilizer component. This demand is further bolstered by Indonesia's status as a leading producer of palm oil, which requires balanced fertilization strategies to optimize crop yield. The country's reliance on imported urea fertilizer from nations like the Philippines and India underscores the growing need for nitric acid in domestic production. Additionally, the chemical industry's utilization of nitric acid for manufacturing products like adipic acid and nitrobenzene presents further growth opportunities, despite health-related challenges that may impede market expansion.

The market landscape in Indonesia is characterized by fragmentation, with significant players such as BASF SE, Merck KGaA, and Mitsubishi Chemical Corporation actively participating. The rising per-capita income and expanding middle-class population contribute to the increasing demand for nitric acid, particularly in the food sector, where it is used in food safety and preservation processes. The Indonesian food market's robust growth prospects further enhance the market's potential. Strategic developments, such as acquisitions and product approvals, continue to shape the competitive dynamics, ensuring that the nitric acid market remains poised for substantial growth in the coming years.

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Indonesia Nitric Acid Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Fertilizer Industry

      2. 1.1.2 Growth in the Food Industry

    2. 1.2 Restraints

      1. 1.2.1 Adverse Effects of Nitric Acid on Human Health

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 End-User Industry

      1. 2.1.1 Fertilizers

      2. 2.1.2 Inks, Pigments, and Dyes

      3. 2.1.3 Chemical Manufacturing

      4. 2.1.4 Explosives

      5. 2.1.5 Other End-user Industries (Pharmaceuticals, Food Processing, etc.)

Indonesia Nitric Acid Market Size FAQs

The Indonesia Nitric Acid Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

BASF SE , MercK KGaA , Mitsubishi Chemical Corporation , Thermo Fisher Scientific Inc. and Perdana Chemindo Perkasa are the major companies operating in the Indonesia Nitric Acid Market.

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Indonesia Nitric Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)