The nitric acid market has seen considerable growth due to a variety of factors.
• There has been a steady expansion in the nitric acid market size in previous years. The expected progression from $22.22 billion in 2024 to $22.87 billion in 2025 represents a compound annual growth rate (CAGR) of 2.9%.
The historical growth can be credited to the upsurge in agricultural needs, advancements in infrastructure, population escalation, explosive production, and alterations in environmental regulations.
The nitric acid market is expected to maintain its strong growth trajectory in upcoming years.
• A consistent improvement is predicted for the nitric acid market size in the years to come. It is likely to escalate to a value of $26.9 billion by 2029, expanding at a compound annual growth rate (CAGR) of 4.1%.
Factors contributing to this projected growth within the forecast timeframe are the introduction of sustainable practices, elevated demand for electronics, progress in renewable energy, enhancements in water treatment, and urbanization. The anticipated prominent trends within the forecast span entail a shift towards environmentally friendly nitric acid, digitalization, personalized nitric acid solutions, partnership for innovation, and hybrid production methods.
The nitric acid market is experiencing substantial growth due to its increasing use in various industries such as fertilizers, explosives, polyurethanes, polyamides, among others. Nitric acid is predominantly utilized in creating explosives for coal mines, producing limestone for cement and manufacturing fertilizers, which accounts for over 98% of its industrial use. For instance, as per the Fertiliser Association of India, an organization that represents the Indian fertilizer industry, there was a significant escalation in the All-India NPK use ratio from 7.7:3.1:1 in the fiscal year 2021-22 to 11.8:4.6:1 in 2022-23. This spike indicates a noteworthy increase in the use of nitrogen relative to phosphorus and potassium fertilizers. Hence, the growing use of nitric acid in these sectors continues to propel the expansion of the nitric acid market.
The nitric acid market covered in this report is segmented –
1) By Type: Concentrated Nitric Acid, Dilute Nitric Acid
2) By Application: Fertilizers, Nitrobenzene, Adipic Acid, Toluene Diisocyanate (TDI), Nitrochlorobenzene, Other Applications
3) By End-Use Industry: Explosives, Agrochemicals, Electronics, Automotive, Other End-Use Industries
Subsegments:
1) By Concentrated Nitric Acid: Industrial Grade Concentrated Nitric Acid, Laboratory Grade Concentrated Nitric Acid
2) By Dilute Nitric Acid: Dilute Nitric Acid For Laboratory Use, Dilute Nitric Acid For Industrial Applications
The advancement of innovative technologies for enhanced production efficiency is a key trend permeating the nitric acid market. This is mainly due to the use of nitric acid and nitrates in fertilisers, which are contributing to a drastic surge in global warming. In response, leading market entities are focused on the development of novel technologies geared towards the reduction of nitrates in fertilisers. A case in point is LUNA INNOVATIONS, Inc., an American firm specialising in detection, testing, measurement, surveillance, and management solutions. In May 2022, they debuted the LuNOX process, a strategy that promises to elevate plant yields while cutting down the energy and structural expenses associated with nitrate production for fertilisers. This approach will not only decrease the cost of fertilisers for farmers but also result in reduced energy consumption, lower greenhouse gas emissions, and ultimately mitigate global warming.
Major companies operating in the nitric acid market include:
• BASF SE
• Yara International ASA
• CF Industries Holdings Inc.
• Nutrien Ltd.
• The Dow Chemical Company
• LSB Industries Inc.
• Deepak Fertilisers and Petrochemicals Corporation Ltd.
• Rashtriya Chemicals and Fertilizers Ltd.
• Grupa Azoty S.A.
• OCI N.V.
• EuroChem Group AG
• Indian Farmers Fertiliser Cooperative Limited
• Thyssenkrupp AG
• Dyno Nobel Pty Limited
• Hanwha Corporation
• Dupont de Nemours Inc.
• Apache Nitrogen Products Inc.
• Enaex S.A.
• Sasol Limited
• UBE Industries Ltd.
• Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
• TogliattiAzot
• Qatar Fertiliser Company
• Orica Limited
• Koch Fertilizer LLC
• SBU Azot
• Petroleo Brasileiro S.A. (Petrobras)
• Sichuan Meifeng Chemical Industry Co. Ltd.
• Haifa Group
• Mitsubishi Gas Chemical Company Inc.
Europe was the largest region in the nitric acid market in 2024. The regions covered in the nitric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.