Market Overview

The Global Nitric Acid Market was valued at USD 30,637.6 million in 2023 and is expected to reach USD 37,038.5 million by 2031 while growing at a CAGR of 2.4% during the forecast period (2024-2031). 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global nitric acid market growth. Nitric acid (HNO₃), a highly corrosive and strong mineral acid with the chemical formula HNO₃, is a colorless liquid at room temperature, recognized for its potent oxidizing properties. It serves as a key reagent in the manufacturing of fertilizers, explosives, and various chemicals.

Increasing industrial applications, such as the production of explosives, nylon, and other chemicals, coupled with the growing demand in the agricultural sector, are propelling the growth of the nitric acid market. Nevertheless, sustained growth requires addressing environmental concerns and managing fluctuating raw material prices.

Furthermore, the global nitric acid industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Application Analysis

The Global Nitric Acid Market is segmented among Fertilizers (Ammonium Nitrate, Calcium Ammonium Nitrate, and Others), Nitrobenzene, Adipic Acid, Toluene di-isocyanate, and Nitro chlorobenzene, based on Application. In 2023, Fertilizers accounted for the majority of the market share*. 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Nitric Acid Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Europe dominated the market with the highest market share, while North America is expected to grow with the highest CAGR during the forecast period (2024 – 2031). 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are BASF SE, Dupont, Nutrien Ltd., Omnia Holdings Limited, Apache Nitrogen Products Inc., CF Industries Holdings, Inc., Rashtriya Chemicals & Fertilizers Ltd., Dyno Nobel, Sasol, Angus Chemical Company, Enaex S.A., LSB Industries, Thyssenkrupp AG, Yara International ASA, J.R. Simplot Company, Ixom.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Nitric Acid Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Nitric Acid Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Nitric Acid Market Segmentation, By Application

• Global Nitric Acid Market Share Analysis, By Application

• Global Nitric Acid Market Growth Analysis, By Application

• Global Nitric Acid Market Trends, By Application

o Fertilizers

Ø Ammonium Nitrate

Ø Calcium Ammonium Nitrate

Ø Others

o  Nitrobenzene

o Adipic Acid

o Toluene di-isocyanate

o Nitro chlorobenzene

6. Global Nitric Acid Market Segmentation, By Region

• Global Nitric Acid Market Share Analysis, By Region

• Global Nitric Acid Market Growth Analysis, By Region

• Global Nitric Acid Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

7. Competitive Landscape

• BASF SE*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• Dupont

• Nutrien Ltd.

• Omnia Holdings Limited

• Apache Nitrogen Products Inc.

• CF Industries Holdings, Inc.

• Rashtriya Chemicals & Fertilizers Ltd.

• Dyno Nobel

• Sasol

• Angus Chemical Company

• Enaex S.A.

• LSB Industries

• Thyssenkrupp AG

• Yara International ASA

• J.R. Simplot Company

• Ixom.

*Similar analysis will be provided for each company listed above.