Concentrated Nitric Acid Market worth 25.24 Billion USD by 2022

 nikita kharche
  18th-Apr-2019
 58
87Q_1555589725_1.jpg Concentrated Nitric Acid Market

The report "Concentrated Nitric Acid Market by Type (Strong, Fuming), Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate), End-use Industry (Agrochemicals, Explosives, Automotive, Electronics), and Region - Global Forecast to 2022", The concentrated nitric acid market was valued at USD 21.11 Billion in 2016 and is projected to reach USD 25.24 Billion by 2022, at a CAGR of 3.1% during the forecast period. Concentrated nitric acid is mainly used in the production of nitrogen fertilizers, explosives pesticides, polyurethane foams, synthetic rubbers, and elastomers. Concentrated nitric acid also acts as an oxidizer in rocket propellants and dye intermediate.

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Browse 138 Market Data Tables and 45 Figures spread through 162 Pages and in-depth TOC on "Concentrated Nitric Acid Market by Type (Strong, Fuming), Application (Ammonium Nitrate, Adipic Acid, Nitrobenzene, Toluene Diisocyanate), End-use Industry (Agrochemicals, Explosives, Automotive, Electronics), and Region - Global Forecast to 2022"

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The strong nitric acid is the largest type segment from 2017 to 2022.

Strong nitric acid includes various concentrations ranging from 50-85%, which covers almost all the applications of concentrated nitric acid. Strong nitric acid is used in manufacturing various applications such as ammonium nitrate, adipic acid, nitrobenzene, nitro chlorobenzene, Toluene Diisocyanate (TDI), and Trinitrotoluene (TNT). More than 70% of the concentrated nitric acid is used in the production of ammonium nitrate. It is used as intermediates for agrochemicals and explosives. Strong nitric acid, a class-2 oxidizer, moderately increase the burning rate of materials that they are in contact. This property is used in developing secondary explosives. Ammonium nitrate, TNT), and nitroglycerin are used in explosive production.

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The ammonium nitrate segment led the concentrated nitric acid market in 2016.

Ammonium nitrate was the largest application segment of the concentrated nitric acid market in 2016. Ammonium nitrate is sold in two forms, namely, liquid, and solid depending on the concentration of ammonium nitrate in the solution. Ammonium nitrate can be directly used as fertilizer or as an intermediate for other fertilizers such as urea ammonium nitrate and calcium ammonium nitrate. Ammonium nitrate explosives are largely manufactured in Europe and Asia Pacific countries such as Russia, China, and Australia. The increasing demand for Ammonium Nitrate, Fuel Oil (ANFO) to manufacture civil explosives is estimated to drive the market in the ammonium nitrate application in the coming years.

The rising demand for polyurethane foams, synthetic rubbers, and elastomers in the automotive industry is expected to be the key factor driving the concentrated nitric acid market between 2017 and 2022.

In the automotive industry, the trend of replacing metal parts by light weight and strong materials, such as synthetic rubbers, nylon 6,6, and elastomers drives the demand for nitrobenzene & and adipic acid. Adipic acid is also used in the coatings used for vehicle exteriors. The increasing use of flexible PU foams in automotive interiors and cushions drives the demand for TDI.

The growing economies of Asia Pacific countries are estimated to boost the demand for concentrated nitric acid and its applications in fertilizers, explosives, automotive, building & construction, and textile industries.

The key companies operating in the concentrated nitric acid market are Agrium Inc. (Canada), CF Industries (US), Deepak Fertilisers and Petrochemicals Corp. Ltd. (India), Hanwha Corporation (South Korea), Koch Fertilizers LLC (US), LSB Industries Inc. (US), National Chemical Group (Russia), OCI N.V. (Netherlands), Shandong Fengyuan Chemical Stock Co. Ltd. (China), Ube Industries (Japan), and Yara International (Norway).

Domain: Business
Category: Companies
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