The India Nitric Acid market has reached around 1720 thousand tonnes in FY2023 and is expected to further grow at a CAGR of 4.80% during the forecast period until FY2034.
Nitric Acid, represented by the chemical formula HNO₃, is a colourless mineral acid with significant applications in various industries. As an inorganic compound, this highly caustic substance plays a crucial role in the manufacturing of ammonium nitrate and other compounds essential for fertilizer formulation. Nitric Acid is also extensively used in the production of compounds like nitrobenzene, adipic acid, and chloronitrobenzene, finding applications in sectors such as construction, automotive, and plastics. Nitric acid, a pivotal chemical, is available in various grades to cater to diverse applications in multiple industries. Dilute Nitric Acid (DNA) at 60% concentration is utilized for less potent applications, such as certain chemical processes and laboratory uses. Concentrated Nitric Acid (CNA) at 98% concentration serves critical roles in industrial processes, including fertilizer and explosive production. Strong Nitric Acid (SNA) comes in concentrations of 64%, 68%, and 72%, offering versatility for applications in pharmaceuticals, dyes, plastics, resins, and nitrate-based fertilizers. This range of grades showcases the adaptability of nitric acid, allowing industries to choose the most suitable form for specific needs, ensuring precision and efficiency across a wide spectrum of manufacturing and chemical processes.
In India, the Nitric Acid market is primarily driven by its crucial role in the fertilizer sector, serving as a key component for Ammonium Nitrate production. The domestic fertilizer industry extensively relies on nitric acid for captive consumption, emphasizing its significance in supporting agricultural activities through the manufacturing of nitrate-based fertilizers. This dependency underscores the close relationship between the Nitric Acid market and the agricultural sector's requirements for essential fertilizers. As India experiences a growing demand for fertilizers, driven by factors like modern farming practices and agriculture, the Nitric Acid market is expected to witness continued expansion. The increasing demand in the fertilizer industry, driven by factors like smart farming and precision agriculture, is expected to contribute to the growth of nitric acid demand in the forecast period. These factors will further propel the growth of the Nitric Acid market in India and reach a figure of approximately 2900 thousand tonnes by FY2034.
Based on the region, the Nitric Acid market is segmented into West, South, North, and South. During the historical period from FY2015 to FY2023, West India emerged as the dominant region in the Nitric Acid market. This trend is expected to continue in the coming years due to the increasing demand for Nitric Acid in various plastic and resin industries located in states such as Gujarat and Maharashtra. The robust industrial activity and the presence of key manufacturing facilities in the region contribute to the prominence of West India in the Nitric Acid market.
Based on the end-user industry, the India Nitric Acid market is segmented into Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others. Although, the Ammonium Nitrate industry is consuming the majority of Nitric Acid and held a market share of approximately 65% in the year FY2023.
Major players in the India Nitric Acid market are Deepak Fertilizers And Petrochemicals Corporation Limited, Rashtriya Chemicals and Fertilizers Limited, Gujarat Narmada Valley Fertilisers, National Fertilizers Limited, and Hindustan Fertilizer Corporation Ltd. Other major players in the Global Nitric Acid market are Sasol Nitro, JSC "Minudobreniya", Fertiberia, LSB Industries (EI Dorado ), Abu Qir Fertilizer Egypt Co., Nutrien Ltd, Egyptian Chemical Industries (KIMA), CF Industries Holding Inc, and Others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2023
Estimated Year: FY2024
Forecast Period: FY2025- FY2034
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Objective of the Study:
• To assess the demand-supply scenario of Nitric Acid which covers production, demand and supply of Nitric Acid market in India.
• To analyse and forecast the market size of Nitric Acid in India.
• To classify and forecast India Nitric Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Nitric Acid market in India.
To extract data for India Nitric Acid market, primary research surveys were conducted with Nitric Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for India Nitric Acid market over the coming years.
ChemAnalyst calculated Nitric Acid demand in India by analysing the volume of Nitric Acid consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Nitric Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Nitric Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Nitric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India Nitric Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in FY2023
1720 thousand tonnes
Market size Volume by FY2034
2900 thousand tonnes
Growth Rate
CAGR of 4.80% from FY2024 to FY2034
Base year
FY2023
Estimated year
FY2024
Historical Data
FY2015 – FY2022
Forecast period
FY2025 – FY2034
Quantitative units
Demand in thousand tonnes and CAGR from FY2024 to FY2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others)
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Nitric Acid market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Nitric Acid.
3. Capacity By Location
To better understand the regional supply of Nitric Acid by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Nitric Acid by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others) are creating a market and the forecast for the growth of the Nitric Acid market.
7. Demand by Region
Analyzing the change in demand of Nitric Acid in different regions across India, i.e., North India, South India, East India, West India, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Nitric Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Nitric Acid.
10. Company Share
Figure out what proportion of the market share of Nitric Acid is currently held by leading players across India.
11. Country-wise Export
Get details about quantity of Nitric Acid exported by major countries.
12. Country-wise Import
Get details about quantity of Nitric Acid imported by major countries.
13. Manufacturing Process
Discover insights into the intricate manufacturing process of Nitric Acid.
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What is the anticipated India market growth rate of Nitric Acid in terms of volume in FY2034?
Ans:
The India Nitric Acid market is anticipated to grow at an anticipated CAGR of 4.80% in the forecast period until FY2034.
Q2.
Which industry is dominating the India Nitric Acid market?
Ans:
As of FY202, Ammonium Nitrate industry is dominating the Nitric Acid market in India with an estimated share of roughly 65%.
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