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Concentrated Nitric Acid Market Depth Segment Analysis By 2030

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Chemical Research



The concentrated nitric acid market refers to the global demand for highly concentrated nitric acid, which is a strong oxidizing agent used in various applications such as the production of fertilizers, explosives, dyes, and pharmaceuticals.

Market Overview:

The global concentrated nitric acid market is expected to grow at a CAGR of around 4% during the forecast period (2022-2027). The growth of the market is driven by the increasing demand for fertilizers in agriculture, the growing use of nitric acid in the production of adipic acid (used in the manufacturing of nylon), and the rising demand for explosives in mining and construction activities.

Geographical Segmentation:

The concentrated nitric acid market is geographically segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific dominates the market, accounting for the largest share of the market due to the growing demand for fertilizers in countries like China and India.

Key Players:

The major players in the concentrated nitric acid market include BASF SE, Yara International, CF Industries Holdings, Inc., Dow Chemical Company, EuroChem Group AG, OCI Nitrogen, LSB Industries, Inc., Agrium Inc., Shandong Fengyuan Chemical Co., Ltd., and Sumitomo Chemical Co., Ltd.

Segmentation:

The concentrated nitric acid market is segmented based on type, application, and region. Based on type, the market is segmented into strong nitric acid (>90%) and fuming nitric acid (>95%). Based on application, the market is segmented into fertilizers, explosives, adipic acid, nitrobenzene, and others.

  1. Fertilizers: Fertilizers is the largest application segment in the concentrated nitric acid market, accounting for over 70% of the market share. The increasing demand for food due to the growing population has led to a surge in the demand for fertilizers.
  2. Explosives: The explosives segment is expected to grow significantly during the forecast period due to the rising demand for explosives in the mining and construction industries.
  3. Adipic Acid: The adipic acid segment is expected to grow at a CAGR of over 5% during the forecast period due to the increasing demand for nylon in various industries such as automotive, textile, and packaging.
  4. Nitrobenzene: The nitrobenzene segment is expected to grow at a CAGR of over 4% during the forecast period due to the increasing demand for aniline, which is used in the manufacturing of rubber chemicals, dyes, and pharmaceuticals.

Conclusion:

The concentrated nitric acid market is driven by the increasing demand for fertilizers in agriculture, the growing use of nitric acid in the production of adipic acid, and the rising demand for explosives in mining and construction activities. Asia-Pacific dominates the market due to the growing demand for fertilizers in countries like China and India. The major players in the market include BASF SE, Yara International, CF Industries Holdings, Inc., Dow Chemical Company, and EuroChem Group AG.


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