Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth.
nitric acid market is expected to reach USD 30.29 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to easily absorb the essential macro and micronutrient. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019. Of the three major fertilizer types, the U.S imports over 50.0% of U.S. nitrogen-based fertilizer supplies, making it particularly important for U.S. crop production. The growing global population trend indicates a growing demand for food, which is likely to increase in the range of 59.0% to 98.0% by 2050, and in turn, would drive the demand for nitric acid for the production of fertilizers.
The report’s ‘COVID-19 Impact Study’ section focuses on the profound impact of the global pandemic on the materials chemicals market, throwing light on the key challenges the industry players are currently facing. The report further analyzes other crucial aspects of the market, such as product pricing structure, product portfolios, end-use industries, sales statistics, distribution channels, and upcoming industry trends. Moreover, the report provides actionable insights into the industry’s highly competitive scenario and profiles the top companies operating in the industry, along with their extensive product portfolios.
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Further key findings from the report suggest
- By type, concentrated nitric held a larger market share in 2019 and is estimated to grow at a rate of 2.9% in the forecast period. Concentrated nitric acid is used to produce ammonium nitrate for plastic production, fertilizers, and in the making of dyes. Also, it finds usage in the production of explosives, including TNT and nitroglycerin. It is used in the formulation of aquaregia that can dissolve gold and platinum.
- By application, nitrobenzene contributed to the second-largest market share in 2019 and is expected to grow at a rate of 2.8% in the forecast period. A significant amount of nitrobenzene produced in the U.S. is deployed in the production of aniline. Also, nitrobenzene finds usage in the production of lubricating oils, including those applied in motors and machinery. Besides, a smaller portion of nitrobenzene finds application to make drugs, pesticides, dyes, and synthetic rubber.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 4.2% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
Key participants include BASF SE, Linde Group, Yara International, Potash Corp., CF Industries Holdings, Inc., OCI NV, LSB Industries, UBE Industries, Agrium Inc., and Dow Chemical Company, among others.
Regional Outlook
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Segmentation:
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Dilute Nitric Acid
- Concentrated Nitric Acid
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Fertilizers
- Adipic Acid
- Nitrobenzene
- Toluene Di-Isocyanate
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Online
- Offline
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Table of Contents:
- Report Overview
1.1 Research Scope
1.2 Key Nitric Acid market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
- Global Growth Trends
2.1 Global Nitric Acid market size
2.2 Latest regional market trends
2.3 Emerging growth trends
- Competitive Outlook
3.1 Global Nitric Acid market key players
3.2 Global Nitric Acid size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Nitric Acid market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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