According to ChemAnalyst report, “India Concentrated Nitric Acid Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Company Share, Sales Channel, Regional Demand, FY2015-FY2030”, The India Concentrated Nitric Acid Market is likely to grow at a CAGR of 6% during the forecasted period by FY2030. The end-use industries into Ammonium Nitrate and Calcium Ammonium Nitrate, Nitrobenzene, Adipic Acid, Toluene di-isocyanate (TDI), are anticipated to bolster the India Concentrated Nitric Acid market in the forthcoming years.
Nitric acid is one of the widely used chemicals with different grades available in the market such as Dilute Nitric Acid (DNA) 60%, Concentrated Nitric Acid (CNA) 98%, Strong Nitric Acid (SNA) with 64%, 68%, and 72%. These acids are used for a wide range of applications in multiple industries. Concentrated nitric acid is a colourless to yellow, fuming, and highly corrosive liquid. This acid serves as the most typical laboratory reagent for producing both inorganic and organic nitrates. Nitrogen dioxide is dissolved in 68% nitric acid to produce concentrated nitric acid. Concentrated Nitric Acid (CAN) is a strong acid with the chemical formula HNO3. It is a strong oxidizing agent and is not compatible with strong bases, carbides, hydrogen sulphide, finely divided metals, and other combustible organics. Ammonia and nitric acid are mixed to produce ammonium nitrate. Ammonium nitrate is mostly used in industry to make fertilizers Nitric acid is also used to produce nitroaromatics such as Nitro Benzene and Nitro Toluene.
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Owing to the growing consumption of Concentrated Nitric Acid as feedstock to produce ammonium nitrate is majorly driving the market.
The use of ammonium nitrate by the fertilizer industry is the main application. The demand for high-quality crops is rising quickly, which has resulted in an increase in fertilizer usage in recent years. The crops include soybean, barley, and maize. The employment of concentrated nitric acid as a chemical intermediate to produce chemicals like Calcium Ammonium Nitrate, Nitrobenzene, Adipic Acid, and Toluene di-isocyanate (TDI), which have applications in various industries such as Fertilizers, Pharmaceuticals, Defence & Explosive, Dyes, Rubber, Pesticides, and others is anticipated to boost the CAN demand across India.
The India Concentrated Nitric Acid Market is segmented based on end-use, sales channel, and region. Based on end-use, the India Concentrated Nitric Acid market is segregated into Ammonium Nitrate and Calcium Ammonium Nitrate, Nitrobenzene, Adipic Acid, Toluene di-isocyanate (TDI), and Others. Although, the Ammonium Nitrate and Calcium Ammonium Nitrate industry holds the largest share of the Concentrated Nitric Acid market. In FY2023, this segment held about 31% of the market share and is anticipated to dominate the market even in the forecast period. Furthermore, the Nitrobenzene segment also holds a considerably strong demand for Concentrated Nitric Acid.
Based on region, the India Concentrated Nitric Acid Market is segregated into North, South, East, and West. Among these, West India has been the key player and accounted for approximately 45% of the market In FY2023. Western states like Gujarat and Maharashtra are the major consumers of Concentrated Nitric Acid with the majority of chemical manufacturers located in these states along with the feasibility of shipping ports.
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“India Concentrated Nitric Acid Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Company Share, Sales Channel, Regional Demand, FY2015-FY2030” Domestic players in the India Concentrated Nitric Acid market are Deepak Fertilizers And Petrochemicals Corporation Limited, Rashtriya Chemicals and Fertilizers Limited, Gujarat Narmada Valley Fertilisers, National Fertilizers Limited, and Hindustan Fertilizer Corporation Ltd. Major players in the production of Global Nitric Acid are Yara International ASA, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot(PJSC), Navoiyazot , OCI Nitrogen B.V, and Others.
“Concentrated Nitric Acid is a versatile chemical which is used to produce essential derivatives such as Ammonium Nitrate, Calcium Ammonium Nitrate, Nitrobenzene, Adipic Acid, Toluene di-isocyanate (TDI) which find applications in various industries like agriculture, rubber, pharmaceuticals, rubber, dyes, etc; anticipated to project India Concentrated Nitric Acid market expansion in the forecast period. Growing demand of fertilizers for better crop yield demands for chemicals like Ammonium Nitrate which require concentrated nitric acid. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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