Global Concentrated Nitric Acid market share 2024, Forecast To 2033

The concentrated nitric acid market has experienced steady growth in recent years, ascending from$19.04 billion in 2023 to$19.54 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 2.7%. The growth in the historical period can be attributed to the expansion of the chemical industry, increasing requirements in the agricultural sector, utilization in explosives manufacturing, metal processing, mining, and various industrial applications. Looking ahead, the market is anticipated to continue its steady growth trajectory, reaching$21.59 billion by 2028, driven by an emphasis on industrial safety measures, continuous innovations in chemical processes, the growing demand from the automotive sector, water treatment requirements, and the semiconductor industry's need for concentrated nitric acid. Major trends in the forecast period encompass the renewed use of concentrated nitric acid in explosives manufacturing, advancements in the pharmaceutical sector, rising demand for dyes, pigments, and colorants, intensified market competition driving innovation, and the exploration of new applications.