The global nitric acid market size was valued at USD 22.92 billion in 2022. The market is projected to grow from USD 23.73 billion in 2023 to USD 30.39 billion by 2030, exhibiting a CAGR of 3.6% during the forecast period. Vehicle manufacturers are concentrating on cutting-edge technologies owing to the rising demand for lightweight automobiles. This, in turn, is anticipated to propel the demand for HNO3 as companies are transitioning toward nylon to reduce weight and enhance fuel capacity. Fortune Business Insights presents this information in their report titled "Global Nitric Acid Market Size Report, 2024–2030."

Segments

Dominance of Fertilizers Segment Driven by Growing Agricultural Activities

Based on application, the market is segmented into fertilizers, nitrobenzene, adipic acid, toluene di-isocyanate, and others. The increasing demand for agricultural activities to meet the needs of a growing population has led to the fertilizers segment holding the largest share nitric acid market share. It is utilized in the production of fertilizers such as ammonium nitrate and calcium ammonium nitrate, which play a vital role in achieving high-quality and abundant crop yields.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Report Coverage

The comprehensive report presents an intricate examination of the market, with a specific emphasis on prominent enterprises, cutting-edge technologies, and prominent application domains. Moreover, the research report provides valuable observations on prevailing market trends and showcases noteworthy advancements within the industry. Alongside the aforementioned elements, the report encompasses numerous factors that have played a significant role in fostering the market's expansion in recent times.

Drivers and Restraints

Growing Construction Activities and Infrastructure Projects Propel Market Growth

The market growth is driven by increased construction activities, as Toluene di-isocyanate (TDI) and HNO3 intermediate are essential in the production of polyurethane foams, wood and floor coatings, and insulation materials. Additionally, the growth of the HNO3 market is fueled by improving consumer lifestyles, rising renovation activities, and new infrastructure projects initiated by governments. However, governmental policies aimed at environmental protection and waste reduction pose challenges to the nitric acid market growth.

Source- https://www.fortunebusinessinsights.com/nitric-acid-market-104566 

Regional Insights

Asia Pacific Emerges as a Prominent Region with Growing Demand across Industries

Asia Pacific achieved a market size of USD 11.78 billion in 2022, driven by the growing demand for the product across diverse industries such as automotive, agriculture, and construction.

North America is projected to hold a substantial share of the global market, which can be attributed to the region's rapid technological advancements and high disposable income of its consumers.

Competitive Landscape

Key Players Focus on Collaborations and Strategies to Maintain Competitive Edge

Major industry players are actively engaged in enhancing their capacities, driving product innovation, pursuing acquisitions and mergers, and fostering collaborations to gain a competitive advantage in the global market.

Key Industry Development

• January 2023: Dorogobuzh introduced a new 135-ktpa UKL nitric acid unit in Smolensk region. The company’s engineering research and design center is designing this project, which costs around USD 17 million. The company’s nitric acid production capacity will reach 1.5 million tons per annum with the help of this launch.

Major Players Profiled in the Report:

• BASF SE (Germany)
• Nutrien (Canada)
• EuroChem (Switzerland)
• CF Industries Holdings, Inc. (U.S.)
• Omnia Holdings Limited (South Africa)
• Dyno Nobel (Australia)
• Enaex S.A. (Chile)
• Sasol (South Africa)
• LSB Industries (U.S.)
• IXOM (Australia)