LONDON--(BUSINESS WIRE)--The global concentrated nitric acid market is expected to grow at a CAGR of above 3% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global concentrated nitric acid market by application, including ammonium nitrate, nitrobenzene, TDI, and adipic acid. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing demand from major end-user industries
Growing demand from the automotive, explosives, agrochemicals, and electrical and electronics industries is driving the concentrated nitric acid market. The major consumer of polyurethanes and nylon 66 is the automotive sector. The advantage of nylon 66 is that it reduces the load-carrying capacity and stiffness in automotive vehicles. Polyurethane is an elastomer used in flexible foam seating, foam insulation panels, elastomeric wheels and tires, and hard plastic parts. It is tough, flexible, and resistant to weather, ozone, and radiation in nature. Adipic acid, derived from nitric acid, is used as a raw material to manufacture both polyurethanes and nylon 66.
According to a senior analyst at Technavio for specialty chemicals research, “Countries such as China, India, and Brazil are establishing increasing demand for agrochemical, which is driving the growth rate of ammonium nitrate in the fertilizers segment. However, demand for calcium ammonium nitrate and urea ammonium nitrate is growing at a faster rate. The global agrochemical industry will propel the demand for concentrated nitric acid due to the rising demand for crop protection products and nitrogen fertilizers.”
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Market trend: mergers and acquisitions
For growth in the market and to increase their market share or business model, companies are interested in mergers and acquisitions. To extend the product line, many big players regularly acquire smaller companies. For example, The Dow Chemical Company and DuPont have merged to increase their revenue and product portfolio. Other companies are expected to go for mergers during the forecast period which will lead to more competition in the market and improve the product standards in different application segments.
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Some of the major contributors in the market
- BASF
- DowDuPont
- Hanwha Group
- LSB Industries
- UBE INDUSTRIES
- Yara
The global concentrated nitric acid market is moderately fragmented with major players in the market enjoying a global presence. Agriculture, specialty, and others are the prominent application segments of the market. The price of concentrated nitric acid is determined on the basis of natural gas and its derivatives such as ammonia. Manufacturers are compelled to change their prices on a regular basis due to the price volatility which will affect the growth of the market.
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