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Concentrated Nitric Acid Market Top Manufacturers, Price Trends and Forecast To 2030

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Chemical Research

Concentrated nitric acid is a strong acid used in various industrial applications such as the manufacturing of fertilizers, dyes, and explosives. It is a colorless, corrosive liquid with a sharp, pungent odor and a boiling point of 83 °C. In this article, we will provide you with a comprehensive overview of the concentrated nitric acid market, including its market size, key players, and trends.

Market Size

The global concentrated nitric acid market size was valued at USD 18.2 billion in 2020 and is projected to reach USD 23.5 billion by 2027, growing at a CAGR of 3.4% from 2021 to 2027. The demand for concentrated nitric acid is driven by its use in the manufacturing of fertilizers, particularly ammonium nitrate, which is widely used in agriculture.

Key Players

Some of the key players operating in the concentrated nitric acid market include BASF SE, The Chemours Company, Yara International ASA, CF Industries Holdings, Inc., EuroChem Group AG, Hanwha Solutions Corporation, and OCI Nitrogen BV, among others. These companies are primarily focused on expanding their production capacities to meet the growing demand for concentrated nitric acid from various end-use industries.

Trends

The increasing demand for ammonium nitrate fertilizers is expected to be a key driver for the concentrated nitric acid market in the coming years. Additionally, the growing use of concentrated nitric acid in the production of adipic acid, which is used in the manufacture of nylon, is also expected to boost the demand for this product.

However, the concentrated nitric acid market is also facing several challenges, such as stringent regulations regarding its use and transportation due to its hazardous properties. Moreover, the high cost of raw materials and the fluctuating prices of natural gas, which is used as a feedstock in the production of concentrated nitric acid, are also expected to hamper market growth to some extent.

Conclusion

The concentrated nitric acid market is expected to grow steadily in the coming years, driven by the increasing demand for ammonium nitrate fertilizers and adipic acid. However, stringent regulations and the high cost of raw materials may pose challenges for market growth. Key players in the market are focused on expanding their production capacities to meet the growing demand for this product.


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