According to TechSci Research report, “Nitric Acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Nitric Acid Market stood at USD 25.18 billion in 2022 and is anticipated to grow with a CAGR of 3.74% % through 2028. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
The global nitric acid market has witnessed substantial growth in recent years, and the explosives and mining industry plays a crucial role in driving this expansion. As economies grow and infrastructural development escalates, the demand for explosives and mining products continues to surge. Nitric acid is an extremely reactive and corrosive substance, with a highly acidic nature due to its dissociation into nitrate ions (NO3-) and hydrogen ions (H+). This strong acidity makes it an excellent choice for several applications in various industries. Nitric acid is a key component in the production of explosives, particularly ammonium nitrate (NH4NO3) and nitroglycerin (C3H5N3O9).
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Ammonium nitrate is a widely used nitrogen-based compound in the production of mining explosives, due to its high nitrogen content and relatively low sensitivity to shock. It is commonly mixed with fuel oil to form ANFO (Ammonium Nitrate Fuel Oil), an explosive widely used in the mining and construction industries. Nitric acid is also used in the nitration process, which involves introducing nitro groups (NO2) into organic compounds. Nitration is a critical step in the synthesis of many high explosives, including trinitrotoluene (TNT) and trinitrobenzene (TNB). These powerful explosives are utilized in military applications, demolition, and mining activities. In the mining industry, nitric acid is used in heap leaching processes to extract valuable metals such as copper, gold, and silver from low-grade ores. During heap leaching, dilute nitric acid is applied to the ore, promoting metal dissolution. The resulting solution, rich in metal ions, can then be collected and processed further to extract the metals. Moreover, Nitric acid finds application in the purification and processing of uranium. It is used in various stages of the nuclear fuel cycle, including the extraction of uranium from ores and the production of nuclear fuel. Initiatives and policies imposed by the government to support the production and applications of nitric acid are also anticipated to register an impressive growth to Global Nitric Acid Market in the forecast period.
For instance, The Nitric Acid Climate Action Group (NACAG) program provides monetary and technical assistance to individual operators of nitric acid plants until the conclusion of 2023. Although the technical assistance is accessible to all governments and nitric acid producers worldwide, the financial aid is contingent upon the condition that the government of the country in which the plant is situated commits to sustaining the reduction of emissions starting from the year 2024. Assistance is available in the form of grants and climate auctions. This assistance encompasses not only the acquisition and installation of the emission reduction technology and monitoring equipment required, but also any necessary plant adjustments and labor expenses associated with monitoring and upkeep. Mergers and acquisitions among leading companies are also attributed to register a lucrative growth to market in the forecast period. For instance, In July 2022, Nutrien AG Solutions made an agreement to purchase Casa do Abudo S.A., a company based in Brazil. This acquisition will encompass 39 retail outlets and 10 distribution hubs of the Casa du Abudo and Agrodistributor Casal brands, respectively. This arrangement aligns with Nutrien’s plan to expand its retail operations in Brazil and is projected to boost its revenue by USD400 million.
However, safety and handling concern related to nitric acid and disruptions in supply chain of nitric acid are expected to slow down the growth of the market in the coming years.
The Global Nitric Acid Market segmentation is based on Plant Type, Sales Channel, End Use, By Company, and Region.
Some of the major companies operating in the Global Nitric Acid Market include:
- Yara International ASA
- CF Industries Holdings, Inc.
- BASF SE
- LSB Industries Inc.
- Bagfas Bandirma Gubre Fabrikalari A.S.
- Rashtriya Chemicals and Fertilizers Ltd.
- Sasol Limited
- Borealis AG
- Grupa Azoty S.A.
- Deepak Fertilizers and Petrochemicals Corporation Limited
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“Certain regions, particularly the Asia-Pacific, are projected to exert significant demand for nitric acid worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their nitric acid productivity each year, are expected to contribute to a remarkable growth of the Global Nitric Acid market in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Global Nitric Acid Market By Plant Type (Mono Pressure & Dual Pressure), By Sales Channel (Direct & Indirect), By End Use (AN & CAN, Nitrobenzene, TDI, TNT, Adipic Acid, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Global Nitric Acid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Nitric Acid Market.
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