H1 2023: the prominent manufacturers of Nitric Acid market were Yara International, BASF SE, TKG Huchems, and Grupa Azoty S.A in H1 2023. In May 2023, Casale and Agropolychim, signed an agreement to produce up to 1.5 million tonnes per annum of all nitrogen-based fertilizers, including AN, CAN, CN, and UAN. Casale will engineer and license a brand-new, cutting-edge dual pressure nitric acid plant that will boost regional green energy output locally. The facility is anticipated to be operational by the end of 2027. With over EUR 250 million in investment planned over the next five years, it is a significant move for Agropolychim. In H1 2023, Europe experienced a bearish market behavior for nitric acid. Nitric Acid prices fell because of the drop in natural gas and ammonia prices. The region's weak economy and rise in inflation had an effect on the price as well. Due to the low-price trend in exporting nations (South Korea), nitric acid prices continuously decreased in UK, Germany, and Turkey. In June 2023, Yara International ASA had their Italy site shut for 30 days for the purposes of maintenance. In H1 2023, Asia countries witnessed fluctuations in Nitric Acid prices. Prices for nitric acid fluctuated, first role and then fell from end of February 2023 in South Korea and China. Nitric Acid inventory and prices were stable in India till April 2023 and began to decline from the end of April 2023.
H1 2022: During H1 2022, the top players in the global Nitric Acid market were Yara International ASA, BASF SE, TKG Huchems, and Deepak Fertilizers and Petrochemicals Corporation Limited. Although, Yara International ASA stood as the largest producer of Nitric Acid in H1 2022. Based on region, Europe held the position of the largest consumer of Nitric Acid during H1 2022. The Nitric Acid prices in the European markets rose continuously during H1 2022. Nitric acid prices rose in Germany in March 2022, supported by strong downstream demand. The growth in the demand for nitric acid in the German market was due to the rise in the need for fertilizers. Additional factors like, demand for downstream products, were also high, which led to the hike in the prices for nitric acid. Nitric acid producers across Europe also faced many supply chain challenges, including rise in the energy cost, raw material, packaging and transportation costs. In Asia Pacific region as well, manufacturers had to face severe supply-chain issues, rise in the energy prices, and increased prices of raw materials throughout H1 2022.The hike in the prices of Chinese coal and ammonia, the main raw materials for nitric acid production, forced factories to reduce production in China, which led to the rise in prices during H1 2022.
H2 2022: In H2 2022, Europe displayed mixed Nitric Acid market behavior in terms of prices. The prices were unpredictable, and no particular trend was observed during this period. Nitric acid prices fell in July 2022, but prices surged in August 2022. The reason behind the fall in prices was the fundamentals of downstream industries such as low production rates of end-user products like fertilizer and ammonium nitrate. In addition, the European market continued to experience sluggish supply, making nitric acid pricing even more complicated in September 2022. In the autumn of 2022, nitric acid prices reduced in the European countries due to subdued regional demand and bearish market sentiment. Nitric acid production costs continued to fall during this period as good weather in the European region kept energy prices low and production costs stable. Price of natural gas also fell mid-November 2022 leading to significantly low nitric acid prices in the region. Similar price trends were observed in the Asia Pacific region. However, in July 2022, National Fertilizer Limited, one of the leading chemical producers of India, had to temporarily shut its site at Nangal, India for a short term of 45 days. Nitric acid prices fell across Asian countries during the last few months of 2022. The regular supply of nitric acid in the market lowered the price of nitric acid during November 2022. Nitric acid prices continued to fall from November 2022 due to flat downstream supply and subdued market activity in the Asia Pacific region.
The global Nitric Acid market has reached approximately 57 million tonnes in 2022 and is expected to grow at a CAGR of 2.12% during the forecast period until 2032. Nitric acid is primarily used to manufacture inorganic and organic nitrate, nitro compounds for fertilizers, dye intermediates, explosives, and several organic compounds.
Nitric Acid is a colorless acid with the chemical formula HNO₃. This is a mineral acid and an inorganic compound. The highly caustic substance is used extensively in the manufacture of ammonium nitrate and other compounds for fertilizer formulation. The substance is also employed in the manufacturing of compounds including nitrobenzene, adipic acid, and chloronitrobenzene. Other applications for these compounds include the construction, automotive, and plastics sectors. The growing demand for the fertilizer industry coupled with new technologies such as smart farming and precision agriculture is expected to drive the demand for nitric acid during the forecast period. Moreover, the growing demand for green fertilizers and organic farming is expected to hinder the demand growth during the forecast period. The size of the global Nitric Acid market is estimated to reach a volume of 70 million tonnes by 2032.
Based on region, Europe is dominating the Nitric Acid market. In 2022, Europe held a market share approximately of 50% of the global Nitric Acid. Numerous industries such as Fertilizer and Building & Construction are creating the demand for nitric acid in Europe. Furthermore, Asia Pacific is the second largest consumer of this acid. With the growing fertilizers demand in emerging economies like India and China coupled with increasing population growth is creating a huge demand in the Asia Pacific region. However, Asia Pacific dominates the market in terms of production with China being a significant player.
Based on type, the global Nitric Acid market is divided into Dilute Nitric Acid and Concentrated Nitric Acid. As of 2022, Dilute Nitric Acid is dominating the market with a share of roughly 67% 2022.
Based on the end-user industry, the global Nitric Acid market is segmented into Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others. Among these, Ammonium Nitrate is the major consumer with a share of roughly 70% in 2022. Ammonium Nitrate is used as fertilizer and in the production of fertilizer solutions such as urea ammonium nitrate, with most of the remaining being consumed in manufacturing various types of explosives. Adipic Acid is of high importance in the polymer industry and is required for manufacturing nylon 6,6. Toluene Di-Isocyanate is mainly employed in the manufacture of flexible polyurethane foams, used in applications for transportation, furniture, and carpet underlay.
Major players in the production of Global Nitric Acid are Yara International ASA, Grupa Azoty S.A, BASF SE, TKG Huchems, Azot(PJSC), Deepak Fertilizers and Petrochemicals Corporation Limited, Navoiyazot , OCI Nitrogen B.V, Sasol Nitro, JSC "Minudobreniya", Fertiberia, LSB Industries (EI Dorado ), Abu Qir Fertilizer Egypt Co., Nutrien Ltd, Egyptian Chemical Industries (KIMA), CF Industries Holding Inc, Orica Australia Pty. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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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 the globe.
• To analyse and forecast the market size of Nitric Acid
• To classify and forecast Global Nitric Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Nitric Acid market in the globe.
To extract data for Global 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 Global Nitric Acid market over the coming years.
ChemAnalyst calculated Nitric Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Nitric Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at 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 (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global 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 2022
57 million tonnes
Market size Volume by 2032
70 million tonnes
Growth Rate
CAGR of 2.12% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Ammonium Nitrate, Adipic Acid, Toluene Di-Isocyanate, Nitrobenzene, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was global market size of Nitric Acid in terms of volume in 2022?
Ans:
The global market size of Nitric Acid stood at approximately 57 million tonnes in 2022.
Q2.
Which end-use industry is dominating the global Nitric Acid market?
Ans:
The Ammonium Nitrate Industry is dominating the global Nitric Acid market and consumed roughly 70% of the market in 2022.
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