Nitric acid (HNO3), which is also known as spirit of niter or aqua fortis, is a mineral acid which is corrosive in nature. It is a strong oxidizing agent with acrid and pungent odor. Nitric acid is mainly used to add nitrogen into other compounds and is naturally made by reacting rain water with nitrogen oxides present in air. It is highly toxic and hence must be handled carefully by wearing gloves, masks, and protective glasses. Nitric acid produces flammable hydrogen gas when it comes in contact with metals.
Drivers and Restraints
Rising demand for concentrated nitric acid from several end-use industries such as automotive and agrochemicals among others is fueling growth of concentrated nitric acid market. According to the U.S. Environmental Protection Agency (EPA), around 70% of nitric acid is used for the production of ammonium nitrate (NH4NO3), which finds wide application in fertilizers. Furthermore, rising demand for nylon 6-6, as a replacement for metals in the automotive industry is fueling growth of concentrated nitric acid market.
However, stringent government regulations and environmental concerns are major restraining factors hindering growth of concentrated nitric acid market. According to the United States Government Publishing office (GPO), under title 49 CFR 173.158, nitric acid (more than 40% of concentration) cannot be packed with any other material and should not contain impurities such as hydrochloric (HCl) or sulfuric acid (H2SO4) acid while transported by highway or by rail.
On the basis of end-use industries, the agrochemicals sector is expected to dominate the concentrated nitric acid market over the forecast period. Rising global population has led to an increasing demand for food grains. Therefore, the demand for agrochemicals has increased significantly in order to increase the yield of farming, which in turn will increase demand for concentrated nitric acid. According to the India Brand Equity Foundation (IBEF), the agrochemical sector in India is expected to grow at 7.5% annually with a growing domestic demand of 6.5% per annum, to reach US$ 6.3 billion by 2020.
Several companies are focused towards adopting various organic and inorganic growth strategies such as mergers and acquisitions, joint ventures and partnerships, and product or technological innovations to retain position in the concentrated nitric acid market. For instance, in January 2016, KBR Inc. acquired Plinke GmbH, Weatherly Inc, and Chematur Ecoplanning Oy to provide fertilizer complex solutions that will help in improving nitric acid plant performance and expanding their presence outside North America. Furthermore, Weatherly Inc., a subsidiary of KBR Inc. launched dual pressure nitric acid technology in September 2016, which allowed large scale production of nitric acid.
Some of the leading players operating in the global concentrated nitric acid market include Nutrien Ltd., BASF S.E., CF Industries Holdings, Inc., Bayer A.G., LSB Industries Inc., Shandong Fengyuan Chemical Stock Co.,Ltd., DowDuPont Inc., Ube Industries, and Yara International.
Concentrated Nitric Acid Market Taxonomy
On the basis of product type, the concentrated nitric acid market is segmented into:
On the basis of application, the concentrated nitric acid market is segmented into:
On the basis of end-use industry, the concentrated nitric acid market is segmented into:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.